Islamic Finance

Sharjah issues 2 bln dirhams in sukuk

The government of Sharjah on May 19 issued 2 billion dirhams ($545 million) in sukuk to support businesses, individuals and the emirate's banking sector through the COVID-19 crisis, sole lead manager and arranger Bank of Sharjah said in a statement.

The 12-month sukuk maturing on May 19, 2021, carries a profit rate of 1.5%. 

It was issued under the Sharjah Liquidity Support Mechanism, a programme that enables the government to boost liquidity for the emirate's banking system. The framework is worth 4 billion dirhams, according to a separate statement from the Sharjah Finance Department. 

Sharjah is one of the seven emirates that make up the United Arab Emirates. 

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