Sharjah Islamic Bank (NBS), a United Arab Emirates lender, plans to sell as much as $500 million of Islamic bonds.
Sharjah Islamic hired HSBC Holdings Plc (HSBA) and Standard Chartered Plc (STAN) for the sale, which is expected in the second quarter, the Sharjah-based bank said in an e-mailed statement today. The sukuk will be issued over five years to fund expansion, it said.
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