Abu Dhabi – Mubasher: Sharjah Islamic Bank (SIB) has hired banks to sell benchmark US dollar-denominated Sukuk, which would be valued at $500 million, sources reportedly told Reuters.

The $500-million projected size of the issuance could increase subject to market conditions and demand.

Sharjah Islamic Bank is said to have a lending relationship with the hired banks that are forecast to arrange the sale of Sukuk soon, as per the cited sources.

It is noteworthy to mention that Dubai Islamic Bank (DIB) recently sold long five-year US dollar Sukuk at a total value of $1 billion, closing an offering that was postponed from earlier this year.