The lender also raised its $ Tier 1 capital through the issuance of a $750 million perpetual sukuk that complies with Basel III banking rules. Chris Whiteoak / The National
The lender also raised its $ Tier 1 capital through the issuance of a $750 million perpetual sukuk that complies with Basel III banking rules. Chris Whiteoak / The National
The lender also raised its $ Tier 1 capital through the issuance of a $750 million perpetual sukuk that complies with Basel III banking rules. Chris Whiteoak / The National
The lender also raised its $ Tier 1 capital through the issuance of a $750 million perpetual sukuk that complies with Basel III banking rules. Chris Whiteoak / The National

ADIB plans a Dh1bn rights issue and tapping the sukuk market


Sarmad Khan
  • English
  • Arabic

Abu Dhabi Islamic Bank, the biggest Sharia-compliant lender in the emirate, plans to approach both debt and equity capital markets to shore up finances and pay some of its old debt.

The board of ADIB is recommending to increase the bank’s issued capital through a Dh1 billion rights issue, the lender said in a statement on Thursday. The proposed deal includes issuing 464 million new shares at a nominal face value of Dh1 per share, which also carries an issuance premium of Dh1.16 per share, it said.

“This increase supports ADIB’s objectives in achieving its 2020 vision while meeting regulatory requirements," the bank said.

Adib posted a 3.8 per cent increase in second quarter net profit to Dh572.7 million as the cost of credit dropped and the number of customers increased. It missed EFG-Hermes' net income estimate of Dh595m for the period.

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Read more:

Profitability to remain resilient for top UAE lenders

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The proposed rights deal is subject to regulatory approvals and the bank will also seek shareholder approval at a general meeting, which will be scheduled in the coming weeks, it said.

The new shares will be issued at Dh2.16 per share, which represents a 45 per cent discount to the ADIB’s closing share price on July 25.

The bank’s board has also proposed the issuance of a $750m (Dh2.75 billion) perpetual tier 1 sukuk, and the repayment of its $1bn hybrid tier 1 sukuk issued in 2012, the lender said without giving further details.

Adib said it will set the timetable for the rights issue and the tier 1 debt capital market deal once it obtains shareholder approval for the transactions.

“The pace of the bank's growth has been fast, increasing its number of customers to 1 million in the UAE, nearly double the number it had five years ago,” Khamis Buharoon, ADIB’s vice-chairman and acting chief executive said.

The bank is raising capital to maintain its growth trajectory, while maintaining a capital buffer, he noted.

“This will enable ADIB to continue to invest in innovation to provide top-quality banking services, and to deliver the returns our investors have come to expect from ADIB," he added.

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Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

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Braun Strowman beat Baron Corbin in a TLC match

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More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
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Expo details

Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia

The world fair will run for six months from October 20, 2020 to April 10, 2021.

It is expected to attract 25 million visits

Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.

More than 30,000 volunteers are required for Expo 2020

The site covers a total of 4.38 sqkm, including a 2 sqkm gated area

It is located adjacent to Al Maktoum International Airport in Dubai South

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UAE currency: the story behind the money in your pockets
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Uefa Champions League final:

Who: Real Madrid v Liverpool
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