DUBAI, March 12 Books are open for the planned
issue of a sharia-compliant debt instrument by Dubai Islamic
Bank, which is expected to price this week, lead
arrangers said on Tuesday.
Initial guidance for the instrument's profit rate is in the
7 percent area, they said.
Last week Dubai Islamic, the largest sharia-compliant lender
in the United Arab Emirates by assets, said it planned to issue
a dollar-denominated, benchmark-sized hybrid sukuk, subject to
The sukuk is expected to boost the bank's Tier 1 capital,
becoming the region's second such deal. In November, Abu Dhabi
Islamic Bank raised Tier 1 capital in a deal which
attracted order books of over $15 billion from global accounts.
(Reporting by Rachna Uppal; Editing by Andrew Torchia)