Abu Dhabi Islamic Bank is looking to raise up to $750 million from a Sukuk issue, according to a person familiar with the matter speaking to Bloomberg.
The final pricing of the Sukuk could be announced on Tuesday. It would be part of the bank's efforts to issue $8 billion in debt instruments after shareholders authorized the board of directors to make such issuances.
Shareholders authorized the management to issue up to $3 billion in Sukuk annually, according to a disclosure by the bank in March. The shareholders also authorized the board of directors, during the extraordinary general assembly, to issue Sukuk or other similar non-convertible instruments totaling up to $5 billion, at the time determined by the board.
The potential Sukuk raise comes as Abu Dhabi Islamic Bank seeks to expand its financing sources and capital base. Proceeds from the issuance will help the bank support growth and investment opportunities.
