Sharjah Islamic Bank (SIB) last week closed its second sukuk (Islamic bonds) worth $400 million. The sukuk due in 2016 was closed at a pricing of five-year US dollar mid-swap + 2.70 per cent translating into an annual profit rate of 4.715 per cent.

The issue was in massive demand with orders of $3.62 billion or 9.03x. With roadshows taking place in Abu Dhabi, Dubai, Singapore, Kuala Lumpur, 
Hong Kong and London, we saw enormous interest from institutional 
investors.