Al Baraka Banking Group B.S.C. completed the issue of its first Islamic sukuk, a $400 million Additional Tier 1 perpetual note.

The sukuk structure is a Sharia-compliant mudaraba, or trust financing contract. The issuance carries a 7.875% coupon for the first five years, with provisions for five-year resets thereafter.

Standard Chartered Bank served as global coordinator for the issue. The joint lead managers for the syndicate were Bank ABC, Dubai Islamic Bank PJSC, Emirates NBD Capital, KFH Capital, Noor Bank, QInvest and Standard Chartered Bank.