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Sharjah Islamic Bank wins CEEMEA Financial Institution Deal of the Year
Sharjah Islamic Bank (SIB), one of the leading financial institutions of the UAE, has won
Global Capital’s “CEEMEA Financial Institution Deal of the Year,” award for its USD500
million Sukuk (Islamic finance “bond”), which it issued in June 2019.
The Sukuk was priced at a spread of 321 bps translating into a coupon of five per cent. SIB’s
deal was seen as particularly successful, given it was launched at an appropriate time of the
year, the large demand and at lowest cost when compared to Conventional and Islamic
HE Mohammed Abdullah, CEO of Sharjah Islamic Bank said, “This is an excellent
achievement given the deal has been awarded the best bond not only for the MENA region.
I believe it was due to the performance of the bong and how well it was tied that helped it
emerge winner. We would are grateful for being given this opportunity, are happy to know
that the transaction was well received by Global Investors as well.”
The Sukuk is issued to align with the plans and strategy of Sharjah Islamic Bank, which
aims to increase the bank’s capitalization ratios to boost its future growth, and expand its
capital base. The bank has succeeded in strengthening its presence in the global capital
markets, since its first Sukuk was issued in 2006, followed by the issuance of many other
successful Sukuk issues until 2019. The latest Sukuk issue was greatly welcomed by the
financial community sector. As a result, the bank received 209 subscription requests from
across the world including Asia, Europe and the Arabian Gulf. This highlights the bank's
leading position in the global banking sector.
Sharjah Islamic Bank continuously works towards providing innovative and pioneering
products and services, designed to meet the requirements of the client base, whilst aligning
with the UAE vision 2021 that aims to build a creative, high standard and competitive
Sharjah Islamic Bank has won many prestigious local, Arab and international awards,
including the INSIGHTS - Middle East Call Centre Awards, in the category of the Best
Interactive Voice Response Service; the Mohammed Bin Rashid Al Maktoum Award for
Business in the Financial Services category; the Sheikh Khalifa Excellence Award; Sharjah
Economic Excellence Award and Sharjah Award for Voluntary Work. The bank also won the
title of the Best Islamic Bank in Sukuk Structuring for the year 2015, the Business
Excellence Award (BIZZ) for the year 2017,-ed UAE Emiratization Award, the Award of GCC
Leading Institutions in Nationalization and the Award of Most Innovative Islamic Bank for
the year 2019.
Each year, Global Capital, a reputable capital markets publication of the Euromoney Group,
selects standout bond issues from an extremely volatile market competing with various
other financial institutions and corporate bond markets. Selections are made based on
several key criteria including trades that have had a long lasting impact on the market and
those that survived through challenging conditions.