Overview of Bank of Sharjah
Bank of Sharjah is a financial institution based in Emirate, UAE. It started in 1973 and has since played a vital role in the Emirate’s economic growth. The bank achieves strong and sustainable performance for its shareholders while operating to the benefit of its customers and personnel with high ethics, complete transparency, and innovative initiatives.
History and Evolution
Bank of Sharjah was incorporated on December 22, 1973, by Emiri Decree issued by H.H. Dr. Sheikh Sultan bin Mohamed Al Qassimi, Ruler of Sharjah. It was the sixth financial institution in the United Arab Emirates and the first in the Emirate of Sharjah. The bank was established as a consortium between three founding members: the Government of Sharjah, which held a 20% stake, the National Bank of Abu Dhabi, and the Commercial Bank of Dubai.
Over the years, the Bank of Sharjah has become one of the leading banks in the UAE. In 2008, the bank was selected by The Banker Magazine – FT Business as the “Mergers & Acquisitions; Deal of the Year” in the Middle East. The bank has also acquired the assets of BNPI in Lebanon, and Banque de la Bekaa was renamed Emirates Lebanon Bank SAL.
Role in the Emirate of Sharjah’s Economy
Bank of Sharjah has significantly influenced the Emirate’s economic growth. The bank has provided financial support to different parts of the economy, including real estate, construction, and manufacturing. It has also been a critical player in developing the Emirate’s infrastructure, including constructing roads, bridges, and other public facilities.
Bank of Sharjah is firmly committed to sustainable business practices and corporate responsibility. The bank’s sustainability report details its activities relating to material issues at all its offices and branches across the UAE. The report contains an overview of the bank’s corporate responsibility projects and activities during the year, assuring customers of its unwavering commitment to support their aspirations and objectives.
Corporate Information
Bank of Sharjah is a commercial bank established in 1973 in Sharjah, UAE. Since then, it has played a significant role in the Emirate’s economic growth. The bank offers various financial services, including personal banking, corporate banking, trade finance, investment banking, and wealth management.
Leadership
The bank is led by Mohamed Khadiri, who serves as the CEO. Khadiri brings years of experience in the banking industry, having previously worked for other notable regional banks. Under his leadership, the Bank of Sharjah has continued to grow and expand its operations.
Shareholders and Stakeholders
Bank of Sharjah has several shareholders and stakeholders, including Sheikh Mohammed bin Saud Al Qasimi, one of the bank’s largest shareholders. Other significant shareholders include Sharjah Asset Management and Al Saqr United Group.
The bank is committed to maintaining strong relationships with its shareholders and stakeholders and strives to meet their needs and expectations. It guarantees that stakeholders are informed about the actions and performance of the bank and acknowledges the significance of accountability and transparency in its operations.
To sum up, the Bank of Sharjah is a reputable commercial bank in the United Arab Emirates that has substantially contributed to the economic development of Sharjah. The bank is well-positioned to maintain its growth and prosperity in the years to come because of its excellent leadership and dedication to its stakeholders and shareholders.
Financial Services and Products
The Bank of Sharjah provides a comprehensive array of financial services and products its customers need. The bank, via its subsidiary Emirates Lebanon Bank S.A.L, has a significant presence in the United Arab Emirates and Lebanon. The Bank of Sharjah provides the following financial services and goods:
Commercial Banking
Bank of Sharjah provides commercial banking services to various sectors, including industry, trade, education, and more. The bank offers various commercial banking products such as corporate finance, trade finance, and cash management.
Private Banking and Wealth Management
Bank of Sharjah provides private banking and wealth management services to high-net-worth individuals. The bank offers its clients personalized investment solutions, portfolio management, and financial planning services. Bank of Sharjah also provides a range of savings accounts and credit cards to its private banking clients.
Investment Banking Services
Bank of Sharjah provides investment banking services to its clients. The bank offers advisory services, equity and debt capital markets, and mergers and acquisitions services. Bank of Sharjah also provides asset management services to its clients.
Bank of Sharjah’s commitment to its core values shows in all its banking operations, creating a solid legacy of excellence.
