Sharjah Islamic Bank draws $1.3bn orders for sukuk
Arabian Post Staff -Dubai Sharjah Islamic Bank has completed a $500 million five-year sukuk after attracting $1.3 billion of orders, giving the Sharia-compliant lender demand equal to 2.6 times the issue size. The sukuk was priced at a final yield and periodic distribution rate of 5.85 per cent, equivalent to a spread of 105 basis points over five-year US Treasuries. The transaction was priced at…
Sharjah Islamic Bank has successfully attracted $1.3 billion in orders for a $500 million five-year sukuk, resulting in demand equal to 2.6 times the issue size. The transaction, priced at par and issued by SIB Sukuk Company III Limited, was led by Standard Chartered and came with an A- rating from S&P Global Ratings and a BBB+ rating from Fitch Ratings.
Sharjah Islamic Bank CEO Mohamed Abdalla emphasized that capital-market activity remains essential to the bank's funding strategy, supporting its growth objectives and liquidity management. The issuance follows strong first-half earnings, with a 15.3% increase in net profit after tax and a 4.7% increase in total assets.
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