Kuwait-Mubasher: Kuwait Finance House (KFH) said it has successfully managed to lead a $500 million Sukuk issue for Sharjah Islamic Bank (SIB) to finance expansion and growth plans.

The issue is five-year Wakala/Mudharabah Sukuk deal which has received an over subscription almost seven times the targeted size, KUNA reported.

Al-Monayea confirmed that the Sukuk proceeds will be utilized in financing SIB’s expansion and growth plans and supporting its various activities to cope with the remarkable growth which UAE economy is witnessing in general and the Emirate of Sharjah in particular.

He added that the issue has attracted a $3.6 billion order books by 120 various accounts or investors.