Sharjah Islamic Bank (SIB) has triumphantly concluded a $500 million sukuk offering in the global capital markets on Wednesday. The issuance garnered an overwhelming response from international investors, with orders reaching a high of $1.5 billion, indicating an oversubscription of over three times. The sukuk, which matures in five years, was set at a spread of 105 basis points over five-year US Treasuries and will yield a profit rate of 5.25% per annum, maturing on July 3, 2029. The bank managed to reduce the spread by 35 basis points from the initial price talk of 140 basis points due to robust demand from both international and Middle Eastern investors. Mohamed Abdalla, CEO of Sharjah Islamic Bank, remarked, “This marks our ninth venture into the international capital markets, with our first sukuk issuance dating back to 2006. The bank continues to exhibit strength under careful management, as evidenced by our ratings and transaction pricing.” The SIB team was headed by Ahmed Saad, Deputy CEO, along with Saeed Al Amiri, Head of Investments, Treasury, and Financial Institutions, and Ali Wahab, Head of Investment Banking. During presentations to international investors, Saad emphasized the resilience of the UAE banking sector and SIB’s specific strengths. “A key objective of the issuance was to achieve a diverse geographical allocation, which we accomplished with 80% going to the Middle East, 13% to Asia, and 7% to Europe. The strong interest in the Middle Eastern credit market, particularly in Sharjah Islamic Bank, was encouraging despite market volatility,” he added. SIB was advised by ENBD Capital, HSBC, and Standard Chartered as Joint Global Coordinators, with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Bank ABC, Dubai Islamic Bank, ENBD Capital, First Abu Dhabi Bank, HSBC, Mashreq, QNB Capital, and Standard Chartered Bank serving as Bookrunners.