Abu Dhabi Islamic Bank (ADIB) has announced it has raised over AED587 million ($160 million) through its new flagship fund, the ADIB Global Sukuk Fund which was launched in October.
The fund offers investors an opportunity to invest in a diversified portfolio of regional and international sukuk instruments.
The bank said it is designed to capture the opportunities available within the Shariah-compliant universe of sovereign, quasi-sovereign, financial institutions and corporate sukuk, issued locally, regionally, as well as globally.
It added that the successful raise demonstrates “significant market appetite” for high-quality Sharia-compliant investment products which ADIB specifically intends to cater for going forward.
The fund is suitable for investors seeking regular returns above prevailing cash rates over a medium to long-term investment period, the bank said.
Michael Gregory Davis, ADIB global head of wholesale banking groups, said: “We are extremely pleased with the strong demand received for the ADIB Global Sukuk Fund during its initial marketing phase which led to raising more than $160m at its first closing.
“Our clients are particularly attracted to the Fund’s investment grade average rating, low volatility, relatively short duration, the option for regular attractive quarterly income distribution as well as its daily liquidity.
“We believe the fund’s compelling investment proposition will help us to grow the Fund further and to establish it as one of the leading global Sukuk funds in the market.”
ADIB has assets worth more than AED133 billion with over one million customers.
In the UAE, the bank has more than 2,000 employees and has presence in six strategic markets – Egypt, Saudi Arabia, the UK, Sudan, Iraq and Qatar.
Follow us on
