The UAE is issuing a dirham-denominated treasury sukuk worth Dh1.1 billion ($299 million) as it diversifies its funding resources and supports the growth of the Islamic economy.
The T-Sukuk will first be issued in two, three and five-year tranches, followed by a 10-year tenure sukuk at a later date, the Ministry of Finance said on Wednesday.
“The Ministry of Finance co-operates with all its partners, foremostly the Central Bank of the UAE, to attract investments and deploy them in Islamic economy channels,” said Minister of State for Financial Affairs Mohamed Al Hussaini.
“The T-Sukuk are sharia-compliant financial certificates, and they will be traded to reflect the local return on investment, support economic diversification and financial inclusion, as well as contribute to achieving comprehensive and sustainable economic and social development goals.”
Launching treasury sukuk in local currency will contribute to building a local currency bond market, diversifying financing resources, boosting the local financial and banking sector, as well as providing safe investment alternatives for local and foreign investors, Mr Al Hussaini added.
Last month, the UAE, Arab world's second-largest economy, raised Dh1.1 billion from the sale of treasury bonds.
The dual-tranche deal attracted strong investor demand through six primary dealers. The two and three-year tranches of Dh550 million each received bids worth Dh5.51 billion, the Ministry of Finance said at the time.
The latest move will enhance the competitiveness of the local financial markets and enable market participants in the UAE to “maintain a single, transparent, diversified and sustainable liquidity pool in dirhams”, said Khaled Balama, Governor of the Central Bank of the UAE.
“The issuance of Islamic treasury sukuk comes within the framework of the UAE's commitment to developing capital market activities and consolidating its position as a global financial hub,” he said.
“This issuance reaffirms the strength and stability of the financial system and the confidence of local and international investors in the UAE's ability to develop the financial sector in accordance with monetary policies and strategic plans.”
Abu Dhabi Islamic Bank, Dubai Islamic Bank, Abu Dhabi Commercial Bank, Emirates NBD, First Abu Dhabi Bank, HSBC, Mashreq and Standard Chartered are among banks arranging the latest deal.
The ministry and the Central Bank worked with government entities and international financial bodies to ensure best practices were followed when structuring the T-Sukuk, the statement said.
“This allows for further development of Islamic finance in the country and cements its position as an international Islamic economy hub,” the ministry said.
The UAE government’s planned issuance “is an important step, as it is a key enabler for the development of the nascent domestic debt capital market, and also supports funding diversification initiatives and the Islamic finance ecosystem in the UAE”, said Bashar Al Natoor, global head of Islamic Finance at Fitch Ratings.
“The T-sukuk would give Islamic banks and conventional banks an option to invest their liquidity, and it could also help open the way for corporates and financial institutions to issue dirham-denominated bonds and sukuk.
“This step is expected to help build the domestic yield curve and provide a pricing reference for dirham-denominated bonds, sukuk and loan products.”
It will also expand investment options for domestic, regional and international investors, he added.
“It could also allow investors to access smaller-sized or lower-rated domestic issuers unable to issue debt in the international market,” he said. “Investors would also benefit from the UAE dirham’s peg to the US dollar, with no additional currency risk exposure.”
In 2021, the UAE raised $4 billion through the issuance of multi-tranche sovereign bonds, the first time it issued bonds at the federal level.
The bond package, which was denominated in US dollars, included conventional 10-year and 20-year tranches, as well as 40-year dual-listed Formosa bonds, the ministry said at the time.
Brief scoreline:
Liverpool 5
Keita 1', Mane 23', 66', Salah 45' 1, 83'
Huddersfield 0
Company%20profile
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The%20specs
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
How to donate
Text the following numbers:
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*numbers work for both Etisalat and du
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
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Real Madrid 1
Ronaldo (87')
Athletic Bilbao 1
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
ENGLAND SQUAD
Goalkeepers Henderson, Pickford, Pope.
Defenders Alexander-Arnold, Chilwell, Coady, Dier, Gomez, Keane, Maguire, Maitland-Niles, Mings, Saka, Trippier, Walker.
Midfielders Henderson, Mount, Phillips, Rice, Ward-Prowse, Winks.
Forwards Abraham, Barnes, Calvert-Lewin, Grealish, Ings, Kane, Rashford, Sancho, Sterling.
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
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- Senior reservoir engineer: Dh40,000 to Dh55,000
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- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
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Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
