17 September 2026
The UAE Ministry of Finance announced the second issuance of its Sovereign Retail T-Sukuk Programme on 17 September 2026, this time with a five year tenor and the same minimum subscription of AED 1,000. The profit rate will be announced on 22 September 2026. Subscriptions run through the Dubai Financial Market eIPO platform, the iVestor app, the DFM app and the digital channels of seven receiving banks, with Emirates NBD acting as lead. Once allocation and settlement are complete, the sukuk will be listed on Nasdaq Dubai and available for secondary market trading. The debut issuance in June attracted AED 445 million in orders against an initial target of AED 50 million.
What is on offer
The instrument is a Shariah compliant sovereign sukuk denominated in UAE dirhams and fully backed by the federal government. It belongs to the T-Sukuk programme that until 2026 was reachable mainly by institutional investors. The Ministry describes the structure as Ijarah or Murabaha, with profit distributed every six months and the paper issued at par value. The novelty of the retail tranche is the entry ticket: AED 1,000 instead of wholesale lot sizes.
The second issuance stretches the tenor from two years to five. That is the only headline change to the product. Minimum subscription, the semi annual distribution schedule, the fully digital subscription route and the Nasdaq Dubai listing all carry over from the debut. The Ministry ties the programme to the objectives of the Year of Family 2026 and to the development of the domestic AED yield curve.
Who can subscribe and through which channel
Eligibility sits at the individual level. A subscriber must be a UAE national or a UAE resident holding a valid Emirates ID, and must hold a DFM National Investor Number (NIN). Companies do not subscribe to the retail tranche. For business owners that distinction matters: this is an instrument for money held in a personal name, not for corporate treasury.
The approved channels are the DFM eIPO platform, the iVestor app, the DFM app and the digital channels of the receiving banks. Emirates NBD serves as lead receiving bank, with Emirates Islamic, Abu Dhabi Islamic Bank, Ajman Bank, Mashreq, Abu Dhabi Commercial Bank and First Abu Dhabi Bank participating. Every one of those routes runs through an app rather than a branch counter, which makes a working UAE bank account and a verified NIN the real prerequisites. Residents who still have to open an account can start with our bank account opening service and with the UAE bank account opening guide, which sets out the documents and timelines banks ask for.
The offering calendar
The Ministry of Finance has confirmed one date: the profit rate for the five year paper is announced on 22 September 2026. The full timetable is published by Mashreq, one of the seven receiving banks, on its subscription page.
- 17 September 2026: announcement of the retail offering.
- 22 September 2026: price announcement, meaning the profit rate.
- 23 September 2026: the offering opens.
- 28 September 2026: the offering closes.
- 29 September 2026: allocation.
- 30 September 2026: settlement.
- 1 October 2026: admission to trading on Nasdaq Dubai.
Receiving banks commonly close their in app window ahead of the market deadline, so the operative cut off is the one published by the bank used for the subscription rather than the market wide date.
What the debut issuance showed
The first retail T-Sukuk was a two year paper with an annual profit rate of 4.30%, distributed every six months. It drew AED 445 million in subscription orders against an initial target of AED 50 million, close to nine times the size on offer, and the Ministry responded by raising the issuance to AED 100 million. Allocation and settlement were completed and the sukuk was listed on Nasdaq Dubai, where secondary market trading began on 2 July 2026.
The composition of that demand explains why the programme continues. About 76% of demand came in tickets of AED 10,000 or less. UAE nationals made up 72% of the investor base. Investors under the age of 25 and women together accounted for 45% of subscribers. In other words the money arrived in small parcels from a broad base, which is exactly what a retail programme is built for, and it fits the wider push behind the UAE Islamic finance strategy to 2031. Our earlier report on the first retail T-Sukuk covers the mechanics of that debut in detail.
Retail T-Sukuk and Fractionalised T-Sukuk are not the same product
The Ministry runs two separate retail routes into government sukuk, and they are easy to confuse. The current offering is the first of them.
| Feature | Retail T-Sukuk | Fractionalised T-Sukuk |
|---|---|---|
| What you buy | A new issuance at the moment it is placed | A fractional interest in sukuk already listed |
| Minimum investment | AED 1,000 | AED 4,000 |
| Maturity | Set for each issuance, five years for the current one | Less than one year up to five years, depending on what is available |
| Pricing | Issued at par value | Market based |
| Profit distribution | Semi annual | Semi annual, pro rata |
| Where to buy | DFM platforms and receiving banks | Digital platforms of participating banks |
| Fees | Subject to broker and custodian terms | 0.25% to buy, 0.25% to sell, no redemption fee at maturity |
Both routes require a valid Emirates ID, and the retail route additionally requires a DFM investor number. Liquidity and pricing in both cases follow market conditions after listing.
