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The final value of the Sukuk will be announced right after subscription closes. Ahmed Saad, SIB Deputy Chief Executive Officer and head of the Sukuk campaign, said, “The road shows launched by SIB to promote the Sukuk issuance have garnered a lot of attention, and there has been huge demand from all segments of investors in the countries in which the road shows took place – a fact that we take as a positive sign for the success of the bond issue.”

Saad explained that the road shows undertaken by the bank’s team, including Saeed Al Amiri, Head of Investment Group, and Anver Jalaldeen, Head of Capital Investment, as well as representatives from joint lead managers HSBC and Standard Chartered, were launched in Abu Dhabi and Dubai, from where they travelled to Asia, including Singapore, Kuala Lumpur, and Hong Kong during the first week of the promotion, moving on to the final leg of the tour in Europe this week and holding several meetings in London.

“Investors have expressed their confidence in the rewarding investment potential of this Sukuk, and SIB’s financial position as well as its ability to seize promising opportunities in the market and achieve future growth,” Saad said, adding that this clearly demonstrates SIB’s strong financial position, as well as the influential economic position of the UAE and the great support given to the financial and banking sector in the country.

Saad also stated that the volume and value of the Sukuk issuance will be determined by SIB’s joint lead managers after the completion of the road shows and the closing of the subscription.

“The positive response to the road shows has exceeded our expectations, but at the same time it is normal and well-matched to the financial strength of the bank, which was one of the first banks to have its rating raised by Standard & Poor’s Ratings Services during the global financial crisis. This positive response reflects SIB’s strong performance and our ability to generate profits, based on a combination of our solid financial position in the market, adequate capital, and good financing and liquidity standards, in addition to our conservative policy, which is guaranteed to safeguard the rights of our shareholders and clients,” Saad added.

This is the second Sukuk issuance from Sharjah Islamic Bank, after its first successful issuance in 2006.

Source:http://cpifinancial.net/v2/News.aspx?v=1&aid=8016&sec=Islamic%20Finance