Five banks appointed to arrange sukuk offering
Abu Dhabi Islamic Bank (ADIB) has appointed five banks to arrange a series of investors meetings ahead of a possible sukuk (Islamic bond) issue.
The bank hired the UK’s HSBC and Standard Chartered, the US’ Morgan Stanley; and the local National Bank of Abu Dhabi and ADIB to arrange the issue, with the first investor meetings scheduled for 1 November.
In a statement, ADIB said if it went ahead with an issue, it would be in the form of “hybrid tier 1 perpetual US dollar denominated, sharia-compliant instruments”, which would be used as part of the bank’s preparations for complying with new banking regulations known as Basel 3.
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