COVID-19: Sharjah Raises AED 2 Billion via Sovereign Sukuk Issuance in May 2020

In a statement issued on the 1st of June 2020, the Government of Sharjah, United Arab Emirates (UAE) announced the raising of AED 2 billion via Sukuk trust certificates issued on the 19th of May 2020.

Bank of Sharjah took on the roles of sole lead manager and arranger for the Sukuk issuance which was made on behalf of the Government of Sharjah.

The issuance was made under the Sharjah Liquidity Support Mechanism; a Government framework initiated to enhance liquidity for the Emirate’s banking system, in coordination with the Targeted Economic Support System (TESS) by the Central Bank of the UAE.

The Sukuk, which matures on the 19th of May 20...