First Abu Dhabi Bank, the Emirates’ largest lender by assets, has issued the UAE's first ever dirham-denominated green sukuk, as green issuances take off across the region.
The Dh1.3 billion ($353.93 million) Sharia-compliant instrument also marked FAB’s first dirham-denominated public issuance, it said in a statement on Thursday.
The three-year green sukuk was priced on Wednesday at 4.93 per cent.
The offering is the largest ever dirham sukuk and has the lowest ever pricing achieved by the financial institution in the dirham market, FAB said.
The issuance “showcases the potential of both green and Islamic finance and strongly connects to the UAE’s climate objectives, especially in a year when the country will host Cop28", the bank said.
FAB also acted as joint lead manager and green structuring agent on the sukuk issuance.
“FAB’s inaugural green sukuk, and the UAE’s first AED-denominated green issuance, represent a landmark achievement for both the green finance and Islamic finance sectors in the UAE, as well as for local bonds,” said Hana Al Rostamani, group chief executive of FAB.
“As a leading force for investment banking, FAB fully supports the establishment of a thriving dirham bond market, serving to elevate Abu Dhabi’s increasing role as a centre for global finance.”
The market for green and sustainable bonds as well as sukuk is booming. Companies across the Gulf region are looking to green financing to support their growth ambitions as governments in the oil-rich economic bloc push to meet their net-zero commitments.
In May, Majid Al Futtaim Holding, one of Dubai's biggest private sector companies and the Middle East's largest mall operator, announced $500 million had been raised through a green sukuk.
In the same month, Aldar Investment Properties, the real estate management unit of the emirate’s largest listed developer, Aldar Properties, raised $500 million through its debut green sukuk to fund acquisitions and meet its sustainability goals.
On Wednesday, Abu Dhabi clean energy company Masdar announced it had raised $750 million through the sale of 10-year senior unsecured notes that will help it fund renewable energy projects.
Total Gulf Co-operation Council green and sustainable bond and sukuk issuances last year reached $8.5 billion from 15 deals, compared with $605 million from six deals in 2021, data from Bloomberg’s Capital Markets League Tables showed.
Can NRIs vote in the election?
Indians residing overseas cannot cast their ballot abroad
Non-resident Indians or NRIs can vote only by going to a polling booth in their home constituency
There are about 3.1 million NRIs living overseas
Indians have urged political parties to extend the right to vote to citizens residing overseas
A committee of the Election Commission of India approved of proxy voting for non-resident Indians
Proxy voting means that a person can authorise someone residing in the same polling booth area to cast a vote on his behalf.
This option is currently available for the armed forces, police and government officials posted outside India
A bill was passed in the lower house of India’s parliament or the Lok Sabha to extend proxy voting to non-resident Indians
However, this did not come before the upper house or Rajya Sabha and has lapsed
The issue of NRI voting draws a huge amount of interest in India and overseas
Over the past few months, Indians have received messages on mobile phones and on social media claiming that NRIs can cast their votes online
The Election Commission of India then clarified that NRIs could not vote online
The Election Commission lodged a complaint with the Delhi Police asking it to clamp down on the people spreading misinformation
Conservative MPs who have publicly revealed sending letters of no confidence
- Steve Baker
- Peter Bone
- Ben Bradley
- Andrew Bridgen
- Maria Caulfield
- Simon Clarke
- Philip Davies
- Nadine Dorries
- James Duddridge
- Mark Francois
- Chris Green
- Adam Holloway
- Andrea Jenkyns
- Anne-Marie Morris
- Sheryll Murray
- Jacob Rees-Mogg
- Laurence Robertson
- Lee Rowley
- Henry Smith
- Martin Vickers
- John Whittingdale
Opening Premier League fixtures, August 14
- Brentford v Arsenal
- Burnley v Brighton
- Chelsea v Crystal Palace
- Everton v Southampton
- Leicester City v Wolves
- Manchester United v Leeds United
- Newcastle United v West Ham United
- Norwich City v Liverpool
- Tottenham v Manchester City
- Watford v Aston Villa
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
%3Cp%3E%3Cstrong%3EEdited%20by%3A%3C%2Fstrong%3E%20Idries%20Trevathan%3Cbr%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20240%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Hirmer%20Publishers%3Cbr%3E%3Cstrong%3EAvailable%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Bio
Born in Dibba, Sharjah in 1972.
He is the eldest among 11 brothers and sisters.
He was educated in Sharjah schools and is a graduate of UAE University in Al Ain.
He has written poetry for 30 years and has had work published in local newspapers.
He likes all kinds of adventure movies that relate to his work.
His dream is a safe and preserved environment for all humankind.
His favourite book is The Quran, and 'Maze of Innovation and Creativity', written by his brother.
