Last Update 13:1
Thursday, 23 May 2019

UAE Mashreq Bank working on three local currency sukuks

The dirham-denominated issues will hit the market next year, says bank head

Reuters, Monday 10 Oct 2011
Views: 1198
Views: 1198

Mashreq Bank, Dubai's second-largest lender by market value, is working with three entities for potential dirham-denominated benchmark sukuks, the head of its Islamic unit said on Monday.

The issues could hit the market next year, Moinuddin Malim, the chief executive of Mashreq Al Islami, told Reuters on the sidelines of a conference in Abu Dhabi.

"We are working with three entities, both corporates and government-related entities (GREs) to help them tap the domestic market," he said. "We have huge liquidity and there is demand for the right price."

Malim said the returns on the sukuk will be attractive.

"Malaysia has been successful because of their local currency sukuk," he said, adding that it will help in building a domestic sukuk market.

The lender, which reported a 41 per cent increase in second-quarter profits, said last week that now expects lower profit growth for the UAE banking sector than at the start of the year as global economic worries hamper recovery.


Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.