| issuance Clifford Chance recently advised Sharjah Islamic Bank in connection with its $400m, fixed rate sukuk issuance. The sukuk certificates, which are due in 2016, yield a profit rate of 4.715% per annum. This deal saw the return of Sharjah Islamic Bank to the international sukuk market for the first time since its inaugural issuance in 2006 in a deal that was oversubscribed by over 9 times.
The structure involves the sale and purchase of non-real estate based ijara assets by the Trustee which are then managed by Sharjah Islamic Bank as the wakeel (agent) for the Trustee and the Certificateholders. (Press Release)
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