This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks High systemic importance in the United Arab Emirates (UAE). Sizeable lending exposure to the real estate and construction sectors. Strong relationship with the government of Sharjah. High single-name concentration. Key domestic player within the Islamic banking industry. Limited geographic diversification We do not expect the Middle East war to affect Sharjah Islamic Bank’s (SIB’s) activity. In our base case, we assume that disruptions in the Middle East will continue into 2027. The war specifically affected tourism, manufacturing, trade, construction, and the real estate sectors, which collectively represent about 45% of real GDP and
