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SIB announces sukuk issuance

(Staff Report) / 12 May 2011

DUBAI — Sharjah Islamic Bank, or SIB, has revealed 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 early this week  in Abu Dhabi and Dubai. The value of the sukuk will be announced after subscription has 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.

Mohammed Abdullah, CEO, said: “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.”

During the launch ceremony for the road show, supervised by SIB senior management, investors expressed their confidence in the rewarding investment potential of this sukuk, which will enhance SIB’s financial position as well as its ability to seize promising opportunities in the market and achieve future growth. business@khaleejtimes.com

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