Sharjah Islamic Bank

What Sharjah Islamic Bank does

Sharjah Islamic Bank PJSC (ADX: SIB) is a UAE Public Joint Stock Company incorporated in 1975 and headquartered in Sharjah, majority-owned by the Government of Sharjah through holding entities. The bank is regulated by the Central Bank of the UAE and operates as a fully Sharia'a-compliant Islamic bank, certified product-by-product by its in-house Sharia Affairs committee under Mudaraba, Murabaha, Ijarah, and Wakala structures. SIB serves retail customers, high-net-worth individuals (Watani tier), low-income earners (Universal Account), children (Hassalati), SMEs, large corporates, and government entities across the UAE through a multi-channel model: 150+ ATMs, a network of branches (HQ Sharjah plus Abu Dhabi Mall), phone banking, and a flagship mobile and online platform (SIB Digital App) integrated with Apple Pay, Samsung Wallet, and Emirates Digital Wallet (klip). The bank operates three core operating subsidiaries — Asas Real Estate (property development, including the AED 700 million Khor Fakkan Resort), SIB Pay (digital payments with QR/Soft POS/e-commerce gateway), and SIB Smiles (rewards) — alongside operations spanning 50 countries' remittance corridors.

The product portfolio spans Current, Savings, Digital, Universal, Watani, and Hassalati accounts; Mudaraba- and Wakala-based deposits (Fixed Deposit, Flexi Long Term, SIB MaxPlus, Wakala); Murabaha/Ijarah financing for personal, automotive (including EV variants), and real estate (up to AED 50 million and 25-year tenures); a three-card covered-card portfolio (Smiles World, Smiles Titanium, Cashback Mastercard); and a dozen co-branded and social-purpose prepaid cards (Jeans, COOP, Al Sa'ada, Sanad, Massarrah, Tamkeen, Joud, Watani). Corporate banking covers Working Capital, Contract, Bridge, and Islamic Trade Finance (Letters of Credit and Guarantee), plus transaction banking (escrow, WPS payroll, host-to-host, remote cheque deposit). Investment banking addresses Structured Finance, Equity Investments, Treasury (FX, ALM, Sukuks), and financial-institution services, supplemented by Group Credit Life Takaful and Property Takaful distribution.

Revenue is generated primarily through Islamic financing income (Murabaha/Ijarah profit on personal, auto, real estate, and trade finance), deposit account profit distribution spreads and maintenance fees, sukuk and investment income on the treasury book, credit card interchange and annual fees (e.g., AED 525 on Smiles World Mastercard), and one-time real estate development revenue through Asas Real Estate. Go-to-market combines direct-to-consumer acquisition via digital onboarding, prize-linked savings (the Millionaire campaign distributing over AED 20 million annually), salary-transfer bundles (Zoud Package), and relationship managers for premium and corporate segments. 2025 closed with AED 1.32 billion in net profit (+26% YoY) on AED 90.3 billion in assets (+14% YoY), and Q1 2026 delivered AED 380.7 million of net profit (+19.4% YoY), with AED 647.1 million of cash dividends approved for 2025 (20%, up from 15% prior year).

Name

Sharjah Islamic Bank

Legal name

Sharjah Islamic Bank PJSC

Website

http://www.sib.ae/home

Company type

Public

Founded year

1975

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Sharjah Islamic Bank PJSC (ADX: SIB) is a UAE government-majority-owned, fully Sharia'a-compliant Islamic bank serving retail, corporate, HNW, SME, and government clients via branches, 150+ ATMs, and a flagship digital app, with material operations in personal and real estate financing, sukuk issuance, and payments.

