IslamicFinance.de

Sharjah, the third-biggest sheikhdom in the United Arab Emirates, is getting bigger in Shariah finance. The emirate has reportedly approached banks about a debut sukuk sale. Moody’s Investors Service last week gave state-backed Sharjah Islamic Bank PJSC an A3 rating, citing its strong capital buffers. While Moody’s said that Sharjah’s economic growth this year is expected to be only 0.5 percent, the ratings company also pointed to the government’s low levels of debt and strong finances. Sharjah’s economy is well-diversified, with strong manufacturing and a more affordable cost of conducting business than in Dubai or Abu Dhabi.