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DUBAI / Reuters
The emirate of Sharjah has picked banks including HSBC and Sharjah Islamic Bank to arrange a US dollar-denominated sukuk issue, sources aware of the matter said on Monday.
The banks include several international and local lenders, the sources said. The government of Sharjah and HSBC declined to comment, while Sharjah Islamic Bank did not immediately respond to a request for comment.
Sharjah is not new to the debt capital markets. It issued $750 million of 10-year sukuk in 2014 and $500 million of five-year sukuk in January last year.
The emirate last year hired HSBC to set up a sukuk programme.