Strategic Partnerships and Subsidiaries
Bank of Sharjah has established a strong presence in the Middle East region and beyond through its strategic partnerships and subsidiaries. These collaborations have enabled the bank to expand its reach and offer customers a wide range of financial products and services.
Emirates Lebanon Bank S.A.L
One of the key subsidiaries of the Bank of Sharjah is Emirates Lebanon Bank S.A.L, based in Lebanon. The bank has been operating in Lebanon for over 60 years and has a strong reputation for providing high-quality banking services to its customers. Emirates Lebanon Bank S.A.L offers various services, including trade finance, corporate and retail banking, and treasury services.
International and Regional Collaborations
Bank of Sharjah has also established collaborations with several international and regional banks to expand its operations and offer its customers a more comprehensive range of services. The bank has collaborated with leading financial institutions such as Citibank, Standard Chartered Bank, and HSBC to provide global banking services to its customers.
Bank of Sharjah has partnered with regional banks such as Arab Bank and National Bank of Oman to expand its reach in the Middle East region. Through these partnerships, the bank now provides financial services and products to its clients, such as wealth management, trade financing, and treasury services.
In conclusion, Bank of Sharjah’s strategic partnerships and subsidiaries have enabled the bank to expand its reach and offer its customers a wide range of financial products and services. The bank’s collaborations with international and regional banks have enabled it to provide global banking services. At the same time, its subsidiary in Lebanon is known for providing high-quality banking services.
Innovation and Technology
Bank of Sharjah is committed to providing innovative and secure banking services to its customers. The bank has implemented several measures to enhance its digital banking services while ensuring the security of its customers’ information.
Digital Banking
Customers may conduct various financial operations from the comfort of their homes or workplaces using the bank’s online banking platform, EBOS. Online bill payment, credit card management, cash transfers, and account balance viewing are all available to customers. Customers may access the platform at any time, making banking more easy. It is also user-friendly.
IBAN, a standardized mechanism for identifying bank accounts across international boundaries, has also been introduced by the bank. By ensuring precise and speedy processing of foreign transactions, this technology lowers the possibility of mistakes and delays.
Security Measures
Bank of Sharjah takes the security of its customers’ information seriously. The bank is taking several security measures to protect its customers from fraud and cyber-attacks. The following are some of the security measures implemented by the bank:
- Two-factor authentication: Customers must provide a second form of identification, such as a password, to access their accounts online.
- Secure Socket Layer (SSL) encryption: The bank’s website uses SSL encryption to protect customer information from unauthorized access.
- Fraud monitoring: The bank monitors customer accounts for suspicious activity and alerts customers if any unusual transactions are detected.
In conclusion, the Bank of Sharjah is committed to providing innovative and secure banking services to its customers. The bank’s digital banking platform, EBOS, and IBAN system have made banking more convenient and efficient for customers. The bank’s security measures protect customers’ information from fraud and cyber-attacks, including two-factor authentication, SSL encryption, and fraud monitoring.
Sustainable Finance and ESG
ESG Principles and Policies
Bank of Sharjah practices environmental, social, and governance (ESG) principles and practices. The bank has established an ESG committee to oversee the implementation of its ESG policies and ensure compliance with global sustainability benchmarks. The committee monitors the bank’s ESG performance, pinpoints areas needing development, and puts best practices into action.
The Sustainable Development Goals (SDGs) of the United Nations and the Global Reporting Initiative (GRI) Standards serve as the foundation for the Bank of Sharjah’s ESG policies and practices. The bank’s ESG policies address several issues, including labor practices, human rights, climate change, and anti-corruption.
Bank of Sharjah’s commitment to ESG principles and policies shows in its ESG risk rating, which Sustainalytics provides. The bank has received a high-quality public ESG risk rating for its equity and fixed-income securities, indicating a low risk of exposure to ESG-related risks.
Sustainable Financing Initiatives
Bank of Sharjah is promoting sustainable financing and investing practices. The bank has developed a range of sustainable financing initiatives to support its clients in achieving their sustainability goals. These initiatives include green bonds, sustainability-linked loans, and social impact bonds.
