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Sharjah Islamic Bank (SIB) welcomed Standard & Poor’s Global Rating’s move yesterday to upgrade the bank’s credit long-term rating from BBB+ to A- with a stable outlook.
The upgrade is based on S&P’s considering SIB to be a highly systemically important bank in UAE, the importance of SIB’s as a market player in the UAE Islamic banking sector and the increase in market share. The upgrade also took the bank’s capitalization into consideration as a positive factor, and the fact that asset quality remains resilient and the cost of risk is low.
Commenting on the upgrade, Mohammed Abdulla, CEO of Sharjah Islamic Bank, said “Our balance sheet reflects the bank’s strong performance and sound financial position, and we remain an important instrument in the growth of Sharjah’s economy and supporter of the emirate’s medium-term development strategy.”
“We are optimistic about expanding our business and services from mirco-consumer level to multinational corporations because we have the necessary skills, technology and capacity,” Mr. Abdullah added.
Sharjah Islamic Bank (SIB) posted a 7 percent in net profit in 2018, with 15.2 percent and 16.5 percent increase in total operating income and net operating income respectively. Total assets grew by 17 percent and deposits increased by 18.5 percent.