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DUBAI - The Government of the Emirate of Sharjah, acting through the Sharjah Finance Department, announced Tuesday plans to issue a benchmark-sized U.S. dollar sukuk with a 10.5-year fixed rate tenor.
HSBC Bank plc will serve as the Stabilisation Coordinator for the issuance, which is being offered through Sharjah Sukuk Programme Limited, according to a press release statement.
The stabilization period is expected to begin Tuesday and end no later than December 24, 2025. The stabilization managers may over-allot securities up to 5% of the aggregate nominal amount or conduct transactions to support the market price of the securities.
The syndicate of stabilization managers includes 12 financial institutions: HSBC Bank plc, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Ajman Bank, Bank ABC, Bank of Sharjah, Dubai Islamic Bank, Emirates NBD, First Abu Dhabi Bank, GIB Capital, Sharjah Islamic Bank and Standard Chartered.
The offer price for the sukuk has not yet been determined, according to the announcement.
The securities have not been registered under the United States Securities Act of 1933 and will not be offered or sold in the United States. The offering is primarily directed at qualified investors outside the United Kingdom and the European Economic Area, or to those who meet specific qualification requirements within those jurisdictions.
This marks Sharjah's latest entry into the international debt markets through its established sukuk program, which allows the emirate to raise funds in compliance with Islamic finance principles.
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