Sharjah:Sharjah Islamic Bank (SIB) has successfully issued a $500 million five-year Sukuk, attracting significant interest from investors.
According to Emirates News Agency , the issuance generated an order book of $1.3 billion, which is 2.6 times the size of the issue. The Sukuk was priced to yield 5.85 percent, with a spread of 105 basis points over five-year US Treasuries. This marks the thirteenth Sukuk issuance by SIB since it first entered the capital markets in 2006.
SIB€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬‚¬Å¡¬€¦¡¬€š¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬‚¬Å¡¬€¦¡¬€š¬¦¡¬¦¾¢s CEO, Mohamed Abdalla, stated that the successful issuance underscores the strong investor confidence in the bank's financial performance and long-term strategy. He emphasized that capital market activities are crucial to SIB's funding strategy, aiding its financing plans and reinforcing its sustainable growth capabilities.
Deputy CEO Ahmed Saad highlighted the robust investor demand, noting that the substantial order book confirms confidence in the bank€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬‚¬Å¡¬€¦¡¬€š¬¦¡¬¦¡¬€š¬…¡¬‚¬¦¡¬‚¬Å¡¬¦¡¬‚¬Å¡¬€¦¡¬¦¡¬‚¬Å¡¬€¦¡¬€š¬¦¡¬¦¾¢s ability to execute successful issuances. He added that this strengthens the bank's flexibility in managing funding needs and diversifying liquidity sources, supporting its long-term growth objectives.