ABU DHABI — The board of directors of Abu Dhabi Islamic Bank (ADIB) has decided to study the offer made by the Emirates International Investment Company (EIIC), who last week submitted an offer to buy Dh1.5 billion worth convertible sukuk.

"The ADIB board has decided to study the offer from a business, legal and structural aspect upon which it would take up the matter," ADIB said in a letter to Emirates Stocks and Commodities Authority (ESCA).

According to the letter, "EIIC has made the offer due to its confidence in ADIB's capability to achieve its strategic objectives and the performance in its business and expansion."

On November 10, Moody's Investors Service had assigned an A2 foreign-currency rating to ADIB's upcoming $5 billion, floating-rate senior sukuk trust certificates. The sukuk trust certificates will be issued under a $5 billion Trust Certificate Issuance Programme. Moody's has assigned A2 and A3 ratings for senior sukuk and subordinated sukuk trust certificates, respectively, that could be issued under the programme.

ADIB Sukuk Company Limited will issue sukuk certificates to investors and will use the proceeds to acquire a co-ownership interest in a portfolio of assets comprising "Ijara" (lease) contracts from ADIB, with the two parties becoming co-owners in the co-ownership assets