Sharjah Government issues $1bn sukuk, its largest ever

Revenue from the sukuk will be used to fund infrastructure in the emirate, says official
Sharjah Government issues $1bn sukuk, its largest ever
By Staff writer
Mon 12 Mar 2018 02:03 PM

The Government of Sharjah has issued a $1 billion sukuk on a 10-year maturity, according to Walid Al Sayegh, director-general of Sharjah Finance Department.

It is the region's first sovereign sukuk issued in 2018, state news agency WAM reported on Monday, and the revenue from the sukuk will be used to fund infrastructure in the emirate.

Al Sayegh said: "We were confident that Sharjah’s sukuk issuance would be successful due to the emirate’s economic and financial status on a regional and global level.

"In the business and financial world, the emirate’s balance of investment is great. The emirate has diverse and massive financial resources, which allows it to occupy a prestigious position considering that it is a trusted investment environment."

Al Sayegh added that this is the largest sukuk issuance by the Government of Sharjah, which previously carried out two issuances.

He said that this reaffirms the emirate’s aim to fulfil its financial commitments, and reflects the confidence of global institutions in the financial system of Sharjah.

The lead arrangers for the issue were Sharjah Islamic Bank, Dubai Islamic Bank, HSBC and Standard Chartered.

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