Sharjah: Sharjah Islamic Bank (SIB) today announced the successful completion of its AED2.59 billion rights issue, following the close of the subscription period on 8th May 2026. Executed against an exceptionally challenging and volatile market backdrop, the transaction marks a decisive milestone for SIB, significantly strengthening its capital position and accelerating its capacity to deliver sustainable growth and long-term value creation for shareholders.
According to Emirates News Agency, the rights issue achieved exceptional demand, with the total subscriptions exceeding AED8.3 billion, resulting in oversubscription by more than 3.2 times. The strong participation from local, regional, and international investors reflects the high level of confidence in SIB's financial strength, growth strategy, and long-term outlook, despite heightened global market volatility and ongoing geopolitical uncertainties affecting international financial markets.
The transaction also underscores continued investor confidence in the resilience of the UAE economy, the strength and stability of the UAE banking sector, and the country's position as a leading regional and international financial hub. The Government of Sharjah, SIB's major shareholder, subscribed in full to its proportional entitlement, reaffirming its continued support for the Bank and confidence in its future strategy. Excluding the Government's participation, the remaining shares were significantly oversubscribed more than 4.5 times by other investors and shareholders, demonstrating broad-based demand and strong market appetite for the Bank's shares. Foreign investors represented around 55% of the overall demand, reinforcing SIB's growth relevance to international investors and reflecting the strength of global participation in the rights issue.
This landmark transaction is the 2nd largest rights issue over the past 20 years on the Abu Dhabi Securities Exchange (ADX). It underscores SIB's ability to execute at scale and further reinforces the Bank's position among the UAE's leading financial institutions, with a strengthened platform to capture future opportunities across priority growth segments.
Abdulrahman Alowais, Chairman of SIB, expressed gratitude towards shareholders and investors for their support and confidence in SIB through this rights issue. He highlighted that the demand reflects the strength of SIB's fundamentals and the trust investors place in its long-term strategy. Mohamed Abdalla, CEO of SIB, remarked that the successful completion is a defining achievement for SIB, enhancing its ability to execute strategic priorities and deliver sustainable returns. SIB thanked its partners and advisers for their commitment, expressing appreciation to Emirates NBD Capital for its support and strategic advice throughout the process.