The government of Ras Al Khaimah (RAK) has proudly announced the completion of the landmark $400 million Sukuk issue, with Standard Chartered Bank, BNP Paribas and Liquidity House all acting as joint bookrunners.
It is the first time that the government has offered Islamic investors access to dollar-based Sukuks.
Akin to bonds, Sukuks offer a Shariah-compliant investment vehicle and the RAK government's decision to expand its offering comes in response to strong demand from regional investors.
Its inaugural dirham-baed Sukuk issue commenced in May 2008 and attracted strong interest within the opening hours of the book.
"We are extremely pleased with the strong investor response to the Sukuk issue which serves as an indication of the Ras Al Khaimah government's continued credibility with the international investor community," commented Shayne Nelson, regional chief executive of Standard Chartered MENA.
Earlier this month, the Central Bank of Bahrain announced that its Sukuk Al-Ijara was oversubscribed by 200 per cent shortly after its launch.