Moody’s Shows Sharjah Coming of Age With Sukuk: Islamic Finance

As Dubai works toward its ambition of becoming the global capital of the burgeoning Islamic economy within three years, neighboring emirate Sharjah is also getting bigger in Shariah finance.

The third-biggest sheikhdom in the United Arab Emirates has approached banks about a debut sukuk sale, according to two people with knowledge of the matter, who asked not to be identified because the information is private. Moody’s Investors Service last week gave state-backed Sharjah Islamic Bank PJSC an A3 rating, one step above Dubai Islamic Bank PJSC, its neighbor’s flagship Shariah-compliant lender, citing its strong capital buffers.