May 19 2011

SIB heads to London

By Paul McNamara Mohammed Abdullah, CEO of Sharjah Islamic Bank has announced that the bank will issue a global dollar-denominated Sukuk that will be listed on the London Stock Exchange.

The size of the issue will be decided "subject to market conditions" and market response after the investor road show which is taking place in the Middle East, Asia and Europe. HSBC and Standard Chartered have been appointed joint lead managers. SIB is already in the process of issuing $300m of Sukuk and has $225m of Sukuk outstanding.

© The Islamic Globe 2011

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