Complex Made Simple

Sharjah Islamic Bank wins major award in Egypt

SIB named Best Islamic Bank in Sukuk Structuring

Sharjah Islamic Bank (SIB) has announced that it has won the “Best Islamic Bank in Sukuk Structuring “ category of the 2015 Arab Banks & Commendations of Excellence Awards, in recognition of its achievements in the regional Islamic banking sector.

HE Mohammed Abdullah, CEO of Sharjah Islamic Bank, received the award, organised by the World Union of Arab Bankers on the side lines of the Union of Arab Banks’ Ordinary General Assembly Meeting and the Arab Banking Conference 2015, in Cairo on April 27th. Entitled ‘Financing for Development’, the conference is held under the patronage of HE Eng. Ibrahim Mahlab, Egyptian Prime Minister, and HE Dr Hisham Ramez, Governor of the Central Bank of Egypt.

“We are delighted about winning the award for our Sukuk products which have proven to be attractive to investors from all over the world,” HE Mohammed Abdullah commented on the occasion.

He went on to remark, “This is SIB’s fourth Sukuk issuance in the international debt capital markets, following our third successful issuance in April 2013 and the response has been overwhelmingly positive, which tells us that investors have confidence in the rewarding investment potential of Sukuk, our bank’s financial position, as well as SIB’s ability to seize promising opportunities in the market and achieve future growth. We are proud to play our role in increasing the depth of Sukuk offerings in the market”

“We are proud to receive this award and sincerely thank the Union of Arab Banks for acknowledging our efforts in serving customers and investors in the best possible means. We constantly work on enhancing and developing the services offered to our valued customers and look forward to launching more and more innovative products in the future,” he added.

The Union of Arab Banks’ 42nd Ordinary General Assembly Meeting was attended by a gathering of 700 leading dignitaries from the regional banking industry including chairmen, CEOs, and general managers.

The Arab Banking Conference 2015 highlighted economic reforms in Egypt, stimulate Arab investment to support their development goals and focus on the growing SMEs sector that provides jobs in a sustainable financed environment.

The conference further discussed the prospects of financing for development, starting from restructuring Arab economies and institutions, devising a common Arab strategy that improves economic, social, and living standards, and eradicating poverty in Arab countries, which rises with population, illiteracy, unemployment, debt accumulation, and over-exploitation of natural resources, in addition to limited financial resources and poor infrastructure.