Sharjah Islamic Bank has announced that it had won approval from shareholders for a capital increase at the AGM through a strategic rights issue that will help it raise up to AED2.59 billion ($705 million), as it looks to support growth and strengthen its capital base.

The bank plans to increase its issued share capital to as much as AED4.31 billion from about AED3.24 billion by issuing up to 1.08 billion new shares at AED2.4 each, including a nominal value of 1 dirham and a premium of AED1.4 per share.

According to Sharjah Islamic Bank, the proceeds from the rights issue will be used to bolster capital adequacy, fund balance sheet expansion and support returns to shareholders.

The Government of Sharjah, a major shareholder through Sharjah Asset Management Company and Sharjah Social Security Fund, has committed to fully subscribe to its pro rata entitlement, it stated.

Chairman Abdulrahman Al Owais said the move underscored the bank’s long-term commitment to shareholders and its role in supporting the emirate’s economic agenda.

CEO Mohamed Abdalla said the transaction would help accelerate growth while maintaining strong capital foundations.

Emirates NBD Capital has been appointed lead manager for the deal, while Emirates NBD Bank will act as lead receiving bank alongside Sharjah Islamic Bank.

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