The Mashreq Bank General Assembly approved the establishment of a Sharia-compliant sukuk program worth $2.5 billion.
According to a disclosure to the Dubai Financial Market, the bank said that the program provides for the issuance of Sharia-compliant instruments through the bank’s Islamic window under the Sukuk program from time to time, and it is permissible to restrict or allow the trading of instruments in the money market or any trading platform or without restriction and under the terms and conditions of issuance that it determines. Board of Directors.
The General Assembly also approved the issuance of new and additional capital support bonds as a first-tier capital worth up to $500 million, or as determined by the UAE Central Bank, for the purpose of strengthening the bank’s capital adequacy standard.
Regarding the issuance of Islamic instruments, the bank explained that this includes, without limitation, the issuance of arranged sukuks, bonds and sukuks, or any instruments compatible with the provisions of Sharia, through Islamic guaranteed arrangements, and which are restricted or available for trading in any financial market or other trading platform, and with terms and conditions. Issuance decided by the Board of Directors.
It has also been approved to establish one or more companies for specific purposes in any of the appropriate authorities around the world, for the purpose of acting as the issuer for any of the sukuk or instruments issued in accordance with the sukuk program or any instruments issued in accordance with the Islamic finance programme.
2023-12-19 13:11:16
#Mashreq #Bank #General #Assembly #approves #establishment #sukuk #program #worth #billion
