National Bank of Sharjah gets rating rise from Capital Intelligence

The short-term support foreign currency rating of the bank has been retained at A3 while outlook has been reaffirmed as "Stable" for all ratings.

The upgrade reflects the bank's good capitalization and high liquidity levels in addition to good financial performance over the past two years.

The new rating has also taken into consideration the bank's competent management, conservative credit policies, strong cover provisions and overall sound financial standing. Another positive factor taken into account by the rating agency is the bank's strong shareholder base - the government of Sharjah and Kuwait Finance House which together hold 47% stake.

Mr. Hussain Al Qemzi, NBS general manager noted: "Since the bank's conversion from commercial to Islamic banking, NBS has been growing steadily and stronger. Furthermore, the new rating puts our bank parallel with many old Islamic banks. This is impressive given that we are a relatively new entrant to the Islamic finance industry."

Mr. Qemzi said that he expects the bank's ratings to be higher in the years ahead due to the continuous improvement of the bank's portfolio. "Our retail franchise has strengthened through the introduction of new products and services while the corporate and investment banking business is growing steadily" he noted.