Sharjah Islamic Bank's (SIB) $500 million Sukuk received the ‘Sukuk Deal of the Year 2020', at the 10th Global Islamic Finance Awards (GIFA). The bank was acknowledged with the award, during a virtual ceremony held on Sept. 14. SIB, which enjoys strong investment grade ratings of A- by Standard & Poors, A3 by Moody's, priced a $500 million (AED1.83 billion) 5-year sukuk, with a profit rate of 2.85 percent per annum. The prestigious award is another achievement for the bank, especially after they have successfully expanded their investment and financing services across individual and corporate financing during the year. The bank was able to generate significant momentum from regional and international investors, reflecting strongly on their reputation as a source of quality credit in the financial markets. The bank received an overwhelming response of over $3.6 billion, 7.2 times greater than the issuance for the deal closed on 16 June 2020. The funds raised from this issuance process will be used to for SIB's General corporate purposes. Mohamed Abdalla, CEO of Sharjah Islamic Bank, said: "We are delighted to be recognized at the Global Islamic Finance Awards, which is a testimony of the bank's successful implementation of its policies. "The sukuk has achieved the best pricing globally, having competed with some of the largest traditional and Islamic banking institutions. This in turn has further helped strengthen the basic and total capital ratios of the bank, which will help achieve the targeted growth rate in the coming years." He added: "This is SIB's 8th sukuk issuance after launching its first sukuk in 2006, confirming the bank's credibility despite the current exceptional circumstances. This award also contributes to enhancing the image of the bank across global financial markets and provider of strong financial tools. "The award helps us strengthen our profile both as a regular issuer, providing a financial instrument which is investment grade in nature as well as generating enhanced opportunity for future business." Courtesy of its commitment to adopting the best practices and the latest regulations in the world of finance and business, SIB has won several local, regional and international awards over the years that prove the bank's excellence and leadership. Sharjah Islamic Bank is constantly striving to provide all electronic services and facilities, designed to meet the requirements of the retail and corporate customer base during the current period. The bank seeks to extend support to the nation, under the slogan ‘We Commit Until We Succeed, that aligns with the UAE Vision 2021 aimed at building a creative, high standard and competitive knowledge-based economy. The Global Islamic Finance Awards is one of the most respected awards in the field of Islamic banking and finance that recognizes the outstanding contributions made by governments, institutions and individuals to contribute to the sustainability of Islamic banking and finance, as a viable system within the global financial architecture. — WAM
