Sharjah Islamic Bank (SIB) has launched a $500m Sharia-bond, or sukuk, with the bond order book rising to $3.24bn.

The sukuk was the first of its kind this year, with SIB having been quiet for the past two years on the debt capital markets.

The bonds will mature in 2018, at a return of 2.95%, with Al Hilal Bank, HSBC, Liquidity Management House and Standard Chartered Bank acting as joint lead managers and joint bookrunners, with Dubai Islamic Bank and Qatar Islamic Bank acting as co-managers.

The sukuk are part of $1.5trn programme by SIB with the half the book going to Middle East investors and Asia and Europe picking up the rest respectively. Banks were the predominant buyers picking up 39% of the bonds.

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