Dubai Islamic Bank (DIB) has been ranked by Euromoney the world's top Islamic finance deals lead manager.
Recent deals such as the $750 million Sukuk for the Government of Dubai Department of Civil Aviation and a $350 million Ijara syndication propelled DIB to the head of the Euromoney ranking of mandated lead managers on Islamic finance deals. Strong interest from the market subsequently saw the Sukuk Al Ijara increased to $1 billion, from the original $750 million to further consolidate DIB's leading position.
Two of the top three highest rated lead managers on Islamic finance deals - DIB and HSBC Amanah Finance, which took a lead on deals totalling $1.1 billion and $1 billion respectively - were UAE based. "It is a reflection of issuers' confidence in the DIB that they decided that this issue of Sukuk Al Ijara would be the first in which a UAE bank would take the sole lead role,” a DIB source told Khaleej Times.
The global Islamic sector is believed to have reached $300 billion in assets and is growing at more than 10 per cent a year. (menareport.com)