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SIB plans $200m Islamic bond
DUBAI — In line with growing popularity of Islamic bonds in financial markets, Sharjah Islamic Bank (SIB) plans to offer its first $200 million sukuk issue next month.
Sources told Khaleej Times yesterday that the sukuk issue, a type of Islamic bond, is likely to have a floating rate payment and an 'intermediate' maturity period adding that things are being finalised to launch the issue by next month. "The deal would be launched, subject to market conditions, following investor presentations in second week of September," sources said. "HSBC will be the sole bookrunner and lead manager," they added. However, sources refuse to elaborate the details saying things will be made public soon.
The Islamic bond market is based on Shariah law which forbids Muslims from receiving or paying interest.
Demand for Islamic investments is on the rise and major banks and financial institutions plan to cash in the popularity by launching sukuk to attract investors from the Middle East region in particular. Experts at the International Islamic Finance Forum held in Dubai recently predicted that Islamic finance sector would witness the issue of $15 billion worth of sukuks in 2006.
According to Bloomberg data, record $8.1 billion of Islamic bonds have been sold worldwide in 2006, surpassing the $7.6 billion issued in 2005.
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