Abu Dhabi Islamic raises $750 million in Tier-1 perpetual sukuk

DUBAI (Reuters) – Abu Dhabi Islamic Bank <ADIB.AD> said on Saturday it has raised S$750 million of additional Tier 1 through a perpetual sukuk that complies with the Basel III regulatory framework issued by the Central Bank of the United Arab Emirates.

ADIB, the largest sharia-compliant lender in Abu Dhabi, started marketing the notes on Wednesday.

The Additional Tier 1 perpetual bonds are similar to an equity instrument in the fact that they have no maturity.

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