Middle East Economic Survey

VOL. LIII

No 26

28-Jun-2010

UAE

NBAD Launches Its First Sukuk

The National Bank of Abu Dhabi (NBAD) on 23 June issued its first Sukuk (Islamic bonds), which is also its first issuance denominated in Malaysian ringgit (MYR). The groundbreaking issuance is valued at MYR500mn ($155.9mn or Dh572.5mn) and is issued under NBADs MYR MTN program. The bank said the transaction had a strong distribution across a wide investor base, comprising 48.3% fund managers, 21% insurance...