UAE-based Emirates Islamic Bank has confirmed it has sold Islamic bonds, or sukuk, worth $500 million to beef up liquidity.

The bond offering is for a period of five years, the lender said in bourse filing on Thursday.

This marks the latest in a series of bond issuance in the region, which is currently facing a double-whammy of low oil prices and COVID-19 pandemic. Issuing activity among sovereigns and banks in the Gulf Cooperation Council (GCC) has picked up in recent months.

According to Kuwait Financial Centre, the total value of bonds and sukuk primary issuances by sovereigns and corporations amounted to $70.7 billion during the first half of 2020, up by 9 percent from the $65 billion raised a year earlier.

Entities in the UAE led the issuance of bonds and sukuk, raising a total of $24.6 billion, which represents more than a third (35 percent) of the total money raised in the GCC.

Saudi Arabia emerged as the second-biggest issuer, accounting for 28 percent of the total value raised, followed by Qatar, with 26 percent.