Sharjah Islamic Bank (SIB), rated A- by S&P and BBB+ by Fitch, has announced the issuance of a mandate for a Regulation S-only, five-year, $500 million fixed-rate senior unsecured sukuk. The issuance marks another step in the bank’s efforts to strengthen its funding base and expand its investor reach in global capital markets.
The sukuk will be issued under SIB Sukuk Company III Limited’s $3 billion Trust Certificate Issuance Programme, with Sharjah Islamic Bank listed as the obligor. Upon completion, the sukuk will be listed on both Euronext Dublin and Nasdaq Dubai, providing investors with access to two major international financial markets.
Emirates NBD Capital and Standard Chartered Bank have been appointed as Joint Global Coordinators for the transaction. They will be supported by Ajman Bank, Bank ABC, Dubai Islamic Bank, First Abu Dhabi Bank, HSBC, Mashreq, and The Islamic Corporation for the Development of the Private Sector (ICD), who will serve as Joint Lead Managers and Joint Bookrunners.
As part of the process, a series of global investor calls and meetings will take place, including sessions with fixed-income investors in London, starting on Friday. These discussions aim to engage international investors and provide insights into the bank’s financial performance and strategic objectives.
This upcoming Al Wakala offering demonstrates Sharjah Islamic Bank’s continued commitment to diversifying its funding sources and reinforcing its position as a key player in the regional and international Islamic finance markets.