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Dubai Islamic to issue dollar sukuk

Dubai Islamic Bank (DIB) has picked six banks to arrange fixed income investor meetings from Thursday for a potential benchmark size, U.S. dollar-denominated senior sukuk issue, a document from lead arrangers showed.

DIB, the largest Islamic bank in the United Arab Emirates, has mandated First Gulf Bank, HSBC, Maybank, National Bank of Abu Dhabi, Standard Chartered Bank and itself to arrange the meetings in Asia and Europe.

Meetings will be held in Kuala Lumpur on Thursday and Singapore on Friday before concluding in London on Tuesday, the document showed.

The offer will be under DIB’s $2.5 billion sukuk programme, subject to market conditions.-Reuters