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ABU DHABI / WAM
Abu Dhabi Islamic Bank (ADIB) announced that it had repaid in full a US$500 million Islamic bond or sukuk from its own resources, reflecting what it said was its strong liquidity position amid difficult market conditions.
The sukuk matured on November 30. The five-year sukuk, which were listed on the London Stock Exchange, were more than four times oversubscribed when they were launched in 2011 with a 3.78 per cent profit rate, ADIB said. “ADIB’s ability to repay the sukuk from its own resources and without the need for refinancing demonstrates our strong liquidity position, especially in these challenging market conditions,†said Abdul Qadir Khanani, Group Treasurer at ADIB.