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DIB picks debut sukuk managers

The Dubai Islamic Bank has mandated Barclays Capital, Citigroup and Standard Chartered Bank to manage its inaugural U.S.-dollar denominated sukuk, one of the lead managers said on Thursday.

The Islamic bond will be launched in the near future following a roadshow, subject to market conditions, Barclays Capital said in a statement. The certificates will be offered outside the United States in accordance with Reg. S rules and will list in London and Dubai.
Sukuks differ from conventional bonds in that they derive their value from the underlying asset rather than paying interest.

Dubai Islamic Bank is the third largest Gulf Arab Islamic bank by market value. It is rated A1 by Moody's with a stable outlook.

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