In line with their extensive expansion plans, Sharjah Islamic Bank (SIB) commenced their islamic sukuk roadshow on Sunday, September 17th 2006 in Bahrain, followed by Abu Dhabi & Dubai on Monday, September 18th. The roadshow will continue in Frankfurt, London and Kuala Lumpur till the end of this week. The issuing of the rated Sukuk will be the first of its kind by an Islamic bank in the GCC.
The five-year, US-denominated, Musharakah Sukuk is arranged by HSBC Amanah and will be marketed in the GCC, Malaysia, and Europe. The islamic sukuk is also expected to be listed on the London Stock Exchange. This sukuk has been rated by S&P at BBB.
“We are proud to be the pioneers of such a big step for Islamic banking and investments,” commented Hussain Al Qemzi, CEO. “We have been rolling out our expansion plans over the last year with new branches and enhanced services and now we are glad to be the first Islamic Bank to offer rated Sukuks in the GCC. "
SIB was recently awarded 'BBB' long-term and 'A-2' short-term counterparty credit ratings by Standard & Poor's Ratings Services. SIB’s financial performance has been strong over the past three years, and reached its highest levels in 2005. SIB’s robust profitability reflects the increasing financing and investment volumes within Sharjah’s public sector, as well as the rapid growth of the bank’s highly profitable Islamic retail business line.
