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Dec 30 2006

$200m sukuk issue closed

30 December 2006

DUBAI -- Liquidity Management Centre has announced the successful closing of the $200 million Lagoon City Islamic Musharaka Sukuk.

The issue has attracted the major players in the industry namely Emirates Islamic Bank , Bahrain Islamic Bank and Liquidity Management Centre as senior lead managers; Rayan Bank , Islamic Development Bank , Capital Management House , Sharjah Islamic Bank , Kuwait Finance House Malaysia, The Arab Investment Company and Emirates Bank International as lead managers; Khaleeji Commercial and Kuwait Real Estate Bank as co-lead managers; Commercial Bank of Qatar and Bank Muscat International as managers along with National Bonds , Arab Islamic Bank and Al Amin Bank as participants.

Ahmed Abbas, Liquidity Management Centre 's CEO, said "The Islamic Musharaka Sukuk has achieved an over-subscription of $75 million and the bank has chosen to increase the facility to $200 million making it the largest corporate sukuk Issue in Kuwait to date."

BY A STAFF REPORTER

© Khaleej Times 2007

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