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SIB's $500m Sukuk oversubscribed 7.2 times

SIB's $500m Sukuk oversubscribed 7.2 times
The Sukuk issuance will be used to enhance the bank's liquidity
Sharjah Islamic Bank
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Abu Dhabi – Mubasher: Sharjah Islamic Bank (SIB) successfully issued five-year Sukuk worth $500 million (AED 1.83 billion), which was 7.2 times oversubscribed, according to the Emirates News Agency (WAM).

The Sukuk saw strong demand from local and international orders, with subscription orders of over $3.6 billion which is more than the issuance for the deal closed on 16 June.

With a 2.85% profit rate per year and ranked at 'A-' by S&P, the Sukuk issuance will be used to enhance the bank's liquidity and business growth.

The orders were received from 150 clients, and 47% of the Sukuk were allocated to the investors from the MENA region, while 39% are from Asia, 10% in Europe, and 4% in the US.

Meanwhile, Bank ABC, Citi, Dubai Islamic Bank (DIB), First Abu Dhabi Bank (FAB), Islamic Corporation for Development of Private Sector, KFH Capital, Mashreq, and Standard Chartered were appointed to manage SIB's eighth Sukuk issuance.