Green bonds from the Bank of Sharjah fund ecologically friendly initiatives, including clean mobility, energy efficiency, and renewable energy. With the help of the bank’s sustainability-linked loans, borrowers are encouraged to meet predetermined sustainability goals, such as cutting greenhouse gas emissions or increasing energy efficiency.
The social impact bonds offered by the Bank of Sharjah will fund projects and programs that deal with societal problems, including poverty, healthcare, and education. The bank’s sustainable financing initiatives align with international standards and guidelines, including the Green Bond and Social Bond Principles.
Bank of Sharjah’s commitment to sustainable financing has been recognized by the UAE government, which has designated the bank as a member of its sustainable finance initiative. The membership-based sustainable finance initiative includes other UAE regulators, such as the Central Bank of the UAE and the Securities and Commodities Authority.
Economic Contributions
Bank of Sharjah has been a critical player in the economic growth of the United Arab Emirates (UAE) for many years. The bank has contributed significantly to developing local industries and trade and has played a vital role in financing various projects nationwide.
Supporting Local Industry and Trade
Bank of Sharjah has always supported local industries and businesses in the UAE. The bank has provided financing and other support to various sectors, including construction, real estate, and manufacturing. By supporting these industries, the Bank of Sharjah has helped stimulate economic growth in the UAE.
In addition to providing financing, the Bank of Sharjah has also played a key role in facilitating trade between the UAE and other countries. The bank has helped to connect local businesses with international partners and has provided a range of trade finance services to support import and export activities.
Project Finance and Development
Bank of Sharjah has been a significant player in financing various projects across the UAE. The bank has funded multiple infrastructure, energy, and real estate development projects. By providing project finance, the Bank of Sharjah has helped to stimulate economic growth and development across the country.
In addition to providing financing, the Bank of Sharjah has also played an active role in developing various projects. The bank has provided advisory services and has worked closely with project sponsors to ensure the successful completion of projects.
The Bank of Sharjah has made significant economic contributions to the UAE. The bank has supported local industries and businesses, facilitated trade, and financed various projects nationwide.
Financial Performance
Annual Reports and Growth Metrics
According to the Bank of Sharjah’s 2020 Annual Report, the bank demonstrated resilience in the face of the COVID-19 pandemic and other significant developments in the markets where the group operates. The bank’s UAE operations, in particular, showcased robust fundamentals, which helped the bank to weather the storm. The report also highlights that the bank’s total assets grew by 9.8% YoY, reaching AED 35.7 billion by the end of 2020. The bank’s net profit for the year was AED 401.4 million, a decrease of 19.2% compared to the previous year.
In the first quarter of 2021, the bank’s total assets increased by 5.9% YoY, reaching AED 37.8 billion. The bank’s net profit for the quarter was AED 136.7 million, a decrease of 25.3% compared to the same period in the previous year. The Bank of Sharjah’s management discussion and analysis report for the first quarter of 2021 provides more detailed information on the bank’s financial performance during this period.
Capital Market Activities
In 2022, the Bank of Sharjah announced that Sharjah Asset Management, one of its strategic shareholders, would increase its shareholding in the bank from 17.16% to about 40%. This move will raise the bank’s paid-up capital from AED 2.2 to AED 3 billion. The bank also succeeded in issuing USD 500 million, 5-year unsecured bonds.
The Bank of Sharjah’s corporate governance report for 2021 highlights the bank’s commitment to achieving a high level of corporate governance and transparency. The bank’s board of directors oversees its overall strategy and ensures it aligns with its long-term goals. The report also highlights the bank’s performance against key performance indicators, including its capital adequacy ratio, which was 16.4% at the end of 2020.
In summary, the Bank of Sharjah’s financial performance has shown resilience despite the challenging economic environment of recent years. The bank’s annual reports and growth metrics indicate that the bank’s total assets have grown, albeit slower than in previous years. The bank’s capital market activities have also been noteworthy, as it has issued significant unsecured bonds and attracted strategic shareholders.
Bank of Sharjah in the Capital Markets
Bank of Sharjah has been active in the capital markets, successfully issuing bonds and maintaining investor relations.
