Sharjah Islamic Bank Group’s Assets Grew 9.3% by Q3

The total assets of the Sharjah Islamic Bank Group in the first three quarters of this year have increased by 9.3% reaching $3.58 billion compared with $21.57 billion as at 31 December 2024.

The investment securities measured at amortised cost stands at $3.65 billion while investments in Islamic financing showed a 14.7%, growth or an increase of $1.52 billion, taking the total outstanding amount to $11.9 billion during the same period, the bank’s chairman Abdul Rahman Mohammed Naseer Al Owais said.

Customer deposits stood at $14.87 billion during the first nine months of 2025 compared with $14.1 billion as of 31 December 2024, demonstrating overall strengthening of the Group’s liquidity position, which was 21% as at 30 September 2025.

The net operating income before impairment on financial assets – net of recoveries, for the Group increased by $39.56 million for the nine-month period ended 30 September 2025 to reach $334.05 million as compared with $294.49 million for the corresponding period in 2024.

The Bank has recognised a impairment charges on financial assets – net of recoveries, for the first nine months amounting to $3.24 million, compared with $27.39 million for the nine-month period ended 30 September 2024.

“As a result, profit before tax increased by $63.74 million to reach $330.81 million for the nine-month period in 2025 compared with $267.07 million for the same period last year,” Al Owais said.

Sukuk Issuances

In February this year, the bank has issued Sukuk, which is listed on the Irish Stock Exchange, bears a profit rate of 5.2% per annum and has a maturity date of 26 February 2030.  In June, the Bank issued Shari’a compliant Additional Tier 1 sukuk through a SPV, SIB Tier 1 Sukuk IIND Ltd, amounting to $500 million at par.

During the year ended 31 December 2024, the Bank has repurchased 167.7 million of its own shares, representing 5.18% of its total issued and paid-up share capital of the Bank, from Kuwait Finance House, subsequent to approval from the Central Bank of the UAE on 16 September 2024 and the bank’s shareholders meeting on 16 October 2024 respectively, he added.