Sharjah issues its first Sovereign Sukuk for $750 million

Sharjah, one of the emirates of the United Arab Emirates has issued its first Sovereign Sukuk denominated in US Dollars for the value of $750 million. The maturity of the Sukuk is 10 years and was priced at a profit rate of 3.764 per cent.

In line with market expectations demand for the Sukuk was around 10 times the amount with the order book totalling $7.85 billion with interest from around 250 different investors.

Allocation of the Sukuk was Middle East is 50 per cent, UK 20 per cent, rest of Europe 11 per cent, Asia 14 per cent and others five per cent. The UAE was allocated 27 per cent within the Middle East.

Full details of the Sukuk can be found in our Sukuk Profiles section here.