This Shari'ah compliant Sukuk will support the bank's capital base in accordance with Basel III requirements in order to assist in the Bank further growth. It will also improve the maturity profile in addition to diversifying funding sources. The issuance has a tenor of 10 years with the bank having the right to call the Sukuk at the end of the fifth year. The Sukuk carries a half yearly profit of six months SIBOR + 1.45 per cent. All required approvals from the regulatory authorities have been obtained for the issuance.
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