Sharjah Islamic Bank

#Dubai: #Meraas Holding has #issued $400 million #sukuk –sources

Meraas Holding, a real estate developer in Dubai owned by the UEA government, issued a $400 million sukuk last week. It was sold privately to a select group of investors, according to sources. The Islamic bond has a five-year maturity and is at par with a 5.112 % yield on May the 26th and traded at one to 1.5 points above par shortly after that. Emirates NBD, Noor Bank and Standard Chartered jointly coordinated the transaction and served as bookrunners along with Dubai Islamic Bank, Sharjah Islamic Bank and Warba Bank.
Meraas is the parent company of the leisure and entertainment company DXB Entertainment, which owns 4 theme parks and a water park in UAE capital. It has been said, that a new entity has been set up which will manage billions of dollars of development projects for Meraas Holding and Dubai Holding. Dubai Holding is the investment vehicle of Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum. Raed Kajoor Al Nuaimi, formerly chief executive of DXB Entertainment, has been appointed to lead the new management company.

Sharjah Islamic Bank plans benchmark dollar #sukuk issue

Sharjah Islamic Bank will begin investor meetings on Aug. 29 for a potential benchmark U.S. dollar-denominated sukuk issue. The meetings will be held in Asia and Europe and the issue would be subject to market conditions. Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, HSBC, KFH Capital, Maybank, Noor Bank, QNB Capital and Standard Chartered will arrange the meetings.

Sharjah Islamic Bank obtains $265 mln murabaha facility

Abu Dhabi-listed Sharjah Islamic Bank said on Monday it had obtained a three-year, $265 million syndicated murabaha financing facility from a group of banks.
ABC Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital and Noor Bank were lead arrangers and bookrunners, Sharjah Islamic said without giving pricing details.

Sharjah says targeting 5-yr sukuk, could issue as soon as this week

The emirate of Sharjah is targeting a five-year sukuk offering and could launch a transaction as early as this week, a document from lead arrangers showed on Tuesday. The sovereign finished roadshows on Monday in London, following investor meetings in the Middle East and Asia last week, and was now in the process of receiving feedback from the market, the document added. The emirate mandated Bank Of Sharjah, Barclays, Commerzbank, Dubai Islamic Bank, HSBC and Sharjah Islamic Bank to arrange the meetings and the possible transaction. Sharjah was reported to be planning to raise funds through a dollar-denominated sukuk of benchmark size, in what could be the first sovereign Islamic bond issuance from the region this year.

Sharjah to meet investors ahead of potential dollar sukuk - leads

The emirate of Sharjah has picked six banks to arrange investor meetings starting next week ahead of a potential dollar-denominated sukuk issue, a document from lead arrangers showed on Wednesday. The sovereign has mandated Bank Of Sharjah, Barclays, Commerzbank, Dubai Islamic Bank, HSBC and Sharjah Islamic Bank to arrange the transaction. Investor meetings will be held starting Sunday in the Middle East, Asia and the United Kingdom and a deal will follow subject to market conditions, the document added.

SIB achieves Dh107m net profit for Q1 2015

Sharjah Islamic Bank achieved a net profit of Dh106.9 million for the first quarter 2015 compared to Dh110 million for the same period last year. While total assets reaching Dh27.4 billion, total assets grew by 5.3 per cent to reach Dh27.4 billion at the end of the first quarter 2015 compared to Dh26.0 billion at year end 2014. Liquid assets reached Dh5.7 billion comprising 20.7 per cent of total assets. Net customer receivables amounted to Dh16 billion growing by 10.5 per cent or Dh1.5 billion compared to year end 2014. Investment securities increased by 27.6 per cent to reach Dh2 billion compared to Dh1.6 billion at the end of 2014. Sharjah Islamic Bank was successful in attracting more deposits during the first-quarter of the year.

KFH leads USD 500mln Sukuk issuance for Sharjah Islamic Bank

The Kuwait Finance House (KFH) through its subsidiary 'KFH Investment' has successfully managed to lead a USD 500 million issuance for Sharjah Islamic Bank (SIB) to finance expansion and growth plans. The Sukuk issue is 5 years Wakala/Mudharabah Sukuk deal which has received an over subscription almost 7 times the targeted size. The issue has attracted a USD 3.6 billion order books by 120 various accounts or investors. Geographical distribution shows that 63 percent of orders came from the GCC and the Middle East, 23 percent from Asia and 14 percent from Europe.KFH has acted as a Joint Lead Manager and Bookrunner.

