IslamicFinance.de

The Sharjah government has raised Dh2 billion through sukuk to support its economy, corporates, SMEs, individuals and banking sector during the coronavirus crisis. Bank of Sharjah was appointed as sole lead manager and arranger for the issuance. The certificates will pay a profit rate of 1.5 per cent and mature in May 2021. Sharjah also listed $200 million sukuk on Nasdaq Dubai in March 2020. S&P Global Ratings lowered Sharjah's outlook to negative last month and affirmed its long-term rating at BBB, the second-lowest investment grade.