SHARJAH — Sharjah Islamic Bank (SIB), one of the leading Islamic banks in the UAE, priced a $500 million (1.83 billion dirhams) long 5-year sukuk, with a profit rate of 2.85 percent per annum, fetching it an A- rating by S&P. Some of the other achievements of the bank during the year include, expansion of its investment and financial services in the area of individual or corporate financing. SIB was able to generate significant momentum from international and regional investors with the order books reaching a high of $3.6 billion, 7.2x times greater than the issuance for the deal closed on June 16, and the liquidity obtained from this issuance process will be used to enhance SIB’s liquidity and business growth. This is SIB"s eight sukuk issuance after launching it"s first sukuk in 2006. This confirms the bank"s credibility despite the current exceptional circumstances. Mohammed Abdullah, CEO of Sharjah Islamic Bank, said: “The success of this sukuk is evidence of an investor’s confidence in the solid foundation of SIB, and their belief in the growing economy of the emirate of Sharjah and UAE in general, that aligns with the vision of Sheikh Dr. Sultan Bin Muhammad Al Qasimi, member of the supreme council and ruler of Sharjah. “We are delighted with the results of this successful deal which have been achieved amid the challenging COVID-19 pandemic. We will continue to remain committed to our local and international investors, those who have faith and continue to support our diverse funding strategy.” He added that the launch of the sukuk aligns with the bank’s plans and strategy, aimed at increasing the bank’s capitalization rates in order to enhance future growth and strengthen the bank’s financial position. The confidence of its dealers is visible considering their ability to stay strong on global ratings. This strong financial position and the positive trend have enabled SIB to obtain many local, regional and international awards in the past. The orders received were from as many as 150 clients, and the bank recorded excellent geographical diversification with allocations of 47% to investors in the MENA region, 39% to Asia, 10% to Europe and 4% to US offshore. The joint lead managers and book runners on the issuance of the sukuk were Bank ABC, Citi, Dubai Islamic Bank, First Abu Dhabi Bank, Islamic Corporation for Development of Private Sector, KFH Capital, Mashreq and Standard Chartered. Power in performance Most recently, Sharjah Islamic Bank (SIB) projected strong results despite the current situation, with net profits totaling AED153.7 million in the 1st quarter of 2020 compared to AED151.7 million in 2018, an estimated 1.3% increase. The balance sheet reflects the bank’s strong performance and sound financial position with total assets reaching AED49.3 billion at the end of March 2020, a 6.2% increase in comparison to AED46.4 billion recorded at the end of 2019. A journey full of accomplishments The bank has been honored with some coveted awards in the past. In 2019, they won the Leading Emiratization Institutions Award and Brokers Evaluation Program Award. In 2018, they were acknowledged with the Dubai Service Excellence Scheme Award, UAE Emiratization Award, Commercial Market Award and a certification in Information Security Management System received. In 2017, SIB was acknowledged with the Human Resources Development Award, Best Emiratization CEO Award, Business Excellence Award, Sharjah Award for voluntary work, Best Voice of the Customer Program at the Middle East Call Centre Awards and Sharjah Gulf Top 10 Business Award. In 2016, SIB was recognized as the Best Islamic Bank in the UAE in 2015 the bank received the Best Sukuk Structuring Islamic bank award in. In 2014, SIB was recognized for its excellence in Relationship Management across the Middle East. In 2013 they were acknowledged as the Best Sukuk Structuring house. In 2012, SIB received several awards including the Sheikh Khalifa Award for Excellence, Best Customer Service Center in the Middle East, Forbes Award for Most Powerful CEO in Financial Markets and the Best Islamic Bank Contribution in the Mediterranean Region. Sharjah Islamic Bank is constantly striving to provide all the online services and facilities designed to meet the current requirements of retail and corporate clients, in support of the national efforts to prevent the spread of COVID-19. — AETOSWire