UAE's Sharjah Islamic Bank Prices $500m 5 Year Sukuk - Leads

Sharjah Islamic Bank (SIB) priced a $500 million sukuk of five years duration on Tuesday. The Islamic bond was priced at a spread of 110 basis points over midswaps and carried a profit rate of 2.843 per cent. The final spread was at the tight end of price guidance issued earlier in the day of 115 bps, plus or minus 5 bps, over the benchmark. The order book was worth around $3 billion. SIB’s sukuk was arranged by Noor Bank, Abu Dhabi Islamic Bank, Al Hilal Bank, Dubai Islamic Bank, Emirates NBD, HSBC, KFH Investment and Standard Chartered and was sold after a series of investor meetings in Asia and Europe.

Moody's assigns (P)A3 to Sharjah Islamic Bank's Sukuk Programme; outlook stable

Moody's Investors Service has assigned a provisional (P)A3 senior unsecured (foreign and local currency) MTN rating to the $3 billion Trust Certificates Issuance Program of SIB Sukuk Company III Limited, a special purpose vehicle incorporated in the Cayman Islands by Sharjah Islamic Bank PJSC (SIB). The outlook on the issuer is stable. The (P) A3 rating assigned to the Sukuk trust certificates is at the same level as the A3 foreign and local currency issuer rating of SIB. The proceeds of each issue of Certificates will be used by the Issuer to acquire an ownership interest in a portfolio of assets. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavour to assign definitive ratings to any issue of Certificates.

Sharjah Islamic Bank plans dollar-based sukuk

Sharjah Islamic Bank plans to launch a dollar based sukuk, and will hold meetings with fixed income investors on March 5. The bank plans to meet investors in Asia and Europe, it said in a statement on the Abu Dhabi Securities Exchange. Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, and HSBC will act as be arranging meetings on SIB’s behalf.

Dubai Islamic Bank picks arrangers for potential tier 1 sukuk

Dubai Islamic Bank said on Tuesday it picked eight banks to arrange fixed income investor meetings from Thursday for a potential benchmark size dollar-denominated capital-boosting sukuk issue. These banks, as well as Al Hilal Bank, Emirates NBD, National Bank of Abu Dhabi, Noor Bank, Sharjah Islamic Bank will arrange the roadshows. The meetings will be held in Asia, the Middle East, and Europe and a sukuk transaction which enhances its Tier 1, or core, capital may follow subject to market conditions.

NFB Islamic launched Fujairah

Fujairah has launched its first dedicated Islamic bank, NBF Islamic. It will offer a suite of retail banking products catering to key customer financial requirements and will be available across the UAE through NBF's branch network. The smaller emirates are already represented in the Islamic banking arena through Sharjah Islamic Bank and AMAL Rakbank.

Sharjah Islamic gets A3/Prime — 2 issuer rating from Moody’s

Moody’s Investors Service on Tuesday assigned to Sharjah Islamic Bank ( SIB ) issuer ratings of A3/Prime-2 and a stand-alone bank financial strength rating of D+, which is equivalent to baseline credit assessment (BCA) of baa3. The rating assignment reflects SIB’s very strong capital buffers, relatively low borrower and sector concentrations and satisfactory profitability and liquidity metrics, according to the rating agency. Moody’s assessment of Sharjah Islamic Bank’s franchise takes into account the growing importance of Islamic finance and associated franchise opportunities in the United Arab Emirates, according to the rating agency.

Sharjah Islamic Bank (SIB) joins NASDAQ Dubai Murabaha Platform

Sharjah Islamic Bank (SIB) has joined NASDAQ Dubai’s Islamic financing Murabaha platform, which offers bank customers solutions for processing Sharia’a-compliant financing transactions. SIB is the first bank to join the facility since the official launch of the NASDAQ Dubai Murabaha Platform last month. Through the NASDAQ Dubai Murabaha Platform, individual and institutional clients of SIB will be able to complete financing transactions within minutes. The platform is an alternative to many traditional Islamic financing solutions, which can carry a risk of losses through price movements, spreads and poor liquidity as well as delays.

