DIB kicks off Islamic bond roadshow

by Reuters Sunday, 25 February 2007

Dubai Islamic Bank, the third-largest Gulf Arab Islamic lender by market value, kicked off a roadshow on Sunday for a five-year Islamic bond, its first U.S. dollar-denominated issue.

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The bank will make presentations to investors in the Middle East, Asia and Europe after one in Dubai on Sunday, Dubai Islamic said. The sale will be of benchmark size but the bank has not said exactly how much it is looking to raise.
Barclays, Citigroup and Standard Chartered are lead managers of the issue, the bank said.

The issue was rated A1 by Moody's and A by Standard & Poor's.

Dubai Islamic Bank plans to open branches in Saudi Arabia and Qatar as part of an expansion drive that will more than double its branch network to 100 by mid-2008, the bank's chief executive, Saad Abdul-Razzak, said in November.

It has applied for banking licences in Qatar and Saudi Arabia and is looking at other Arab countries and Turkey.

Dubai Islamic opened eight branches in Pakistani cities within a year of receiving a licence last November to start operations in the country.



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