Latest news with #SIB
Gulf Today
2 days ago
- Business
- Gulf Today
Sharjah Islamic Bank strengthens global standing with successful pricing of $500 million perpetual sukuk
Sharjah Islamic Bank (SIB) has successfully priced US$ 500 million perpetual Additional Tier 1 sukuk with a fixed profit rate of 6.125 percent and a six-year non-call period, making a mark as the tightest set AT1 Issuance in 2025 globally. With a reset spread of 195.6 bps, the issuance also marks a reduction in the Spread achieved in 2019 by 125.7 bps. The issuance drew robust and was oversubscribed by more than 2.0x from a wide spectrum of investors across the GCC, Europe, and Asia, reflecting the high level of confidence the Bank enjoys among international financial institutions and investment funds. This transaction further demonstrates the Bank's strategic use of capital markets as an effective tool to support its growth trajectory and strengthen its capital base. Mohamed Abdalla, CEO of Sharjah Islamic Bank, commented, 'This latest sukuk issuance reflects the continued success of our strategy to leverage capital markets in supporting the SIB's financial position and long-term expansion. Since our first sukuk in 2006, we have built a solid track record as a trusted and consistent issuer in the global Islamic finance space. This marks our tenth sukuk issuance, reaffirming SIB's leadership in the international sukuk market.' The transaction attracted exceptional interest, far exceeding expectations, and securing demand from a highly diversified investor base. Ahmed Saad, Deputy CEO of Sharjah Islamic Bank, added, 'The overwhelming interest from international investors in this issuance underscores growing trust in our performance, strategy, and future vision. The strong pricing outcome is a testament to SIB's position as a robust Islamic banking institution offering innovative, Sharia-compliant financial solutions and maintaining deep engagement with global investors.' This latest issuance builds on the Bank's successful track record in the sukuk space. In February 2025, SIB priced a US$500 million sukuk at a profit rate of 5.20 percent, representing a margin of 89.8 basis points over 5-year US Treasury notes. Despite market volatility, that deal attracted over US$1.7 billion in orders, more than 3.4 times the issuance size, with strong participation from investors across the Middle East, North Africa, Europe, and Asia. The joint lead managers and bookrunners for the issuance were: Arqaam Capital, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Kamco Invest, Mashreq Bank, and Standard Chartered Bank. This transaction forms part of a broader capital strategy aimed at strengthening SIB's capital structure, supporting business expansion across key markets while maintaining a commitment to financial governance, resilience, and sustainability. WAM
Sharjah 24
2 days ago
- Business
- Sharjah 24
SIB strengthens global standing, issues $500 M. Perpetual Sukuk
The issuance drew robust and was oversubscribed by more than 2.0x from a wide spectrum of investors across the GCC, Europe, and Asia, reflecting the high level of confidence the Bank enjoys among international financial institutions and investment funds. This transaction further demonstrates the Bank's strategic use of capital markets as an effective tool to support its growth trajectory and strengthen its capital base. His Excellency Mohamed Abdalla, CEO of Sharjah Islamic Bank, commented: This latest sukuk issuance reflects the continued success of our strategy to leverage capital markets in supporting the SIB's financial position and long-term expansion. Since our first sukuk in 2006, we have built a solid track record as a trusted and consistent issuer in the global Islamic finance space. This marks our tenth sukuk issuance, reaffirming SIB's leadership in the international sukuk market.' The transaction attracted exceptional interest, far exceeding expectations, and securing demand from a highly diversified investor base. His Excellency Ahmed Saad, Deputy CEO of Sharjah Islamic Bank, added: 'The overwhelming interest from international investors in this issuance underscores growing trust in our performance, strategy, and future vision. The strong pricing outcome is a testament to SIB's position as a robust Islamic banking institution offering innovative, Sharia-compliant financial solutions and maintaining deep engagement with global investors.' This latest issuance builds on the Bank's successful track record in the sukuk space. In February 2025, SIB priced a USD 500 million sukuk at a profit rate of 5.20%, representing a margin of 89.8 basis points over 5-year US Treasury notes. Despite market volatility, that deal attracted over USD 1.7 billion in orders, more than 3.4 times the issuance size, with strong participation from investors across the Middle East, North Africa, Europe, and Asia. The joint lead managers and bookrunners for the issuance were: Arqaam Capital, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Kamco Invest, Mashreq Bank, and Standard Chartered Bank. This transaction forms part of a broader capital strategy aimed at strengthening SIB's capital structure, supporting business expansion across key markets while maintaining a commitment to financial governance, resilience, and sustainability.