Bond Issuances
In March 2024, the Bank of Sharjah acted as Joint Lead Manager and Bookrunner in a $750 million, 12-year, U.S. dollar-denominated, 144A/Reg S Senior Unsecured Sustainable Bond issuance for the Government of Sharjah. The bond issuance received significant investor interest, with a strong order book and successful completion. This landmark bond issuance demonstrates the Bank of Sharjah’s ability to participate in large, complex transactions in the capital markets.
Investor Relations
Bank of Sharjah places a high priority on maintaining solid relationships with its investors. The bank regularly updates its financial performance and strategic initiatives and engages with investors through various channels, including investor presentations and meetings. Bank of Sharjah’s investor relations efforts have helped build trust and confidence among its investor base, contributing to its success in the capital markets.
In conclusion, the Bank of Sharjah’s participation in the capital markets has been marked by successful bond issuances and strong investor relations. The bank’s ability to execute complex transactions and maintain strong relationships with its investors demonstrates its expertise and commitment to excellence in the capital markets.
Leadership in the Financial Sector
Bank of Sharjah is a premier banking institution in the UAE, known for its credibility and global reach. The bank has established itself as one of the leading commercial banks in the UAE, with a strong focus on providing innovative financial solutions to its customers.
Awards and Recognition
Bank of Sharjah has been recognized for its excellence in the financial sector, winning numerous awards over the years. In 2022, the bank succeeded in issuing USD 500M, 5-year unsecured bonds. The issuance was well received by investors, reflecting the bank’s strong financial position and credibility in the market.
The bank’s Corporate Governance Report for 2021 highlights that it has high standards of corporate governance. The report outlines the bank’s approach to risk management, internal controls, and compliance, reflecting its commitment to transparency and accountability.
Future Outlook
Bank of Sharjah’s future outlook is promising, with the appointment of Mohamed Khadiri as the Chief Executive Officer in 2023. The bank’s strategic growth and digital transformation under new leadership are expected to ignite momentum for substantial growth.
The bank’s focus on innovation and customer-centric solutions is expected to drive its growth in the future. The bank has a strong presence in the UAE, with a nationwide network of branches and ATMs. It also has a global reach, with correspondent banking relationships with central banks worldwide.
In conclusion, the Bank of Sharjah’s dedication to quality and innovation is demonstrated by its leadership in the financial industry. The bank is in an excellent position to maintain its development and prosperity in the years to come, and its future prognosis is optimistic.
- Bank of Sharjah is a premier banking institution in the UAE
- The bank has established itself as one of the leading commercial banks in the UAE
- Bank of Sharjah has been recognized for its excellence in the financial sector, winning numerous awards over the years
- The bank’s future outlook is promising, with the appointment of Mohamed Khadiri as the Chief Executive Officer in 2023
- Bank of Sharjah’s focus on innovation and customer-centric solutions is will drive its growth in the future
- The bank has a strong presence in the UAE, with a network of branches and ATMs across the country
- Bank of Sharjah also has a global reach, with correspondent banking relationships with central banks worldwide.
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Frequently Asked Questions
How can I find the nearest bank branch?
Customers can visit the bank’s website and use a tool that locates branches to find the nearest branch of the Bank of Sharjah. This tool allows customers to search for branches by location and provides information such as address, phone number, and operating hours.
What are the steps to access online banking services?
Customers must first register for eBOS (Electronic Banking Online Services) to access Bank of Sharjah’s online banking services. From there, they can access various online banking services, including account balances, fund transfers, bill payments, and more.
What career opportunities are available at the bank?
Bank of Sharjah offers career opportunities for individuals who seek to work in the banking industry. Current job openings on the bank’s website include relationship managers, credit analysts, and operations managers.
How do I log in to my account online?
Customers can visit the Bank of Sharjah website and tap “login” at the top of the screen to log in to their online account. From there, they will enter their username and password.
What is the contact information for customer support?
Customers can contact Bank of Sharjah’s customer support team by calling the bank’s call center at 800-88-eBOS (800-88-3267) or +971-6-5694411. The call center is open Saturday to Thursday, starting from 8:00 am until 4:00 pm (GMT+04:00). Customers can also email the bank’s customer support team at customerservice@bankofsharjah.com.
Where is the bank’s head office located?
Bank of Sharjah’s head office is at Al Khan Street, United Arab Emirates.
