Fitch Ratings-Dubai/London-09 May 2011: Fitch Ratings has assigned SIB Sukuk Company II Limited's (SIB Sukuk Company) senior unsecured trust certificates an expected Long-term rating of 'BBB+(exp)'.

SIB Sukuk Company is a special purpose vehicle, incorporated in the Cayman Islands solely to act as the issuer of the certificates and trustee for the certificate holders. The final rating is contingent on receipt of final documentation conforming to information already received.

The rating of the issue is driven solely by Sharjah Islamic Bank's (SIB, rated 'BBB+'/Stable) rating due to the purchase undertaking which requires SIB to repurchase the Sukuk assets on the scheduled or any earlier dissolution dates from SIB Sukuk Company. The notes rank as senior obligations of the bank.

Established in 1976, SIB is a UAE based Islamic bank, 31% owned by the government of Sharjah and 20% by Kuwait Finance House ('A+'/'F1').

Sharjah Islamic Bank's ratings:
Long-term IDR: 'BBB+'; Outlook Stable
Short-term IDR: 'F2'
Individual Rating: 'C/D'
Support Rating: '2'
Support Rating Floor: 'BBB+'

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Contact:
Primary Analyst
Mahin Dissanayake
Director
+971 4 408 1806
Fitch Ratings Ltd
DIFC, Gate Village 7
1st Floor, Office 2,
P.O Box 506527
Dubai, UAE

Secondary Analyst
Karim Soueissi
Analyst
+971 4 408 1807

Committee Chairperson
Bridget Gandy
Managing Director
+44 203 530 1095

Media Relations:
Hannah Warrington,
London,
Tel: +44 20 3530 1153,
Email: hannah.warrington@fitchratings.com.

Additional information is available at www.fitchratings.com.

Applicable criteria, 'Global Financial Institutions Rating Criteria', dated 16 August 2010, 'Short-Term Rating Criteria for Corporate Finance', dated 2 November 2010, and 'Rating Sukuk', dated 15 October 2010 are available at www.fitchratings.com.

Applicable Criteria and Related Research:
Short-Term Ratings Criteria for Corporate Finance -- Amended
Rating Sukuk
Global Financial Institutions Rating Criteria

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© Press Release 2011