Abu Dhabi government-owned Al Hilal Bank is seeking to raise $500 million via the sale of Islamic bonds, or Sukuk, in the fourth quarter, Reuters reports. The bonds are scheduled to mature in 2016.

The lender’s Sukuk programme is likely to be between $2 billion and $5 billion. The Islamic bank, which intends to use the proceeds to support its expansion and diversify its funding, may seek to issue about $1 billion in Sukuk by the end of 2011.

Click here for the story from Reuters.