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Sun 25 Oct 2015 07:33 PM

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UAE's Majid Al Futtaim picks banks for benchmark dollar sukuk

The firm has picked Abu Dhabi Islamic Bank, Dubai Islamic Bank, HSBC, National Bank Of Abu Dhabi and Standard Chartered to arrange the sukuk.

UAE's Majid Al Futtaim picks banks for benchmark dollar sukuk
Carrefour

Dubai-based retail and leisure developer Majid Al Futtaim has picked five banks to arrange a global investor call on Monday ahead of a potential 10-year, US dollar-denominated sukuk issue, a document from lead arrangers showed on Sunday.

The announcement confirms a story by Reuters last week saying Majid Al Futtaim was planning a sukuk issue before the end of the year.

The firm, which owns and operates the Carrefour franchise in the Middle East, has picked Abu Dhabi Islamic Bank, Dubai Islamic Bank, HSBC, National Bank Of Abu Dhabi and Standard Chartered to arrange the sukuk, the document showed.

Majid Al Futtaim, rated BBB, is seeking to make a benchmark sukuk issue. Benchmark usually means at least $500 million.

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