IslamicFinance.de

Dubai-based GEMS Education has set initial pricing thoughts of an 11.75-12.00 per cent profit rate for its planned debut sale of hybrid Islamic bonds. The company, which employs about 11,000 staff and operates around 100 private schools across the Gulf region, has hired Morgan Stanley Inc, Credit Suisse and Abu Dhabi Islamic Bank (ADIB) to arrange the sale. The sukuk sale will use a mudaraba structure and will be callable after five years. No details on the planned size of the offering was provided.