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Sharjah initiates funds to alleviate COVID-19 economic impact

HE Waleed Al Sayegh is the director-general of Sharjah Finance Department. (Image source: Governmnet of Sharjah)

Sharjah Finance Department (SFD) has established a framework worth US$1.09bn to enhance liquidity for the Sharjah banking system in the emirate

This move focusses on providing additional financial assistance to all businesses impacted by the outbreak of COVID-19.

The Sharjah Liquidity Support Mechanism (SLSM) sukuk represents the first-rated short term local currency tradeable instrument in the UAE, which can be used for liquidity management by banks. This paper has a short term investment grade rating of A-2 by Standard & Poor?s rating agency.

Waleed Al Sayegh, director-general of Sharjah Finance Department, said, ?The authorities in Sharjah and across the region are taking the required measures to provide maximum assistance to all businesses dealing with the impact of the outbreak. This service will allow banks to use the sukuk as security to access liquidity facilities at the UAE Central Bank, by following the required guidelines.?

A first tranche of the SLSM was subscribed to in May by Bank of Sharjah with a US$540mn participation. Subsequent tranches with one or more other banks are expected to expand the SLSM to US$1.09bn.

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