Business

Sharjah raises Dh2 billion to help COVID-19 affected businesses, individuals

Sharjah raises Dh2 billion to help COVID-19 affected businesses, individuals

Dubai: Bank of Sharjah was the sole lead manager and arranger for the Dh2 billion Sukuk trust certificates issued by the Sharjah Government. The funds raised will be used to “support the Sharjah economy”, corporates as well as the banking sector impacted by the COVID-19 outbreak.

The securities were issued under the Sharjah Liquidity Support Mechanism, a framework initiated by the government to enhance liquidity for Sharjah’s banking system. It is done in sync with the Targeted Economic Support Scheme (TESS) of the Central Bank of the UAE.

The certificates, issued on May 19, pay a profit rate of 1.5 per cent and have a one-year tenure.