Sukuk and syndication transactions: DIB investment banking arm arranges AED 20 billion in first half of 2008

Dubai Islamic Bank's wholly-owned investment banking arm, Millennium Capital Limited, announced on Wednesday that it has arranged in excess of AED 20 billion of Sukuk and syndication transactions since the beginning of this year.
DIB has risen to second place in the GCC Islamic Bonds League Tables, up from sixth place in 2007, according to the Bloomberg Underwriter Rankings published in June 2008.
The largest GCC-based banks such as DIB, the world's first Islamic bank, have seen increasing competition from the leading global investment banking firms for a share in this fast-growing Sharia-compliant market space. Despite the stiff competition, DIB has successfully managed to further strengthen its leadership position in this sector.
Khaled Kamda, Group Managing Director & CEO, Dubai Islamic Bank, said: "UAE issuers such as DIB, continue to receive a strong response from the markets. Since the successful AED 7.5 billion closure of the first rated Sukuk for the Jebel Ali Free Zone in Dubai in November 2007, DIB has continued to play the lead role in channelling the vast liquidity of the region into the Sukuk and syndication market. This channelling has improved asset allocation and provided scale and depth to the domestic capital markets in a very meaningful way."-PR