Company Insights Sharjah Islamic Bank Banking & Finance Sharjah Islamic Bank Overview Established by decree by Sheikh Sultan bin Mohamed Al Qassimi in 1975, Sharjah Islamic Bank (SIB) transitioned from commercial to Islamic banking in 2002. It provides a broad variety of sharia-compliant retail, corporate and investment products and services across the UAE, with more than 30 branches and 150 ATMs. Formerly known as the National Bank of Sharjah, it is publicly listed on the Abu Dhabi Securities Exchange. In August 2021 Sharjah Islamic Bank launched a digital account that allows customers to use the smart bank application to open an account without visiting a branch. SIB has three fully owned subsidiaries: ASAS Real Estate, investing in, developing and managing various real estate projects; Sharjah National Hotels, and Sharjah Islamic Finances, offering trading and investment tools. The bank employs more than 1,000 people with more than 35 nationalities. Its Emiritisation policy includes accelerated career pathways, intensive training programmes for graduates and an internship scheme. Sharjah Islamic Bank News Finance Aldar secures $2.5bn credit facility to support growth Aldar Properties, Abu Dhabi’s largest developer, has raised AED9 billion ($2.5 billion), taking its overall liquidity to AED27 billion to back its ongoing growth initiatives. The sustainability-linked multi-tranche revolving credit facility attracted orders from 15 global and regional financial institutions. The facility, which has a five-year tenor and incorporates conventional and Islamic tranches across AED […] January 13, 2025 Finance Saudi Aramco to raise funds via Islamic bonds Saudi Aramco has launched US dollar-denominated sukuk (Islamic bonds) as part of its fund-raising strategy. The net proceeds will be used for general corporate purposes, the company said in a statement to the Saudi stock exchange on Tuesday. The offering will be open to institutional investors, with a minimum subscription of $200,000. The total proceeds […] September 24, 2024 Banking & Finance Bad loan provisions drop markedly at UAE banks Most of the UAE’s top banks have significantly reduced how much they put aside to cover bad loans, in an indication of a generally benign economy and expectations of growth stretching into next year. During April and June this year, banks set aside AED1.3 billion ($350 million) in net loan loss provisions (LLPs) – the […] August 22, 2024 Banking & Finance Kuwaiti lender sells stake in Sharjah Islamic Bank for $351m Kuwait Finance House (KFH), the nation’s largest lender, has sold its entire stake in Abu Dhabi-listed Sharjah Islamic Bank for AED1.3 billion ($351 million). The off-market sale, also known as a negotiated deal, was executed at AED2.20 per share for 588 million shares, the lender said in a filing on Borsa Kuwait. Off-market trades are based […] August 21, 2024 Opinion Banking & Finance Strong results likely from Gulf banks – but there’s more to success than profit Expect healthy returns for 2023, yet look beyond the financials for 2024 January 26, 2024 Posts navigation
Finance Aldar secures $2.5bn credit facility to support growth Aldar Properties, Abu Dhabi’s largest developer, has raised AED9 billion ($2.5 billion), taking its overall liquidity to AED27 billion to back its ongoing growth initiatives. The sustainability-linked multi-tranche revolving credit facility attracted orders from 15 global and regional financial institutions. The facility, which has a five-year tenor and incorporates conventional and Islamic tranches across AED […] January 13, 2025
Finance Saudi Aramco to raise funds via Islamic bonds Saudi Aramco has launched US dollar-denominated sukuk (Islamic bonds) as part of its fund-raising strategy. The net proceeds will be used for general corporate purposes, the company said in a statement to the Saudi stock exchange on Tuesday. The offering will be open to institutional investors, with a minimum subscription of $200,000. The total proceeds […] September 24, 2024
Banking & Finance Bad loan provisions drop markedly at UAE banks Most of the UAE’s top banks have significantly reduced how much they put aside to cover bad loans, in an indication of a generally benign economy and expectations of growth stretching into next year. During April and June this year, banks set aside AED1.3 billion ($350 million) in net loan loss provisions (LLPs) – the […] August 22, 2024
Banking & Finance Kuwaiti lender sells stake in Sharjah Islamic Bank for $351m Kuwait Finance House (KFH), the nation’s largest lender, has sold its entire stake in Abu Dhabi-listed Sharjah Islamic Bank for AED1.3 billion ($351 million). The off-market sale, also known as a negotiated deal, was executed at AED2.20 per share for 588 million shares, the lender said in a filing on Borsa Kuwait. Off-market trades are based […] August 21, 2024
Opinion Banking & Finance Strong results likely from Gulf banks – but there’s more to success than profit Expect healthy returns for 2023, yet look beyond the financials for 2024 January 26, 2024
