Bloomberg/Christopher Pike

Sukuk

Sharjah Islamic Bank mulls US dollar-denominated Sukuk issuance

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Last year, the lender raised $500 million in Sukuk with HSBC and Standard Chartered Bank as global coordinators, attracting around $950 million in orders.

Thursday 13, June 2019 BY KUDAKWASHE MUZORIWA

UAE’s Sharjah Islamic Bank (SIB) is expected to issue US dollar-denominated Sukuk by the end of June to boost its Tier 1 core capital.

Earlier this year the bank’s board approved the issuance of Shari’ah-compliant Tier 1 instruments for up to AED 2.8 billion ($762 million), to strengthen SIB’s capital adequacy ratios, reported Reuters.

 

TAGS : Sharjah Islamic Bank, Tier 1, Sukuk

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