Ajman Bank proposed to issue a program of sukuk totaling $1.5 billion. The first tranche of sukuk shall be of minimum $350 million and the other tranches in accordance of need.
The bank says sukuk issuance proposal will be presented to agm in its next meeting for approval.
Back in September, Ajman Bank, which is listed on the Dubai Financial Market, announced that it would increase capital by issuing 419.67 million new shares through a rights issue, with each new share priced at Dh1.
The new share issuance by the Shariah compliant bank, whose current capital stands at Dh1.68 billion, will increase its issued share capital to Dh2.1 billion.
The bank is increasing capital to undertake banking, financing and investing activities through various Islamic products such as murabaha, mudarba, musharaka, wakala, sukuk, istisnaá and ijarah.
Source Zawya