Sharjah Islamic Bank Named Highly Commended in 2012 Asset

Sharjah Islamic Bank's US$400 million Sukuk has been named as Highly Commended in the category Best Islamic Deal, by Country, by the 2012 Asset Triple A Awards for Islamic Finance. Speaking on the occasion, Ahmed Saad, Sharjah Islamic Bank (SIB) Deputy CEO and Head of the Sukuk campaign, said, "The recognition of SIB's Sukuk by such a prestigious award as the Asset Triple A Awards is once again proof of the continued success of our strategic business expansion plan. The Asset Triple A Awards is Asia's defining recognition for excellence in the industry, and as such we are very pleased to see SIB counted amongst the top Islamic finance providers in the world.

" Saad went on to comment that the success of their second Sukuk issuance directly correlated with SIB's strong performance and their ability to generate profits which is based on a combination of SIB's solid financial position in the market, good financing and liquidity standards, and adequate capital, in addition to their conservative policy, which is guaranteed to safeguard the rights of their shareholders and clients. He also emphasised that in the period following the economic crisis, SIB has, in accordance with the Board's strategy, been focusing on cushioning the impact of the crisis and on maintaining a positive growth rate.

Saad also remarked, "SIB has continued to witness strong investor confidence in the rewarding investment potential of this Sukuk, as well as its ability to seize promising opportunities in the market and achieve future growth." The awards, which are judged by The Asset's Board of Editors who collectively have several decades' worth of evaluating industry awards in Asia, are run by The Asset Publishing and Research Ltd. An integrated multi-media company serving the elite community of leading corporate and financial decision makers in Asia, The Asset has built a powerful reputation for delivering authoritative unbiased coverage and independent research of Asia's financial industry.