Hans India
2 days ago
- Politics
- Hans India
Phone tapping case: SC directs return of passport of Telangana ex-intelligence chief
New Delhi: The Supreme Court has ordered the Telangana Police to return the passport of former Special Intelligence Bureau (SIB) chief T. Prabhakar Rao, the key accused in the phone tapping case, so he can return to India. The apex court also directed Prabhakar Rao, who is in the US, to give an affidavit of undertaking that, within 3 days of the receipt of the passport/travel document, he will return to India. A bench of Justices B.V. Nagarathna and Satish Chandra Sharma passed the order on a petition by Prabhakar Rao, challenging the Telangana High Court order dismissing his petition for anticipatory bail. The bench also barred police from taking any coercive step against Prabhakar Rao till further orders. Appearing for Prabhakar Rao, senior advocate Dama Seshadri Naidu submitted that he is unable to return from the United States and has to apply for special permission to return to India. The court was told that he had gone to the US when the First Information Report (FIR) was registered against him. The retired IPS officer was subsequently declared an absconder, and his passport was also revoked. Contending that Prabhakar Rao has been hounded by the present government in Telangana, the lawyer also brought to the court's notice that a red-corner notice has been issued against him. Prabhakar Rao's counsel submitted to the bench that the authorities have cancelled his passport, and he has to apply for special permission to come back. He pleaded that his passport be returned so that he could return and join the investigation. Solicitor General Tushar Mehta, who appeared for Telangana, opposed the plea and argued that no relief should be given to the petitioner. The court was also told that the Union government has sought his extradition. The bench observed that the petitioner can't come back to India unless his passport is returned. Last week, the Nampally criminal court in Hyderabad issued proclamation orders against Prabhakar Rao for evading proceedings for over a year. The court passed the order after being satisfied that Prabhakar Rao was deliberately avoiding the legal process. If he fails to appear within a month, the court may order the attachment of his assets. Prabhakar Rao was heading the State Intelligence Bureau (SIB) when the Bharat Rashtra Samithi (BRS) was in power. The former IPS officer has been declared an absconder by the Special Investigation Team (SIT) probing the case. The phone-tapping allegations under the previous government of the BRS came to light in March this year with the arrest of Deputy Superintendent of Police Praneeth Rao following a complaint from his superior, ASP, DIB, D. Ramesh. The police have so far named six accused in the case. Praneeth Rao, Additional SPs Thirupathanna and Bhujanga Rao, and former DCP P. Radha Kishan Rao were arrested in the case. Then chief of SIB, Prabhakar Rao, had allegedly constituted a team within SIB with his trusted aides, including Praneeth Rao, for surveillance of rival political leaders, their families and dissidents within the ruling party, businessmen, journalists and even judges. Phone Tapping Case, T. Prabhakar Rao, Telangana Police, Supreme Court, Anticipatory Bail, Surveillance Scandal
&w=3840&q=100)
Business Standard
2 days ago
- Politics
- Business Standard
SC grants interim protection to former SIB chief in phone tapping case
The Supreme Court on Thursday granted interim protection from coercive action to former chief of Special Intelligence Bureau (SIB) in Telangana T Prabhakar Rao, an accused in the phone-tapping case. A bench comprising Justices B V Nagarathna and Satish Chandra Sharma directed Rao to appear before the investigation officer, and said his passport be made available to him. Rao, the key accused in the phone-tapping case, is suspected to be in the US. A Red Corner Notice was issued against him and his passport was revoked, a police official said earlier. The top court also directed Rao to give an undertaking that he would return to India within three days after the receipt of his passport. During the hearing, Solicitor General Tushar Mehta and senior advocate Sidharth Luthra vehemently opposed the plea filed by Rao seeking anticipatory bail. The matter is posted for hearing on August 5. Rao has moved the top court challenging an order of the Telangana High Court which dismissed his plea seeking anticipatory bail. On May 22, a Hyderabad court has issued a proclamation order against Rao in the phone-tapping case. According to the order, Rao may be declared a "proclaimed offender" if he does not appear before the court by June 20. If a person is declared a proclaimed offender, the court can order attachment of properties of the accused. A suspended DSP of SIB was among four police officials who were arrested by Hyderabad Police since March 2024, for allegedly erasing the intelligence information from various electronic gadgets as well as for alleged phone-tapping during the previous BRS regime. They were subsequently granted bail. The accused are part of the alleged conspiracy in which they "misused" the resources of SIB for political purposes by putting citizens from different walks of life under surveillance, police had said. Those named as accused in the case along with others had allegedly developed profiles of several persons unauthorisedly and were accused of monitoring them clandestinely and illegally in SIB and using them in a partisan manner to favour a political party at the behest of some persons and also conspiracy in destroying the records to cause disappearance of evidence of their crimes, police earlier said.
Hindustan Times
2 days ago
- Politics
- Hindustan Times
Phone-tapping case: SC grants interim protection from coercive action to former SIB chief
New Delhi, The Supreme Court on Thursday granted interim protection from coercive action to former chief of Special Intelligence Bureau in Telangana T Prabhakar Rao, an accused in the phone-tapping case. A bench comprising Justices B V Nagarathna and Satish Chandra Sharma directed Rao to appear before the investigation officer, and said his passport be made available to him. Rao, the key accused in the phone-tapping case, is suspected to be in the US. A Red Corner Notice was issued against him and his passport was revoked, a police official said earlier. The top court also directed Rao to give an undertaking that he would return to India within three days after the receipt of his passport. During the hearing, Solicitor General Tushar Mehta and senior advocate Sidharth Luthra vehemently opposed the plea filed by Rao seeking anticipatory bail. The matter is posted for hearing on August 5. Rao has moved the top court challenging an order of the Telangana High Court which dismissed his plea seeking anticipatory bail. On May 22, a Hyderabad court has issued a proclamation order against Rao in the phone-tapping case. According to the order, Rao may be declared a "proclaimed offender" if he does not appear before the court by June 20. If a person is declared a proclaimed offender, the court can order attachment of properties of the accused. A suspended DSP of SIB was among four police officials who were arrested by Hyderabad Police since March 2024, for allegedly erasing the intelligence information from various electronic gadgets as well as for alleged phone-tapping during the previous BRS regime. They were subsequently granted bail. The accused are part of the alleged conspiracy in which they "misused" the resources of SIB for political purposes by putting citizens from different walks of life under surveillance, police had said. Those named as accused in the case along with others had allegedly developed profiles of several persons unauthorisedly and were accused of monitoring them clandestinely and illegally in SIB and using them in a partisan manner to favour a political party at the behest of some persons and also conspiracy in destroying the records to cause disappearance of evidence of their crimes, police earlier said.