Bank of Khartoum plans 12 more retail branches and launching financing for livestock exports

The Bank of Karthoum will add 12 new retail branches and cash points, mainly in eastern and central Sudan, bringing the total number to 75 by next year and has steadily expanded its business in Africa. Its main shareholders, Dubai Islamic Bank, Sharjah Islamic Bank and Abu Dhabi Islamic Bank, are more than tripling the capital. In a second expansion step, the bank will launch several dedicated funds for private firms to finance the export of livestock and agricultural products such as sesame seeds to Gulf Arab countries, Jordan and Egypt. Faced with the loss of most oil reserves to South Sudan, Sudan is trying to boost exports of gold and farming exports such as cotton, cash crops or gum arabic from its vast farmlands.

Sharjah Islamic Bank's ratings affirmed with 'stable' outlooks

Capital Intelligence (CI) has maintained Sharjah Islamic Bank's (SIB) Financial Strength Rating (FSR) at 'BBB+', with SIB's exceptionally sound capital adequacy ratio (CAR) and good liquidity being major supporting factors. Rising non-performing Islamic financing facilities (NPIFFs), a low coverage ratio and high customer concentrations are major constraining factors. While profitability had been under some strain in the recent past, the Bank's good Q1 2013 operating performance is a favourable development. A 'Stable' Outlook is appended to the FSR on the expectation that some of the impaired IFFs will move off the non-performing list later this year, and that the coverage ratio will improve. However, if ratios remain unchanged or worsen, the FSR could be further adjusted downwards at the next review. The Foreign Currency Ratings are affirmed at 'A-' Long-Term and 'A2' Short-Term with a 'Stable' Outlook.

SIB to host cultural activities

Competitions for cash prizes as well as Islamic lectures will be part of the activities at the Sharjah Islamic Bank’s (SIB) Ramadan Tent this year. For the seventh consecutive year, from July 11 to 25, the tent will feature various religious awareness and entertaining programmes as well as engagement activities, delivered by an elite group of Muslim scholars and experts. As part of this year’s programme, SIB has prepared a wide range of cultural activities and competitions titled “Who will encash the cheque”, and allocated several cash and material prizes. There will also be a Quran recitation competition, a “Social Awareness Night”, a children’s night, an Emirati evening with religious singing, an evening dedicated to people with special needs and radio broadcasts on Sharjah Radio.

NASDAQ Dubai welcomes the listing of Sharjah Islamic Bank Sukuk during a bell ringing ceremony at DFM

Mohammed Abdulla, Chief Executive of Sharjah Islamic Bank rang the opening bell at Dubai Financial Market (DFM) to celebrate the listing of a Sukuk issued by Sharjah Islamic Bank (SIB) on NASDAQ Dubai. The listing of SIB's 500 million dollar Sukuk provides further support for the campaign to promote the 'Dubai the Global Center of Sukuk' initiative launched in January 2013. SIB's listing brings the nominal value of Sukuk listed on Dubai exchanges to 12.125 billion dollars. SIB's Sukuk was more than 6 times oversubscribed with 53% of the Sukuk allocated to MENA based investors, 30% allocated to investors based in Asia and 17% to investors based in Europe.

SIB squeezes buyside with tight sukuk

Investors labelled a $500m sukuk from Sharjah Islamic Bank this week as exceptionally tight, but the deal nonetheless drew $3.2bn of orders on Tuesday. The sukuk priced inside the initial guidance range, ending up with a profit rate of 2.95% after the leads mooted low 3% on Monday.

UAE's Sharjah Islamic Bank launches $500 million sukuk

Sharjah Islamic Bank launched the sale of a $500 million sukuk on Tuesday at a profit rate of 2.95 percent. Final pricing is due to follow later on Tuesday. Abu Dhabi's Al Hilal Bank, HSBC Holdings, Kuwait's Liquidity Management House, a unit of Kuwait Finance House , and Standard Chartered Plc are mandated lead arrangers on the sukuk.

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