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HOME LOCAL MIDEAST ASIA WORLD BUSINESS SPORT OPINION WRITERS
FH announces issuance of Dhs300m Tier I Capital
December 07, 2015
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ABU DHABI: Finance House (FH) has announced the successful issuance of Tier I capital of Dhs300 million. The issuance was completed in two tranches of Dhs200 million and Dhs100 million each and was structured as a Mudaraba Sukuk.

The transaction was subscribed to by investors ranging from insurance companies to private and public entities. CAPM Investment, CAPM, a subsidiary of FH, was the sole placement agent for the transaction.

The perpetual issue was issued to support Finance House’s envisaged growth plans and will boost its capital adequacy ratio to robust levels of 22.4 per cent on a consolidated basis and 21.5 per cent on a stand-alone basis; well above the regulatory requirement of 15 per cent.

Mohammed Abdulla Alqubaisi, Chairman of Finance House, said, “We are pleased to announce the successful issuance of Tier I perpetual capital. The issue was received positively by the market and has further strengthened our equity base as a result of which we are now well-positioned for accelerated asset growth in the near future.”

Mohammed Wassim Khayata, Managing Director of CAPM Investment, said, “The issuance of Tier I capital by Finance House, the first such transaction by a finance company in the UAE, is part of its efforts to diversify its funding resources and CAPM Investment is delighted to have assisted Finance House in this endeavor. CAPM Investment helped structure the transaction and successfully place the issue among a wide range of investors.”

WAM

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