Tax treatment and what it means for residents
The UAE imposes no personal income tax. The Ministry states directly that profit distributions and principal repayments are not subject to local income tax. Value added tax and other charges may still apply to fees or commissions charged by participating banks and platforms, depending on the service. That is the whole tax picture for an individual subscriber, and it is one reason the AED 1,000 entry point reaches savers who would otherwise leave money in a current account.
For a resident business owner the practical read is narrow and useful at the same time. Nothing here changes licence categories, visa routes, corporate tax or VAT obligations for a company. What changes is the menu of options for personal cash held in dirhams: a government backed instrument with a fixed profit rate, a five year horizon, income twice a year and the ability to sell on Nasdaq Dubai after listing rather than wait for maturity.
What this changes for business owners in the UAE
- Access is personal, not corporate. A company cannot place surplus cash into the retail tranche; the subscriber is a named individual with an Emirates ID.
- Residency is the gate. Without a valid Emirates ID there is no DFM investor number and no subscription, which puts the residency visa ahead of the investment decision.
- The subscription is digital end to end. An active account with one of the seven receiving banks, or a DFM account, is what makes the window usable in practice.
- The window is short. Pricing lands on 22 September 2026 and the offering runs for a matter of days, so the account and the investor number need to exist beforehand.
- The paper is tradable. After listing on Nasdaq Dubai the holding can be sold on the secondary market, with price and liquidity set by the market rather than guaranteed.
How Atlant Capital can help
Three of the practical prerequisites for this offering are things we set up for clients every week. Residency comes first: a subscriber needs a valid Emirates ID, and for most entrepreneurs in the UAE that runs through a company and an investor or employment visa, which is the scope of our work visa and residency service. Company setup is the usual route to that residency for owners who are not yet in the country. The account comes second, because every subscription channel is an app tied to a UAE bank or to DFM.
We do not sell securities and we do not give investment advice. What we do is make sure the paperwork behind the app is in order: the licence, the residency, the Emirates ID and the corporate or personal bank account, so that a resident who wants to use a window like this one is not blocked by an unfinished file.
Conclusion
The second retail T-Sukuk is a small offering with a large signal attached. The federal government is repeating a format that worked, extending it from two years to five, and keeping the entry ticket at AED 1,000 so that the instrument stays inside reach of ordinary savers. For residents the decision is straightforward and time boxed: the profit rate arrives on 22 September 2026, the window opens the next day, and the prerequisites are an Emirates ID, a DFM investor number and a bank app that works.
Source: Gulf News, UAE Ministry of Finance, Mashreq.
FAQ
How much do I need to invest in the UAE retail T-Sukuk?
The minimum subscription is AED 1,000, the same threshold used for the debut issuance. The current offering is a five year paper announced by the Ministry of Finance on 17 September 2026. Profit is distributed every six months and the sukuk is issued at par value.
Who is eligible to subscribe to the retail T-Sukuk?
UAE nationals and UAE residents holding a valid Emirates ID, provided they also hold a DFM National Investor Number. Companies cannot subscribe to the retail tranche, so the investment is made in a personal name. The investor number and the bank account have to be in place before the offering window opens.
Where can I subscribe to the second retail T-Sukuk?
Through the Dubai Financial Market eIPO platform, the iVestor app, the DFM app, or the digital channels of the receiving banks. Emirates NBD is the lead receiving bank, and Emirates Islamic, Abu Dhabi Islamic Bank, Ajman Bank, Mashreq, Abu Dhabi Commercial Bank and First Abu Dhabi Bank also take part. Every channel is digital rather than branch based.
What profit rate does the five year T-Sukuk pay?
The rate is announced on 22 September 2026 and was not published with the launch. For reference, the debut two year issuance carried an annual profit rate of 4.30% with distributions every six months. A longer tenor does not automatically mean a higher rate, so the published figure on 22 September is the only reliable number.
Is profit from the T-Sukuk taxed in the UAE?
The UAE has no personal income tax, and the Ministry of Finance states that profit distributions and principal repayments are not subject to local income tax. Value added tax and other charges may apply to fees or commissions charged by banks and platforms. Tax treatment in an investor’s country of tax residence is a separate question.
