Bank of Sharjah joint lead manager for $350m Ittihad sukuk

SHARJAH, UAE – Bank of Sharjah announced its selection as joint lead manager and bookrunner in the debut US$350 million 144A/Reg S senior unsecured sukuk for Abu Dhabi-based Ittihad International Investment LLC, alongside other international and regional banks.

In response to the successful closure of this transaction, Mohamed Khadiri, CEO of Bank of Sharjah, said, “Our participation in this sukuk issuance underscores Bank of Sharjah’s strategic vision to offer financing and capital market solutions to meet the funding requirements of UAE-based corporates.”

He said, “While Ittihad has previously accessed the loan syndication market, the success of this transaction holds strategic importance, representing a major milestone in the group’s history as it marks their entry into the Islamic capital markets for the first time.”

He added, “Against a backdrop of challenging market conditions, the Sukuk issuance was 1.7 times oversubscribed, with the orderbook reaching approximately US$600 million.”

Khadiri said, “This demonstrates Ittihad’s solid business fundamentals and confirms its strong credit appetite.”

He said, “This deal adds to Bank of Sharjah’s portfolio of noteworthy achievements and underscores our strong track record in providing financing products and services, as well as financial advisory to the local corporates.”

He added, “We are committed to pursuing Bank of Sharjah’s strategic objectives to further strengthen our position as a leading banking institution in the Emirate and across the UAE. We will continue to fulfil the needs and requirements of our valued customers.”