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A sukuk is an Islamic financial certificate, similar to a bond in Western finance, that complies with Islamic religious law commonly known as Sharia. Image used for illustrative purpose. Image courtesy: Getty Images
The Government of Ras Al Khaimah, via the emirate’s Investment and Development Office (IDO), is planning to issue a 10-year dollar-denominated Reg S benchmark sukuk.
The sukuk will be listed on Nasdaq Dubai.
Banks mandated include the Abu Dhabi Commercial Bank, Citi, Emirates NBD Capital, First Abu Dhabi Bank, RAKBANK and Standard Chartered Bank, which have been appointed as Joint Global Coordinators.
Citi and Emirates NBD Capital also acting as Sukuk Structuring Agents.
The Government of Ras Al Khaimah has been rated A/A+ by S&P/Fitch both, with a stable outlook.
(Writing by Bindu Rai, editing by Seban Scaria)
