Sharjah Islamic Bank launched the sale of a $500 million sharia-compliant bond, or sukuk, on Tuesday at a profit rate of 2.95 percent, lead arrangers said.

Final pricing is due to follow later on Tuesday.

Abu Dhabi's Al Hilal Bank, HSBC Holdings, Kuwait's Liquidity Management House, a unit of Kuwait Finance House , and Standard Chartered Plc are mandated lead arrangers on the sukuk. – Reuters