Sharjah Islamic Bank met investors last week with plans to sell as much as $500 million (Dh1.8 billion) of sukuk as a scarcity of offerings drives down borrowing costs for banks to record lows in the Arabian Gulf.
Sales of Islamic bonds from the six-member Gulf Cooperation Council (GCC) slumped 58 per cent to $964 million so far this year, compared with the same period of 2010, data compiled by Bloomberg show.
The Sharjah-based bank, which has a $225 million floating-rate sukuk due in October, said in March it hired HSBC Holdings and Standard Chartered for a sale of five-year sukuk in the second quarter.
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