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Sharjah Islamic Bank eyes raising $500m bonds

Sharjah Islamic Bank eyes raising $500m bonds
Total assets of SIB amounted to AED 44.7bn at the end of 2018.
Sharjah Islamic Bank
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Abu Dhabi – Mubasher: Sharjah Islamic Bank (SIB), listed on the Abu Dhabi Securities Exchange (ADX), plans to raise $500 million through its planned debt sale, deputy chief executive Ahmed Saad told Reuters.

This will consequently boost the bank’s Tier 1 core capital and total capital ratios, Saad added.

It is worth noting that SIB would conclude a series of investor meetings in London today ahead of an Islamic dollar bond sale.

He also noted that the lender is targeting a double-digit loan growth this year.

SIB’s Basel III capital adequacy ratio stood at nearly 18% at the end of 2018, surpassing the Central Bank of the UAE’s requirement of 12.375%, the deputy chief executive indicated.

Total assets of SIB amounted to AED 44.7 billion ($12.2 billion) at the end of 2018.

Meanwhile, the bank’s financing facilities increased by 11% to more than AED 24.1 billion, compared to AED 21.7 billion in 2017.