Ownership category

akta.pro rank

Product category

Islamic Retail Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

Commercial Banks, Nec (6029)

akta.pro primary industry

Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH)

akta.pro secondary industries

Islamic Deposit & Account Products (Current/Savings/Investment Accounts) (FSABAGAI), Islamic Corporate Banking (FSABAGAC), Islamic Investment Banking & Capital Markets Services (FSABAGAG), Sukuk Origination & Structuring (Bank-led) (FSABAGAL), Islamic SME & Commercial Banking (FSABAGAB), Islamic Private Banking & Wealth (FSABAGAD), Islamic Transaction Banking (Cash Management & Treasury Services) (FSABAGAF)

Keywords

• Islamic banking services
• Sharia-compliant finance
• Retail banking
• Corporate banking
• Digital payments

Headquarters

HQ city

Sharjah

HQ country

United Arab Emirates

HQ region

Middle East

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Islamic Financing Income: Income from Islamic financing products including personal finance, car finance, real estate finance, and trade finance. Revenue generated through Murabaha and Ijarah structures with profit rates charged to customers.
2. Deposit Account Fees and Profits: Revenue from various deposit accounts (savings, current, fixed deposits, Watani accounts) through profit distribution spreads and account maintenance fees
3. Credit Card Operations: Revenue from covered/smiles credit cards including interchange fees, annual fees (AED 525 for Smiles World), cash advance fees, and profit on installment plans
4. Sukuk and Investment Income: Income from investments in sukuk instruments and Islamic securities, generating returns through profit rates on sukuk portfolios
5. Real Estate Development (Asas Real Estate): Revenue from real estate development projects through subsidiary Asas Real Estate, including residential and commercial property sales

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels7 records

Core offering

Sharjah Islamic Bank (SIB) is a UAE-based Islamic bank providing Sharia-compliant retail, corporate, and investment banking products. Its portfolio spans current and savings accounts, Mudaraba-based deposits, Murabaha/Ijarah personal, auto, and real estate financing, covered credit cards, prepaid cards, trade finance, transaction banking, and the SIB Pay digital payments platform. The bank serves individuals, SMEs, large corporates, government entities, and high-net-worth clients across the UAE.

Product overview

Sharjah Islamic Bank (SIB) offers a comprehensive Islamic banking product portfolio organized across Personal Banking, Corporate Banking, Business Banking, Investment, and Digital channels. The personal banking suite spans multiple account types (Current, Savings, Digital Account, Universal Account, Watani, Hassalati) and deposit products (Fixed Deposit, Flexi Long Term Deposit, SIB MaxPlus Deposit, Wakala Deposit). Financing products include Personal Finance (Murabaha/Ijarah), Car Finance (Murabaha), and Real Estate Finance (Ijarah) across standard and premium tiers. The card portfolio includes three covered credit cards — Smiles World Mastercard (rewards), Smiles Titanium Mastercard (rewards), and Cashback Mastercard (cashback) — alongside multiple prepaid cards (Jeans, COOP, Al Sa'ada, Sanad, Massarrah, Tamkeen, Joud, Watani, SIB Digital) and debit cards. SIB Pay is the bank's proprietary digital payments platform with QR payments, Soft POS, and e-commerce gateway. The 'Millionaire' campaign is a savings-linked raffle draw programme. Corporate Banking covers large corporates and government entities with trade finance, transaction banking, and real estate finance. The bank also operates through its real estate subsidiary Asas Real Estate and offers an SIB Academy for financial literacy. All products are Sharia'a-compliant, operating on Mudaraba, Murabaha, Ijarah, and Wakala structures.

Differentiator

Problem solved

Functional benefit

Brands

• SIB Pay: Digital payments platform for businesses offering QR code payments, Soft POS, and online payment gateways
• SIB Smiles
• Asas Real Estate
• Millionaire Campaign
• Zoud Package
• SIB Digital Account

