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Fitch upgrades Sharjah Islamic Bank rating

Global credit rating agency Fitch has upgraded Sharjah Islamic Bank’s (SIB) Viability Rating. The new rating was announced as part of the first Fitch Ratings peer review of the UAE banking sector. The report affirmed the Long-term and Short-term Issuer Default Ratings (IDR) of nine UAE banks, plus the Viability Ratings (VR) of eight other banks.

Sharjah Islamic Bank’s VR upgrade reflects Fitch’s view that its asset quality, combined with strong capital and liquidity ratios, now compares better with peers. New programme ratings have been assigned to Emirates NBD ‘s ( ENBD ) and First Gulf Bank’s (FGB) new AUD programmes in line with the respective banks’ Long- and Short-term Issuer Defaults Ratings (IDRs).

Fitch Ratings affirmed Sharjah Islamic Bank’s Long-term IDR at ‘BBB+’ with Stable Outlook.

Source: Fitch Ratings press release

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