Emirates Islamic, a subsidiary of Emirates NBD, delivered a landmark achievement in sustainable finance in August 2025, with the world's first sustainability-linked financing sukuk (SLFS).

Given that approximately half of labelled debt capital market issuances in the Middle East are in sukuk format, this sets a new global benchmark for sustainable Sharia-compliant innovation.

The $500 million issuance is the first sukuk globally to fully align with the Sustainability-Linked Loan Financing Bond Guidelines developed by the International Capital Market Association (ICMA) and Loan Market Association (LMA).

The SLFS structure enables Issuers across a variety of sectors, such as real estate development, retail trade and education, to embed sustainability improvements into their financing structures. These include climate change mitigation and social priorities such as diversity and inclusion, supporting the UAE's Net Zero 2050 strategy.

The framework is underpinned by key performance indicators (KPIs) and ambitious sustainability performance targets validated through an independent second-party opinion.

The transaction was strongly received, attracting a $1.2 billion order book and achieving a 2.4x oversubscription, underscoring strong investor appetite for credible sustainability-linked instruments.