Research Update: Sharjah Islamic Bank's Ratings Affirmed At 'A-/A-2' On Anticipated Asset Quality Recovery; Outlook Stable.

We expect Sharjah Islamic Bank (SIB)'s asset quality to recover over 2023 following a deterioration in 2022. We therefore affirmed our 'A-/A-2' ratings on SIB. The stable outlook reflects our view that the bank's creditworthiness will continue to benefit from strong capitalization and exposure to Sharjah's government and its related entities over the next 18-24 months. On June 8, 2023, S&P Global Ratings affirmed its 'A-/A-2' long- and short-term issuer credit ratings on Sharjah Islamic Bank (SIB). The outlook is stable The stable outlook reflects our view that the bank's creditworthiness will continue to benefit from strong capitalization and exposure to Sharjah's government and its related entities over the next 18-24 months. A positive rating action is remote in the

...To From Issuer Credit Rating A-/Stable/A-2 A-/Stable/A-2 SACP ###- ###- Anchor ###- ###- Business position Moderate (-1) Moderate (-1) Capital and earnings Strong (+1) Strong (+1) Risk position Adequate (0) Adequate (0) Funding and liquidity Adequate and adequate (0) Adequate and adequate (0) Comparable ratings analysis 0 0 Support +3 +3 ALAC support 0 0 GRE support 0 0...

Research Update