Sharjah Islamic Bank (SIB)

Islamic banks defy market challenges in 2017

Islamic banks made big gains in financing growth and profitability in 2017 while keeping their operating costs and cost of risks under control. Dubai Islamic Bank (DIB), reported a net profit Dh4.5 billion for 2017, up 11% compared to 2016. Total income increased to Dh10.19 billion, up 18% compared to Dh8.63 billion for 2016. Net revenue for 2017 amounted to Dh7.68 billion, an increase of 14% compared with Dh6.76 billion in 2016. DIB Managing Director, Abdullah Al Hamli, says the UAE continues to be one of the leading Islamic finance markets, with assets now reaching around $150 billion, a 7% growth this year. Emirates Islamic reported a net profit of Dh702 million, up 565% compared to 2016. Decline in operating costs and impairments boosted net profits last year. Sharjah Islamic Bank (SIB) reported a full-year 2017 net profit of Dh477.7 million compared with Dh462.9 million in 2016.

Sharjah Islamic Bank issues #Sukuk to raise $72.47m

Sharjah Islamic Bank (SIB) has successfully completed the issuance of Dh266.8 million worth of Sukuk convertible into equity of the bank to the Sharjah Social Security Fund (SSSF). SIB chairman Abdul Rahman Al Owais announced that income generated from the bank’s dividends will be used for uplifting social activities in the emirate. The Ruler of Sharjah nominated an entity engaged in endowment activities to subscribe to Sukuk equal to 10% of SIB’s capital and converting it into equity for the bank at a nominal value of Dh1 each. Al Owais expects that the capitalisation ratios will be strengthened by around 100 bps with the issuance of this capital. He added that by virtue of this exercise, SIB’s shared capital has increased from Dh2,668,050,000 to Dh2,934,855,000.

#UAE's Sharjah Islamic Bank plans convertible #sukuk issue

The United Arab Emirates' Sharjah Islamic Bank (SIB) plans to issue convertible sukuk equivalent to 10% of the lender's capital. Funds raised through the debt sale will be used by Islamic endowments selected by the government of the emirate of Sharjah. The bank also authorised a capital increase to 2.67 billion dirhams ($726 million) from 2.43 billion dirhams.

Sharjah Islamic Bank repays $400m #sukuk

Sharjah Islamic Bank (SIB) has successfully repaid a $400 million sukuk. The sukuk had been raised in May 2011 under challenging market circumstances. The funds raised under the sukuk were used for general corporate purposes and business expansion of SIB. The bank currently has two sukuks of $500 million outstanding which are set to mature in 2018 and 2020 respectively.

Islamic banks’ profits soar 29.3% in H1

It seems that Islamic banking has increased UAE bourses of nearly 29.3 % in their net income in the first half of 2011 while their total assets and deposits also recorded growth.
The five listed Shariah-compliant banks that were included in the report are: The Abu Dhabi Islamic Bank (ADIB), Dubai Islamic Bank (DIB), Emirates Islamic Bank (EIB), Sharjah Islamic Bank (SIB) and Ajman Bank. The report was published in the semi official daily 'Al Ittihad' and prooves the fact that the banks had strong results in the second quarter of 2011.

SIB heads to London

Mohammed Abdullah, CEO of Sharjah Islamic Bank (SIB), stated that the bank will issue a global dollar-denominated Sukuk that will be listed on the London Stock Exchange.
The size of the issue is yet to be decided as they are waiting for market response after the investor road show which is taking place in the Middle East, Asia and Europe.

Fitch upbeat on outlook for Sharjah Islamic Bank

Although the Sharjah Islamic Bank (SIB) has acted good through the economic crisis, the problem could be in the expore to real estate.
The bank has also benefited from fairly low impairment charges due to relatively few problems in its financing and leasing book. It seems that the credit worries come from SIB's high single name and sector concentrations in financing and leasing.

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