A branch of Sharjah Islamic Bank. Image Credit: Gulf News Archives

DUBAI. Sharjah Islamic Bank (SIB) said it received a tremendous response from investors for its $500 million sukuk (Dh1.83 billion) with orders of $4.8 billion oversubscribed almost 10 times. SIB priced its debut Additional Tier 1 (AT1) sukuk at the lowest price of 5 per cent.

“There were as many as 209 individual orders from Asia, GCC and Europe,” Ahmad Sa’ad, Deputy CEO of SIB, said.

“The investors saw solid management with a clear vision and mandate, and a growth in market share and credibility with delivery,” he added.

SIB appointed Citi, HSBC and Standard Chartered Bank as Joint Global Coordinators and Joint Structuring Agents along with Abu Dhabi Islamic Bank, Bank ABC, Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, and KFH Capital.