By Staff writer
National Bank of Abu Dhabi is ranked as the world’s top bank after managing $3.9bn issuance of international sukuk
The National Bank of Abu Dhabi (NBAD) was ranked as the world’s number one bank for managing issuance of international sukuk in the first quarter of 2015.
During the period, NBAD managed around $3.9 billion of international sukuk issuance, which represented approximately 69 percent of the market by value, according to Bloomberg and Dealogic.
In the first three months of 2015, NBAD worked on four major deals. In addition to acting as joint structuring agent and joint bookrunner on the UKEF-backed sukuk closed by Emirates Airline, the bank also acted as joint bookrunner on issuances by Dubai Islamic Bank, Islamic Development Bank and the Government of Ras Al Khaimah.
Alex Thursby, NBAD’s Group CEO, said: “We are extremely pleased with our number one ranking amongst all global banks in international sukuk issuance.
"At the same time, we are continuing to improve in the league tables for overall debt underwriting. These achievements are evidence of NBAD’s commitment to debt capital markets - both regionally and globally - and they serve as evidence of the increasing strength and maturity of the UAE banking industry.
"We look forward to continuing to build momentum in debt capital markets as we focus on helping clients around the world to raise capital in all forms. The international sukuk market in particular is becoming an increasingly mainstream source of funding for issuers from Islamic and non-Islamic economies."
He added: "The Islamic finance industry is booming and is expected to double over the next five years internationally to over $3.4 trillion, and we are committed to continuing leadership in this space.”finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.