Dubai Islamic Bank says $750m bond repaid

Bank says sukuk, which matured on March 22, was repaid using its own resources
Dubai Islamic Bank says $750m bond repaid
Dubai Islamic Bank
By Reuters
Wed 28 Mar 2012 06:57 PM

Dubai Islamic Bank has repaid a $750m, five-year Islamic bond which matured on March 22 using its own resources, the bank said in an e-mailed statement on Wednesday.

The sukuk, which was issued by Dubai's largest sharia-compliant bank in March 2007, was then oversubscribed by three times, with 45 percent allocation to the Middle East, 25 percent to Asia and 30 percent to Europe.

"The ability to repay from our own resources without the need to refinance is testament to the robust fundamentals we have built over the past years," said Adnan Chilwan, deputy chief executive.

"We will continue to explore potential opportunities to expand our funding sources in the future."

The bank posted a 25 percent rise in 2011 net profit to AED1.01bn.

Tamweel, a mortgage finance company majority-owned by DIB, recently issued a $300m, five-year sukuk.

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