GE plans new sukuk issue

Published: May 17, 2010

US financial giant to offer second Islamic bond.

Financial services giant GE Capital, part of General Electric Co, is to issue a second Islamic bond, according to reports.

The chief executive of the group’s Middle East and African operations, Aris Kekedjian, has told journalists that the sukuk could be issued towards the end of the year or at the beginning of 2011 depending on demand.

In November last year, GE raised US$500mn when it became the first large US conglomerate to issue an Islamic bond to generate additional capital.

Kekedjian said the firm wants to become a regular sukuk issuer as part of its plans to grow its operations in the Middle East.