Dubai Islamic Bank rights issue massively oversubscribed to reach nearly AED 9 billion

Dubai Islamic Bank, the first Islamic bank in the world and the largest Islamic bank in the UAE by total assets, today announced the very successful raising of capital through a rights issuance amounting to AED 3.2 billion. The issuance which saw a tremendous investor interest was significantly oversubscribed receiving total subscription of nearly AED 9 billion.

The rights issue will increase the share capital of the Bank from AED 3.95 billion to AED 4.94 billion, through the issuance of 988,437,777 new shares.

HE Mohammad Ebrahim Al Shaibani, Director-General of the Ruler's Court of Dubai and Chairman of Dubai Islamic Bank, said:

• The exceptionally high take-up of the rights issuance is a very strong signal of the confidence from the market towards Dubai Islamic Bank, its Board of Directors and management.
• Building on the momentum we have established in the past two and a half years, we will continue to pursue our strategy to achieve sustainable business impetus in the medium term.

Dr. Adnan Chilwan, Dubai Islamic Bank Group Chief Executive Officer stated:

• It is heartening to note that the substantial oversubscription came not only from the local loyal shareholder base but also from many international investors, clearly depicting the tremendous faith that the global investor community has on the bank’s strategic direction and long term growth aspirations.
• The timing of this rights issuance is critical as it will enable us to continue our drive to advance incremental business through deeper penetration of existing and new wholesale segments as the bank stays on its course to gain greater market share within UAE.
• The increased capital via this issuance will allow us to implement our evolutionary agenda and plans whilst ensuring that we continue to meet the regulatory requirements under the capital and liquidity guidelines laid down by the UAE Central Bank.   

Final allocation of new shares is expected to conclude by Monday 27^th June, 2016 and all refunds will be processed by Monday 4^th July 2016.