May 11 2011 |
more articles from
|
Sharjah Islamic Bank announces Sukuk issuance
Sharjah, May 11th, 2011 (WAM) -- Mohammed Abdullah , CEO of Sharjah Islamic Bank ( SIB ) has said that the Bank is gearing up to issue Islamic bonds (Sukuk) that will soon be listed on the London Stock Exchange.
The volume and value of the issuance are both subject to market conditions, and will be determined after the completion of the road shows taking place in the Middle East, Asia and Europe that were officially launched in Abu Dhabi and Dubai. The value of the Sukuk will be announced after subscription is closed. SIB is rated BBB+ with stable outlook by Standard & Poor's Ratings Services and by Fitch. The Bank has appointed HSBC and Standard Chartered as joint lead managers to issue US dollar-denominated Sukuk. The Sukuk issuance was approved by the SIB’s Extraordinary General Assembly.Speaking of the decision to issue Sukuk, CEO Abdullah clarified: "Sukuk issuance will support SIB’s strategic business expansion plan. Our rating from Fitch and from Standard & Poor's reflects SIB’s strong performance and our ability to generate profits, based on a solid financial position in the market, adequate capital, and good financing and liquidity standards, in addition to our conservative policy that is guaranteed to safeguard the rights of our shareholders and clients, alike. In the nearly three years since the economic crisis, SIB has focused on cushioning the impact of the crisis and on maintaining a positive growth rate, in accordance with the Board’s strategy".
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment