Mohammed Khediri, CEO of Bank of Sharjah, said: Our participation in the process of issuing sukuks for Al Ittihad International Investment Company is consistent with the strategic vision of Bank of Sharjah, which aims to provide financing and capital markets solutions to meet the needs of companies located in the UAE, according to a press release.
Khediri added: Although Al Ittihad International Investment Company has dealt with syndicated financing markets in the past, the success of this deal is of great strategic importance and constitutes a milestone in the history of this company as it represents the company’s first entry into the global capital markets in compliance with the provisions of Islamic Sharia. .
The CEO of Bank of Sharjah continued: In light of the tremendous fluctuations experienced by the global financial markets, this deal received widespread positive repercussions that resulted in coverage of the issue by 1.7 times, as the value of registered orders amounted to about 600 million dollars, and this confirms the solidity and durability of the fundamentals of the business. Al-Ittihad International Investment Company and the strength of its credit tendency in the market.
This November, the Bank of Sharjah announced the appointment of Q Market Making Company, the liquidity provider in the Abu Dhabi Securities Market, as the main liquidity provider.
He explained that this step aims to enhance trading in the bank’s shares, stimulate the effectiveness of its transactions, and ensure their fair valuation in the market.
The Bank of Sharjah reduced its losses in the first nine months of this year by 57 percent on an annual basis.
The bank recorded losses in the period ending last September 30 of about 121.4 million dirhams (4.34 fils/share), compared to losses of 281.4 million dirhams during the same period in 2022.