RAK completes $400m sukuk

The Ras Al Khaimah Government yesterday completed the formal documentation signing for its landmark $400 million (Dh14.69 billion) sukuk issue, with Standard Chartered Bank, BNP Paribas and Liquidity House acting as joint bookrunners.

This issuance is both the first US dollar sukuk issued by a sovereign under a programme and by an emirate in the UAE.

This is the second issuance under the government's $2bn sukuk programme. The first issuance was a Dh1bn sukuk issue in May 2008 in which Standard Chartered Bank acted as a sole arranger and bookrunner.