Sharjah Islamic gets A3/Prime — 2 issuer rating from Moody’s

Moody’s Investors Service on Tuesday assigned to Sharjah Islamic Bank ( SIB ) issuer ratings of A3/Prime-2 and a stand-alone bank financial strength rating of D+, which is equivalent to baseline credit assessment (BCA) of baa3. The rating assignment reflects SIB’s very strong capital buffers, relatively low borrower and sector concentrations and satisfactory profitability and liquidity metrics, according to the rating agency. Moody’s assessment of Sharjah Islamic Bank’s franchise takes into account the growing importance of Islamic finance and associated franchise opportunities in the United Arab Emirates, according to the rating agency.