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Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, today announced that it was the only bank in the Middle East that has been awarded with the “Best Islamic Bond Award for the year 2012”, presented by the International Financing Review (IFR), Thomson Reuters’ official flagship title.
ADIB received the award for successfully issuing a $1 billion USD Perpetual Shari’a-compliant Sukuk, which was priced at an expected profit rate of 6.375% – one of the lowest rates achieved for any perpetual instrument by a global bank.
Acknowledging the award, ADIB CEO, Tirad Al-Mahmoud, said: “ADIB is honored to receive this prestigious award. The Sukuk received extremely strong investor demand from across the Middle East, Europe and Asia and investors were impressed by the simplicity of the issuance, which was structured in a way that was simpler, safer, transparent and mutually beneficial for both investors and the bank. The outstanding success of the issue is a testimony of ADIB’s strong brand and credit credentials in global capital markets.”
In addition to the Thomson Reuters’ award, ADIB was also recently named the ‘Best Islamic Financial Institution 2012’ in the UAE, for the 3rd consecutive year, by Global Finance Magazine, and also won “Best Islamic Investment Strategist of the Year” award at the Islamic Investor Poll 2012, by Islamic Finance News Awards. The two awards were presented as recognition of ADIB’s positive contribution to the growth of Islamic financing and its success in meeting customers’ needs for Shari’a-compliant products while creating a sustainable foundation for continued growth.
“Global acknowledgment from our valued stakeholders in the industry is very important to us and we remain committed to further enhance our performance for the continued benefit of our customers and clients across our network.” concluded Tirad.