S&P upgrades Sharjah Islamic Bank

S&P said it raised the long-term rating on Sharjah Islamic Bank (SIB) to A- from BBB+ and affirmed the bank's A-2 short-term rating.

The bank is an important player in the Islamic banking market in the United Arab Emirates, S&P said. It has a strong relationship with the government of Sharjah, the agency said.

S&P said it also considers the bank to have high systemic importance in the UAE and sees a high likelihood of the bank receiving government support, if needed.

The stable outlook reflects a view that the bank's business and financial profiles will remain broadly unchanged over the next 12 to 24 months, the agency said.

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