Sharjah Islamic Bank (SAIB) on Wednesday announced that it has paid the periodic coupon distribution for its $500 million sukuk due in 2023.
The coupon distribution for the period 18 April 2018 to 17 October 2018 will be distributed to noteholders on 18 October, SAIB added.
Distribution is for a coupon rate of 4.23% per annum for a total amount of $18.577 million, the lender said in a statement to Nasdaq Dubai.
The emirate of Dubai is the world’s biggest sukuk market in terms of value with $59.72 billion.
In May, the Nasdaq Dubai exchange welcomed the listing of SIB’s $500 million sukuk.
The listing came as a part of the bank’s expansion across the UAE.
The UAE-based SIB listed two sukuk issues at a combined value of $1 billion on Nasdaq Dubai in 2015 and 2016.