Sharjah Islamic Bank (SIB) has received approval to enhance its capital by launching a strategic rights issue aimed at generating gross proceeds up to Dh2.59 billion.

The planned rights issue will elevate SIB’s issued capital from Dh3,235,677,638 to Dh4,314,236,850 by issuing up to 1,078,559,212 new shares. These shares will be offered at a price of Dh2.40 each, which includes a nominal value of Dh1.00 and a share premium of Dh1.40. This price reflects a 37% discount compared to the closing share price of SIB’s shares on the Abu Dhabi Securities Exchange as of February 13, 2026, the last trading day prior to the AGM invitation being published.

The rights issue is anticipated to benefit both the Bank and its shareholders by enhancing its capacity for significant asset growth, while also keeping pace with evolving regulatory demands. The Bank remains dedicated to delivering strong and sustainable returns.

SIB plans to utilize the net proceeds from the rights issue to reinforce its capital base, exceeding regulatory capital adequacy requirements, extend its balance sheet growth potential, and maintain attractive returns for shareholders.

Abdulrahman Alowais, Chairman of SIB, stated: “This important announcement reflects our long-term commitment to our shareholders and the UAE investor community. We are excited to provide our dedicated shareholders the chance to participate in our ongoing growth and success, aligning with the growth agenda of both the emirate and national governments.”

Mohamed Abdalla, CEO of SIB, commented: “This landmark transaction marks a critical step for SIB, allowing us to accelerate our growth and deliver enhanced value to our shareholders. We remain committed to upholding strong capital foundations and supporting the Bank's sustainable development.”

Emirates NBD Capital PSC has been appointed as the Lead Manager, while Emirates NBD Bank will serve as the Lead Receiving Bank, with SIB acting as the Receiving Bank.