Emirates Islamic Bank and Liquidity
Management Centre Lead Bukhatir Investments Limited
US$ 50 Million Sukuk Offering
Sharjah, U.A.E. -14th May 2006
Emirates Islamic Bank (EIB) and Liquidity Management
Centre B.S.C. (LMC) the Mandated Lead Arrangers have
officially launched the market’s first Investment Agency
Sukuk. The US$ 50,000,000 Bukhatir Investments Limited,
Sukuk Al-Wakala Bel-Istithmar offering, is in support
of the ongoing investment activities of Bukhatir Group.
This 5 year tenor Sukuk Al-Wakala Bel-Istithmar is
an innovative structure that was launched by LMC, the
structuring advisor and EIB, backed-up by the support
of their Sharia’a boards. The Sukuk is a reducing Investment
Agency Sukuk that will offer a return of 175 basis points
over 6 month US$ LIBOR payable semi-annually. The Issue
has been fully underwritten by the Senior Lead Managers;
Emirates Islamic Bank, Dubai Islamic Bank and Emirates
Bank International and Lead Managers Bank Muscat International,
Gulf Finance House Commercial Bank, Liquidity Management
Centre and Sharjah Islamic Bank.
At the signing ceremony held at the Sahara Centre in
Sharjah, U.A.E., Mr. Salah Abdul Rahman Bukhatir, Vice
Chairman of Bukhatir Group commented on this occasion;
“We are delighted to have such overwhelming support
reflected by the group of financial institutions for
the Sukuk issue.”
Mr. Abdulla Showaiter, General Manager at Emirates
Islamic Bank also speaking on this occasion said; “We
at EIB are happy to once again lead another successful
Sukuk offering for a noted corporate name out of Sharjah,
UAE and are proud to be associated and working with
such prominent Islamic financial institutions in underwriting
and promoting this Sukuk issue. By managing this issue,
EIB is confirming its obligation to develop the Islamic
Sukuk market and attract more international investment
attention to the UAE market.
Speaking at the signing ceremony, Mr. Ahmed Abbas,
Chief Executive Officer of the Liquidity Management
Centre commented; “We are proud to be jointly arranging
the Sukuk Issue with EIB for Bukhatir Group and acting
as the Mandated Lead Arrangers and Structuring Advisor
for the Sukuk issue.”
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