Sharjah bank to issue Islamic bonds

Thursday May 12, 2011 09:34:45 PM, WAM

Sharjah: The Sharjah Islamic Bank has said it would soon issue "Islamic bonds" - called "Sukuk" - that will be listed on the London Stock Exchange.

The bank has appointed HSBC and Standard Chartered as joint organisations to issue the US dollar-denominated Sukuk.

"Sukuk issuance will support the bank's strategic business expansion plan. The volume and value of the Islamic bonds are both subject to market conditions, and will be determined after the completion of road shows in the Middle East, Asia and Europe," said Mohammed Abdullah, chief executive officer of the Sharjah Islamic Bank.

 

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Picture of the Day

Vice President Mohd. Hamid Ansari addresses after releasing the special issue of “Think India” quarterly on Faiz Ahmad Faiz, in New Delhi on May 10, 2011. Also seen in the picture is Member Planning Commission Dr Syeda Hameed among others.

(Photo: Hansraj)