Bank of Sharjah is pleased to have performed the roles of sole lead manager and arranger for the issuance of AED 2 billion in Sukuk trust certificates for the Government of the Emirate of Sharjah, acting through the Sharjah Finance Department, the proceeds of which will be used to support the Sharjah economy, corporates, SMEs, individuals and banking sector during the Covid-19 crisis.
The securities were issued under the Sharjah Liquidity Support Mechanism, a framework initiated by the Government to enhance liquidity for the Sharjah banking system, and in co-operation with the Targeted Economic Support Scheme (TESS) of the Central Bank of the UAE.
The certificates, issued on May 19th, 2020, pay a profit rate of 1.5%, and mature on May 19th, 2021.
