Sharjah Islamic Bank announces the repayment of US$400m Sukuk

Sharjah Islamic Bank (SIB) has announced the successful repayment of a US$400 million (AED 1.46 billion) Sukuk, which was raised in May 2011 during challenging market circumstances with the aim of funding its general corporate purposes and business expansion.

Thanking the investors of the Sukuk for reposing their trust in his bank, Chief Executive Officer Mohamed Abdulla said SIB would be tapping the market at appropriate times in future as Sukuk allows in diversifying its funding sources and in engaging with investors on various opportunities.

SIB, which is the largest bank in Sharjah, presently has two outstanding Sukuks of US$500 million and they will mature in 2018 and 2020 respectively.