The Bank of Sharjah was the sole lead manager and arranger for a 2 billion AED in Sukuk trust certificates issued by the Sharjah Government. The funds raised will be used to support the Sharjah economy, including corporates and the banking sector impacted by COVID-19. The securities were issued under the Sharjah Liquidity Support Mechanism, a framework initiated by the government to enhance liquidity for Sharjah’s banking system. This was done in sync with the Targeted Economic Support Scheme (TESS) of the UAE Central Bank. The certificates issued on May 19, pay a profit rate of 1.5 per cent and have a one-year tenure. Full story
