Sharjah Islamic Bank to issue $500m sukuk

Sharjah Islamic Bank to issue $500m sukuk
The notes will be issued in the coming weeks
Sharjah Islamic Bank
NBS
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Abu Dhabi – Mubasher: Sharjah Islamic Bank (SIB) has mandated HSBC and Standard Chartered to coordinate an over $500 million (EUR 355.6 million) sukuk sale, with a five-year maturity.

The notes will be issued in the coming weeks, while the sale could be announced this week, based on the market conditions, a person familiar with the matter told Reuters.

“HSBC and Standard Chartered are global coordinators for the planned deal, but other banks will join as arrangers,” the news agency reported, citing an informed source.

SIB did not give any comment on the planned issuance. 

In December, the UAE-based lender closed an agreement to issue AED 226.805 million sukuk convertible into ordinary shares.

The Abu Dhabi-listed bank had previously posted a 7.2% year-on-year decrease in net profits during the fourth quarter of 2017.