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Fitch Affirms Sharjah Islamic Bank at 'BBB+'; Outlook Stable

17 May 2021: Fitch Affirms Sharjah Islamic Bank at 'BBB+'; Outlook Stable

Fitch Ratings - Dubai - 17 May 2021: Fitch Ratings has affirmed UAE-based Sharjah Islamic Bank PJSC's (SIB) Long-Term Issuer Default Rating (IDR) at 'BBB+' with a Stable Outlook and Viability Rating (VR) at 'bb+'. A full list of rating actions is below.

Fitch's view of support factors in the sovereign's strong capacity to support the banking system, sustained by sovereign wealth funds and recurring revenue mostly from hydrocarbon production, despite lower oil prices. Fitch also expects a high willingness from the UAE authorities to support the banking sector. This has been demonstrated by their long record of supporting domestic banks, and is also underlined by the state's close ties with and partial ownership of some banks.

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