ABU DHABI — The UAE Ministry of Finance (MoF), together with the Central Bank of the UAE as issuing and payment agent, has successfully wrapped up the November 2025 auction of dirham-denominated Islamic Treasury Sukuk (T-Sukuk), issuing AED 1.1 billion.
This marks the final auction of the 2025 T-Sukuk programme, as outlined on the MoF website.
Investor interest remained strong, with eight primary dealers submitting bids totalling AED 5.48 billion—an oversubscription of five times—across the two tranches maturing in October 2027 and May 2030. The solid demand underscores confidence in the UAE’s sovereign credit profile and Islamic finance ecosystem.
Yields were set at 3.52% for the 2027 tranche and 3.63% for the 2030 tranche, with spreads of up to 5 basis points above comparable US Treasuries.
The Sukuk are listed on Nasdaq Dubai under the UAE’s Islamic Treasury programme, improving liquidity and access for secondary market investors.
In 2025, the MoF conducted nine auctions in total, raising AED 9.9 billion with tenors ranging from two to five years. Annual bids reached AED 53.8 billion, averaging a 5.4x oversubscription ratio. The programme delivered highly competitive pricing with an average spread of just 3 basis points above US Treasuries.
Regular issuance has helped strengthen the domestic dirham yield curve—now accessible on Bloomberg—enhancing price transparency and providing a benchmark for local-currency issuers.
The T-Sukuk programme continues to support the development of the UAE’s dirham debt market, broaden investment opportunities, and contribute to the nation’s long-term financial stability and growth.
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