Sharjah Islamic Bank PJSC ("Sharjah Islamic Bank", "SIB" or the "Bank") has executed a medium term USD 265 million Syndicated Murabaha Financing Facility with a group of select financial institutions.
SIB mandated ABC Islamic Bank (E.C.), Dubai Islamic Bank PJSC, Emirates NBD Capital Limited, and Noor Bank PJSC as Initial Mandated Lead Arrangers ("IMLAs") and Bookrunners to arrange the Facility on its behalf. The Facility, which carries a tenor of 3 years, will serve to diversify the Bank's funding profile and include a source utilized for the first time.
The facility size was increased to USD 265 million from the initial target of USD 200 million due to oversubscription and strong support. The transaction received participations from a number of institutions for whom the Bank is a fresh credit.
The IMLAs and Bookrunners are pleased with the successful syndication of the Facility and wished Sharjah Islamic Bank continued growth and prosperity in the future.
Bank Overview
Sharjah Islamic Bank was established in 1975 and is listed on the Abu Dhabi Securities Exchange ("ADX"). The Bank is regulated by the Central Bank of the United Arab Emirates.
Based in Sharjah, and operating with 31 branches throughout the UAE, the Bank offers its clients commercial banking services including deposits, financing and credit cards; asset management services including wealth, fund and portfolio management; investment banking services including corporate finance and investment advisory on mergers and acquisitions all according to Islamic principles.
SIB is the largest bank in the Emirate of Sharjah, UAE and has a 31.3% shareholding by the Government of Sharjah and 20% by Kuwait Finance House with the balance held by the public.
As at 31 March 2016, SIB posted a 22.9% year-on-year increase to attain a first quarter net profit of AED 131.42 million with total assets at AED 30.16 billion and shareholders' equity at AED 4.61 billion. SIB is rated A3 by Moody's, BBB+ by Standard & Poor's and BBB+ by Fitch with all three carrying a Stable outlook.
© Press Release 2016
