UAE's Sharjah Islamic Bank says plans convertible sukuk issue

 12 Mar 2017 - 13:56

UAE's Sharjah Islamic Bank says plans convertible sukuk issue

AFP

DUBAI: The United Arab Emirates' Sharjah Islamic Bank (SIB) plans to issue convertible sukuk equivalent to 10 percent of the lender's capital, it said on Sunday.

Funds raised through the debt sale will be used by Islamic endowments selected by the government of the emirate of Sharjah. 

The bank also authorised a capital increase to 2.67 billion dirhams ($726 million) from 2.43 billion dirhams, it said in a bourse announcement.