Sale of Sharjah’s first sukuk is 10 times oversubscribed | The National:
"Sharjah sold a 10-year US$750 million sukuk today, the first capital market debt sale for the emirate. It attracted orders from investors 10 times greater than what was on offer, amid strong demand by international investors for bonds from the economically buoyant UAE.
The sukuk, which matures in 2024, has a profit rate of 3.764 per cent and attracted orders of $7.85 billion, the government said. The emirate is issuing the sukuk with an ijara structure and it will be listed on Nasdaq Dubai and the Irish stock exchange.
Sharjah, which has a population of about 1 million, boasts a $22bn economy and is keen to bolster its manufacturing base and to attract more tourists. Demand for bonds from the UAE has increased in recent years as Dubai recovers from its debt crisis, and because the country’s peg to the dollar makes it stand out in emerging markets where most currencies have been volatile over the past year."
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