The Sharjah Islamic Bank (SIB) has announced, during its annual general meeting, plans to enhance its capital by launching a strategic rights issue aimed at raising a total of 2.59 billion dirhams. This initiative marks a pivotal step in bolstering the bank’s strong internal growth and ensuring long-term substantial value for its shareholders.
The rights issuance provides current shareholders with a unique opportunity to partake in the bank’s ongoing success by subscribing for new shares.
This strategic initiative is designed to advance the interests of both the bank and its shareholders by increasing asset growth capacity while proactively addressing evolving regulatory requirements. It aligns with the bank’s continuous focus on achieving substantial and sustainable returns.
The proposed rights issue will elevate the bank’s issued capital from 3,235,677,638 dirhams to a maximum of 4,314,236,850 dirhams through the issuance of up to 1,078,559,212 new shares.
The new shares will be offered at a subscription price of 2.40 dirhams per share, which reflects a nominal value of 1.00 dirham plus a subscription premium of 1.40 dirhams per share. This price represents a 37% discount compared to the closing price of the bank’s shares on the Abu Dhabi Securities Exchange on February 13, 2026 (the last trading day before the announcement of the annual general meeting).
The Government of Sharjah, which holds a significant stake in Sharjah Islamic Bank through the Sharjah Asset Management Company and the Sharjah Social Security Fund, has expressed its full support for the capital increase via the rights issue. The government has also confirmed its commitment as a current shareholder to fully subscribe to its proportional share of the offered shares, demonstrating strong backing for the bank’s future ambitions.
Sharjah Islamic Bank intends to utilize the net proceeds from the rights issuance to strengthen its capital base beyond the minimum regulatory capital requirements, facilitate further balance sheet growth, and ensure the continued delivery of attractive returns to shareholders.
His Excellency Abdul Rahman Al-Owais, Chairman of Sharjah Islamic Bank, remarked, “This historic announcement highlights our long-term commitment to our shareholders and the investment community in the UAE. We are pleased to provide our loyal shareholders with the opportunity to engage in our ongoing growth and success while reaffirming our role as a key partner in the growth agenda of the Sharjah Government and the wise leadership of the nation.”
Mohamed Abdullah, CEO of Sharjah Islamic Bank, stated, “This transaction is a pivotal moment for Sharjah Islamic Bank, as it enables us to accelerate our growth and deliver added value to our shareholders. We affirm our ongoing commitment to maintaining strong capital foundations and supporting the bank’s sustainable development.”
<p Emirates NBD Capital has been appointed as the subscription manager, while Emirates NBD will serve as the main receiving bank for subscriptions, with Sharjah Islamic Bank also acting as a receiving bank.