UAE’s Sharjah Islamic Bank says plans convertible sukuk issue

Dubai: Sharjah Islamic Bank (SIB) plans to issue convertible sukuk equivalent to 10 per cent of the lender’s capital, it said on Sunday.

Funds raised through the debt sale will be used by Islamic endowments selected by the government of Sharjah.

The bank also authorised a capital increase to Dh2.67 billion ($726 million) from Dh2.43 billion, it said in a bourse announcement.