May 20 (Bloomberg) -- Dubai Islamic Bank PJSC, the United Arab Emirates’ biggest bank complying with Islamic financial rules, will buy back $50.6 million of its sukuk maturing in 2012.

The buyback price will be 88 percent of the bonds’ face value, the bank said in a statement to Nasdaq Dubai today. The settlement date for the purchase is May 21.

Dubai Islamic has $750 million of sukuk due 2012. The bank on May 6 had offered to buy back as much as $200 million of sukuk.

To contact the reporter on this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net

Last Updated: May 20, 2009 06:44 EDT