Abu Dhabi - Arabstoday
Emirates NBD\'s Islamic unit plans to issue more than $500m sukuk this year and expects to merge with Dubai Bank before the end of 2012, Al Khaleej Arabic daily newspaper reported on Monday. Emirates Islamic Bank\'s Chief Executive Jamal bin Ghalaita told the daily that ENBD will make AED1bn ($272.26 million) in revenue post the merger of Emirates Islamic Bank arm with Dubai Bank, the debt-laden lender acquired in October at the behest of the Dubai government. ENBD was given cash by the United Arab Emirates\' federal government and guarantees by Dubai to help it integrate the business. Bin Ghalaita also said that Emirates Islamic Bank plans to tap the international debt market again in 2012 and issue more than $500m sukuk to cover the expansion and activities of the new Islamic banking entity. Emirates Islamic Bank had in January this year sold a $500m five-year, benchmark-sized Islamic bond, or sukuk, priced with a 4.72 percent profit rate. EIB\'s sukuk was the first debt capital markets issue from the Gulf region in 2012, followed last week by a Dubai government $1.25bn Islamic bond.