Sharjah Islamic Bank (SIB) has priced a $500 million 5-year long sukuk on Nasdaq Dubai, with a profit rate of 2.85% pa on Tuesday, fetching it an A- rating by S&P.
This would be the bank’s 8th sukuk issuance and with a total value of $2 billion on Nasdaq Dubai; the first sukuk’s launch was in 2006. The latest sukuk listing pushes the total value of sukuk listing in Dubai to $69.3 billion, and the capital raised will be used for SIB’s activities in corporate, retail, and investment banking.
Chairman of Nasdaq Dubai, Abdul Wahed Al Fahim heartily welcomes SIB and looks forward to welcoming more regional and international Islamic issuances this year. The 5-year sukuk was met with 150 investors expressing interest and has been subscribed by many regional and international investors.
Essa Kazim, the governor of Dubai International Financial Centre, said that Sharjah Islamic Bank’s listing on Nasdaq Dubai shows the depth of sukuk expertise and market knowledge in the United Arab Emirates, along with the strength of Islamic Finance sector. In the coronavirus crisis, SIB has stayed afloat and show credibility with some more achievements like its expansion in the areas of individual and corporate financing.