Al Baraka Banking Group to launch $500m sukuk

Mr. Adnan Ahmed Yousif, President and Chief Executive ABG

MANAMA: The shareholders of the Bahrain-headquartered Islamic banking major, Al Baraka Banking Group (ABG) on Monday approved the launch of $500 million sukuk.

The shareholders during the annual general and extra ordinary general meetings held at the Group’s Headquarters and Chaired by Group’s Chairman of the Board Sheikh Saleh Kamel at the Bahrain Bay approved the recommendation of the Board of Directors to issue Sukuk amounting up to US$ 500 million.

According to the resolution the shareholders have approved the launch of a sukuk in one or multiple issuances on the terms and conditions determined by the Executive Management of ABG and to authorize the President and Chief Executive Officer to take the necessary procedures to appoint a Global coordinator and Bookrunner and/or any other third parties in respect of, and to take the required steps to launch, the Sukuk, including undertaking the necessary legal procedures and liaising with the relevant regulators including any listing authority, joint lead managers, co-managers and other investors, advisors and third parties. Such Sukuk issuance will be subject to the approval of the Central Bank of Bahrain.

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