The Ministry of Finance announced the second issuance under its Sovereign Retail T-Sukuk Programme on 17 September 2026. The five-year offering follows strong demand for the inaugural issue, while 2026 issuance data places the UAE's retail programme in the broader GCC debt market.
UAE Launches Second Sovereign Retail T-Sukuk in 2026
On 17 September 2026, the Ministry announced the second Sovereign Retail T-Sukuk, a five-year offering for UAE nationals and residents. The price and profit rate are scheduled to be announced on 22 September, followed by subscriptions from 23 to 28 September, allocation on 29 September, refunds on 30 September, and secondary trading on Nasdaq Dubai from 1 October.
The second issue follows the strong reception of the inaugural Retail T-Sukuk, announced in June 2026. The first two-year sukuk carried a 4.30% annual profit rate and was ultimately increased from an initial AED50 million target to AED100 million after orders reached AED445 million. Retail participation was broad, with 76% of demand coming from investments of AED10,000 or less.
For the original launch details, see the Ministry of Finance's announcement of the inaugural Sovereign Retail T-Sukuk.
Retail investors must hold a valid DFM Investor Number (NIN) and be UAE nationals or residents. Investors without an NIN can obtain one through DFM before subscriptions close. Channels include DFM eIPO, iVestor, the DFM app and approved receiving banks.
Retail T-Sukuk Access and Structure
The Information Memorandum sets out the UAE Retail T-Sukuk under an Ijara and Murabaha structure. The Ijara component is linked to usufruct rights over eligible UAE government assets, while the remaining portion is structured through Murabaha. The certificates are listed and tradable on Nasdaq Dubai following issuance.
For a broader explanation of these structures, see Types of Sukuk Structures Explained: Why Saudi Arabia Chose Ijarah for Its Latest Offering.
UAE Retail T-Sukuk Risks and Secondary-Market Considerations
The Ministry describes the Retail T-Sukuk as fully backed by the UAE Government, but investors should still consider secondary-market and liquidity risks. The Information Memorandum states that there is no assurance an active or liquid market will develop, meaning investors selling before maturity may not be able to exit at their preferred price.
The certificates are held in dematerialised form through securities accounts linked to investors' DFM NINs.
UAE Treasury Sukuk Extend the Dirham Yield Curve
The UAE's 2026 Treasury Sukuk programme spans multiple maturities, from the two-year inaugural Retail T-Sukuk to the new five-year second Retail T-Sukuk and the first seven-year dirham T-Sukuk issued in February.
On 16 September, the Federal Reserve raised its target range by 25 basis points to 3.75%–4.00%, effective 17 September. The CBUAE followed with a 25-basis-point increase in its Base Rate to 3.90%. The moves come days before the Retail T-Sukuk's profit-rate announcement on 22 September.
Related GCC Sukuk ETF
The UAE's retail T-Sukuk programme also sits within a broader GCC market for exchange-traded sukuk exposure. The Albilad Saudi Sovereign Sukuk ETF (BILADETF) tracks an index of Saudi riyal-denominated sovereign sukuk listed on Tadawul. As of 6 September 2026, the ETF held 24 sukuk and reported a current yield of 3.79%.
What the Second Retail T-Sukuk Means for Investors
The second Sovereign Retail T-Sukuk adds a five-year maturity to the UAE's retail government financing programme, following the strong demand for the inaugural two-year issue.
The key detail still to come is the profit rate, which will be announced on 22 September. That rate, together with the five-year tenor, will determine how the new issue compares with other dirham-denominated fixed-income opportunities available to investors.
