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| 12 March, 2017

UAE's Sharjah Islamic Bank plans convertible sukuk issue

A man walks past a Sharjah Islamic Bank branch on Sheikh Zayed road in Dubai January 11, 2012.REUTERS/Jumana El Heloueh

A man walks past a Sharjah Islamic Bank branch on Sheikh Zayed road in Dubai January 11, 2012.REUTERS/Jumana El Heloueh

REUTERS/Jumana El-Heloueh
DUBAI, March 12 (Reuters) - The United Arab Emirates' Sharjah Islamic Bank (SIB) plans to issue convertible sukuk equivalent to 10 percent of the lender's capital, it said on Sunday.

Funds raised through the debt sale will be used by Islamic endowments selected by the government of the emirate of Sharjah.

The bank also authorised a capital increase to 2.67 billion dirhams ($726 million) from 2.43 billion dirhams, it said in a bourse announcement.

(Reporting by Aziz El Yaakoubi and Davide Barbuscia; Editing by Andrew Torchia) ((aziz.elyaakoubi@thomsonreuters.com; +971552994086)(;))