Sharjah Islamic Bank plans 5-year Sukuk offering with consortium of banks
Date
6/25/2024 8:15:25 AM
(MENAFN) According to a banking document revealed on Monday, the Sharjah Islamic bank has initiated preparations for a planned offering of five-year sukuk, Islamic bonds, by appointing a consortium of banks to arrange meetings with potential investors. The document, as reported by Reuters, specified that Standard Chartered, Emirates NBD Capital, and HSBC have been selected as joint global coordinators for the offering.
In addition to these global coordinators, several other prominent financial institutions have been appointed as joint lead managers and joint bookrunners for the sukuk issuance. These include Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, ABC Bank, Dubai Islamic Bank, First Abu Dhabi Bank, Mashreq Bank, and Qatar National Bank Capital.
The document outlined that the investor meetings, aimed at gauging interest and securing commitments for the sukuk offering, are set to commence on Monday. Following these meetings, the Sharjah Islamic Bank intends to proceed with the issuance of standard-sized premium sukuks denominated in dollars, with a maturity period of five years. This offering is part of a larger sukuk program initiated by the Sharjah Islamic Bank, with a total value of three billion dollars.
The appointment of this consortium of banks underscores the bank's strategic approach to accessing capital markets and diversifying its funding sources through Islamic financial instruments. This move also reflects the growing demand for Islamic finance products globally and highlights the Sharjah Islamic Bank's commitment to innovation and growth in the Islamic banking sector.
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