21 October, 2019

UAE's Majid Al Futtaim hires banks for dollar "green" sukuk

The company has hired BNP Paribas, Citigroup, and HSBC to coordinate the 10-year deal

Image used for illustrative purpose. Close-Up Of Rosary Beads With Coins And Text Blocks In Wooden Box On White Background.

Image used for illustrative purpose. Close-Up Of Rosary Beads With Coins And Text Blocks In Wooden Box On White Background.

Gettyimages

DUBAI  - Majid Al Futtaim, a UAE-based developer and shopping mall operator, has hired banks to arrange a potential issue of U.S. dollar-denominated "green" sukuk, or Islamic bonds, a document by one of the banks leading the deal showed on Monday.

The company has hired BNP Paribas, Citigroup, and HSBC to coordinate the 10-year deal, along with Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, and First Abu Dhabi Bank as joint lead managers.

Green bonds are a growing category of fixed-income securities and green sukuk could widen the appeal of Islamic bonds beyond traditional markets in Asia and the Middle East to include ethical investors in Western countries.

(Reporting by Davide Barbuscia; Editing by Saeed Azhar) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))

More From Markets