Sharjah’s debut dirham-denominated sukuk broke new ground in Gulf capital markets. It was the emirate’s first public AED issuance and the first use of a single-price competitive auction for any sukuk or MTN draw-down.
Standard Chartered, acting as sole auction coordinator, devised the operational playbook and advised an ijara-only structure to suit the modest deal size while safeguarding Shariah clarity.
The auction architecture tackled a persistent pricing anomaly: local banks, supplying roughly 90% of AED demand, had been forced to pay premiums above the post-swap fair value implied by sovereigns’ dollar curves.
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