Sharjah Islamic Bank Lists $500 Million Sukuk on Nasdaq Dubai
Key Facts
Sharjah Islamic Bank listed $500 million in sukuk on Nasdaq Dubai on October 29, 2026, according to an exchange announcement. The five-year issuance carries a profit rate of 5.850% and matures in September 2031. Nasdaq Dubai said the order book reached $1.3 billion, equivalent to 2.6 times the issue size. The sukuk were also listed on Euronext Dublin, alongside Nasdaq Dubai. The order volume and pricing are among the key details of the new listing, while the dual listing places the sukuk on both of the aforementioned markets.
The sukuk were priced at a spread of 105 basis points over five-year U.S. Treasuries, according to Nasdaq Dubai. The issuance received an A- rating from S&P Global Ratings. Its terms combine a five-year tenor, a 5.850% profit rate and a September 2031 maturity. The exchange announcement described the sukuk as senior unsecured. The rating and benchmark spread provide additional details on the issuance alongside the order book value.
The bank said listing the sukuk supports the diversification of its funding sources and is linked to meeting customers’ changing needs. The approach reflects the bank’s use of the sukuk market among the funding sources cited in its statement. According to Nasdaq Dubai, the bank had previously listed 11 sukuk issues on the exchange, totaling $5.5 billion as of the announcement date. This places the new issuance within the bank’s record in Nasdaq Dubai’s listed sukuk market. That record also allows the current issuance to be compared with the bank’s previous issues, without changing the details or terms of the new issuance.
In July 2024, Nasdaq Dubai welcomed the listing of a previous $500 million sukuk issuance by Sharjah Islamic Bank. That sukuk attracted $1.5 billion in orders, or three times coverage, according to the exchange’s announcement at the time. The 2024 issuance matured in 2029, according to the same announcement. The new issuance attracted $1.3 billion in orders against $500 million, for coverage of 2.6 times. Comparing the previous and current issues provides a picture of the demand recorded for each, with different maturity dates and coverage ratios.
Outstanding sukuk listed on Nasdaq Dubai were valued at $98.2 billion on October 29, 2026, within total outstanding debt listings of $144.6 billion, according to the exchange. In this market, the value of outstanding sukuk exceeds that of the new issuance by a wide margin. On U.S. monetary policy, the Federal Reserve said economic activity is expanding at a solid pace and inflation remains elevated. The Federal Open Market Committee added that it needs more information to determine the appropriate monetary policy stance. Its next meeting is scheduled for December 8 and 9, 2026, and is associated with economic projections materials.