(MENAFN- Khaleej Times) The Islamic bank added it may consider a benchmark Reg S sukuk issuance although it did not specify a timeframe.
Noor Bank may conduct a benchmark-sized sukuk issue after setting up a $3 billion Islamic bond programme the Dubai-based lender confirmed on Tuesday with banking sources indicating the sale could happen this month.
“Noor Bank has confirmed that they have today established (a) $3 billion sukuk trust certificates issuance programme to be listed on Nasdaq Dubai” the bank said in a statement.
The Islamic bank added it “may consider a benchmark Reg S sukuk issuance” although it did not specify a timeframe.
Benchmark size is understood to mean upwards of $500 million while offerings compliant with Regulation S cannot be sold to onshore investors in the US.
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