Products and services

• Savings Account
• Current Account
• Digital Account
• Universal Account

Quantifiable outcome

• 19.4% increase in Q1 2026 net profit to AED 380.7 million
• +3 more outcomes

Named customers2 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• University of SharjahcoreStrategic or Co-development Partner · 15 June 2026Memorandum of Understanding signed to establish framework for cooperation across financial literacy, professional development, practical training, and talent acquisition. First step in broader initiative to strengthen collaboration with universities and colleges across the UAE. Reflects bank's commitment to investing in national talent and preparing students for the banking and financial sector.
• UAE Central Bank and Community OrganizationscoreStrategic or Co-development Partner · 14 June 2026Collaboration with UAE Central Bank's national financial literacy initiatives and community organizations to organize financial awareness workshops for children and young people. Part of broader UAE effort to combat fraud and promote smarter money habits.
• Asas Real EstatecoreStrategic or Co-development Partner · 7 April 2026Real estate development arm of Sharjah Islamic Bank developing Dh700 million Khor Fakkan Resort with 573 residential units and 16 retail outlets. Partnership with Sharjah Ruler on coastal development projects including elevated scenic seating areas along Khor Fakkan coastline.
• Asas Real EstatecoreOthersAsas Real Estate is the real estate arm of Sharjah Islamic Bank, developing major projects including Dh700 million Khor Fakkan Resort waterfront development on Khor Fakkan Beach featuring 573 residential units and 16 retail outlets near Khor Fakkan Amphitheatre and Waterfall.
• Sharjah Charity InternationalminorStrategic or Co-development PartnerJoud Prepaid Card partnership with Sharjah Charity International to digitize fund transfers and monthly financial aid distribution to approximately 1,300 needy families. Bank provides prepaid card infrastructure for charity disbursements.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• First Abu Dhabi Bank: FAB is the largest bank in the UAE by assets, offering both conventional and Islamic banking products. Comparable to SIB in UAE retail and corporate banking, though at vastly greater scale and broader product portfolio including conventional finance options.
• Emirates NBD: Emirates NBD is one of the largest banking groups in the UAE with conventional and Islamic banking operations. Comparable to SIB in serving UAE retail and corporate customers, though at much larger scale and with broader product range including conventional banking.
• Al Rajhi Bank: Al Rajhi Bank is the largest Islamic bank in the world by assets, headquartered in Saudi Arabia. Comparable to SIB in retail and corporate Islamic banking, though operates at vastly larger scale across a different primary market.
• Kuwait Finance House: Kuwait Finance House is one of the largest Islamic banks globally with operations across the Middle East. Comparable to SIB in full Islamic banking offering (Murabaha, Ijara, Islamic investment), though at a much larger scale and broader geographic footprint.

Regional players

• Bank of Sharjah: Bank of Sharjah is a Sharjah-based financial institution offering commercial and investment banking services, including Islamic banking products. Comparable as a Sharjah-headquartered competitor with overlapping corporate and treasury banking activities.
• Qatar Islamic Bank: Qatar Islamic Bank is the largest Islamic bank in Qatar offering a full suite of Sharia-compliant retail, corporate, and investment banking services. Comparable to SIB in product mix (Islamic financing, deposits, cards) and regional GCC positioning.
• Invest Bank: Invest Bank is a Sharjah-based bank offering conventional and Islamic banking services to retail and corporate customers. Comparable as a Sharjah-based competitor with overlapping customer segments in personal and SME banking.

Direct peers

• Emirates Islamic Bank: Emirates Islamic is the Islamic banking arm of Emirates NBD and operates as a full-service Islamic bank in the UAE. Closely comparable to SIB in retail and corporate Islamic banking offerings, with stronger backing from its parent Emirates NBD group.
• Abu Dhabi Islamic Bank: ADIB is a leading UAE Islamic bank headquartered in Abu Dhabi offering retail, corporate, and treasury services. Directly comparable to SIB in product mix (Murabaha financing, Islamic deposits, credit cards) and target market (UAE-based retail and corporate customers seeking Sharia-compliant solutions).
• Dubai Islamic Bank: Dubai Islamic Bank is the largest Islamic bank in the UAE by assets, offering a comprehensive suite of Sharia-compliant retail, corporate, and investment banking products. Directly comparable to SIB as a full-service UAE Islamic bank with similar product categories (personal finance, real estate finance, deposits, credit cards) and target customer segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/shjislamicbank
• LinkedInlinkedin.com/company/29366

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries3 records

Funding overview

Funding rounds6 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sharjah Islamic Bank