| Al Baraka Banking Group plans to sell Islamic bonds, or sukuk, worth $300 million (Dh1.1 billion) in a bid to tidy up its balance sheet, and is also targeting a 15 pct jump in profit this year as it attracts new customers, the firm's president and chief executive said."We plan to issue $300 million sukuk in September, let's say during the end of the third quarter and the early part of the fourth quarter". "We hired two international banks and two local banks for the sale," he added. The sukuk issue will help Al Baraka "restructure the balance sheet from a liabilities side. |
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