Sharjah, 1 July 2013, Sharjah Islamic Bank ( SIB ), a leading Shariah compliant bank in the UAE, was honoured with an Award of Excellence for Best Sukuk Structuring House in UAE at the recently held London Sukuk Summit.
The award follows the successful establishment of a USD 1.5 billion Sukuk programme in record time and issuance of a benchmark USD 500 million Sukuk at a very attractive pricing of 2.95% for a five-year paper. The Sukuk due in 2018 was oversubscribed by 6.4x and was well received by a wide array of investors from Middle East, Asia and Europe.
HE Mohamed Abdalla, CEO of Sharjah Islamic Bank commented, "This award is recognition of SIB 's activity in the Sukuk space wherein we have tapped the global sukuk markets at appropriate times in 2006, 2011 and 2013 to meet with our funding needs for expansion. Moreover, SIB has also been an active investor in issuances of USD Sukuk coming from issuers globally."
The 7th annual London Sukuk Summit took place in June of this year at the Jumeirah Carlton in London. The London Sukuk Summit prides itself on being industry led and industry focused and over the years has established itself as the foremost gathering based on its ability to bring together the leading industry experts and institutions to explore the key issues impacting the sector and its future development. Despite the continued global economic crises, global Sukuk markets have been going from strength to strength. On the evening of the first day of the Summit, ICG-Events held the annual Sukuk Summit Awards during the event's Gala Dinner Ceremony. The Awards celebrated outstanding achievement in Islamic Capital Markets as well as Islamic Finance in general and have become the premier accolades in the sector.
Since its inception in 1975, Sharjah Islamic Bank has gone from strength to strength. Today, the bank has a rapidly expanding network of 26 branches throughout the UAE supported by a growing number of ATM's and CDM's.
Sharjah Islamic Bank has gained its recognized reputation and continual success over the years through offering the highest levels of unmatched service, which helped it increase its customers' loyalty and succeed in adopting clear and proactive strategy and policies within risk management and expenses control throughout all of the bank's operations.