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Sharjah Islamic picks banks for sukuk

Sharjah, May 8, 2011

Sharjah Islamic Bank (SIB) has picked HSBC and Standard Chartered as joint lead managers for an Islamic bond, the lender said on Sunday.

The Islamic bond, or sukuk, will be launched subject to market conditions after roadshows taking place in the Middle East, Asia and Europe, the statement said. The roadshow schedule is yet to be determined.

SIB, based in one of the UAE's northern emirates and listed on the Abu Dhabi bourse, said it planned to issue a sukuk of between $300 million and $500 million in a March 24 letter to the central bank.

The Gulf sukuk market has struggled to pick up, despite a  ambitious growth outlook for the industry, hampered by high profile defaults and Dubai's debt crisis.

SIB is rated BBB+ by Fitch and Standard & Poor's.  -Reuters




Tags: HSBC | Standard Chartered | Sharjah Islamic Bank | SIB |

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