$500 Million Sukuk Successfully Priced Sharjah Islamic Bank

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$500 Million Sukuk Successfully Priced Sharjah Islamic Bank

Sharjah Islamic Bank (SIB), among the leading Islamic banks in the UAE, priced a $500 million (1.83 billion dirhams) long 5-year sukuk, with a profit price of 2.85 per cent per year, fetching it an A- rating by S&P. Several of the various other achievements of the bank throughout the year include, expansion of its investment as well as monetary services in the location of specific or corporate financing.

SIB was able to generate significant momentum from international and also regional investors with the order books reaching a high of $3.6 billion, 7.2 x times above the issuance for the bargain closed on June 16, and also the liquidity obtained from this issuance procedure will be made use of to improve SIB's liquidity and also business growth.

This is SIB's eight Sukuk issuance after launching it's first Sukuk in 2006. This confirms the bank's credibility in spite of the present extraordinary scenarios.

HE Mohammed Abdullah, CEO of Sharjah Islamic Bank, claimed: "The success of this Sukuk is evidence of an investor's confidence in the solid foundation of SIB, and also their idea in the expanding economy of the emirate of Sharjah and also UAE generally, that aligns with the vision of His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi, Member of the Supreme Council as well as Ruler of Sharjah. We are delighted with the outcomes of this successful deal which have been achieved in the middle of the challenging COVID-19 pandemic. We will continue to remain fully commited to our regional and international investors, those who have faith as well as continue to support our varied funding strategy."

He better added that the launch of the sukuk lines up with the bank's strategies as well as method, aimed at increasing the bank's capitalization rates in order to boost future development and strengthen the bank's economic setting. The confidence of its suppliers is visible considering their ability to remain strong on global ratings. This strong financial setting and also the positive fad has enabled SIB to acquire several local, local as well as international honors in the past.

The orders received were from as several as 150 customers, and the bank recorded exceptional geographical diversification with allocations of 47% to investors in the MENA area, 39% to Asia, 10% to Europe as well as 4% to United States offshore.

The joint lead managers and book runners on the issuance of the Sukuk were Bank ABC, Citi, Dubai Islamic Bank, First Abu Dhabi Bank, Islamic Corporation for Development of Economic Sector, KFH Capital, Mashreqas well as Standard Chartered.

Power in performance

Most just recently, Sharjah Islamic Bank (SIB) projected strong outcomes regardless of the present situation, with internet profits totaling AED 153.7 million in the 1st quarter of 2020 contrasted to AED 151.7 million in 2018, an approximated 1.3% increase. The balance sheet reflects the bank's strong efficiency and also sound financial position with overall assets getting to AED 49.3 billion at the end of March 2020, a 6.2% increase in comparison to AED 46.4 billion taped at the end of 2019.

A journey filled with success

The bank has been bestowed some sought after awards in the past. In 2019, they won the Leading Emiratization Institutions Award and Brokers Evaluation Program Award. In 2018, they were acknowledged with the Dubai Service Quality Scheme Award, UAE Emiratization Award, Commercial Market Award and also a certification in Details Security Management System got. In 2017, SIB was recognized with the Human Resources Development Award, Best Emiratization CEO Award, Business Excellence Award, Sharjah Award for voluntary work, Best Voice of the Customer Program at the Middle East Call Centre Awards and Sharjah Gulf Top 10 Business Award.

In 2016, SIB was identified as the most effective Islamic Bank in the UAE in 2015 the bank obtained the very best Sukuk Structuring Islamic bank award in. In 2014, SIB was acknowledged for its quality in Relationship Management throughout the Middle East. In 2013 they were recognized as the very best Sukuk Structuring house. In 2012, SIB got a number of honors including the Sheikh Khalifa Award for Excellence, Best Customer Service Center in the center East, Forbes Award for A Lot Of Effective CEO in Financial Markets and the most effective Islamic Bank Contribution in the Mediterranean Region.

Sharjah Islamic Bank is continuously striving to supply all the online services as well as facilities designed to satisfy the current demands of retail and company clients, in support of the national initiatives to prevent the spread of COVID-19.