Sharjah Islamic Bank

Sharjah Islamic Bank was established in 1975 by Dr. Sheikh Sultan Bin Mohammed Al Qassimi initially as a commercial bank. The bank transitioned to Islamic Banking almost three decades later in 2002 and today is one of the leading financial institutions that provides Sharia compliant products to its customers. The bank is also the largest bank in the Sharjah emirate of the UAE. The bank operates primarily in the UAE and currently has 35 branches and 122 ATMs across the country, with the majority of its presence in Sharjah. The bank has three operating subsidiaries:

Sharjah National Hotels Corporation – this subsidiary owns and operates mid to luxury range resorts in the emirate of Sharjah.
Sharjah Islamic Financial Services – offers Sharia-compliant stock brokerage services in the stock markets in the UAE.
ASAS Real Estate – this is the property arm of Sharjah Islamic Bank, and is a leading real-estate company in the emirate of Sharjah.

Each of the above subsidiaries are wholly-owned by the company. The below is a summary of the bank’s financial metrics over the years:

As noted above, Sharjah Islamic Bank provides products that are Sharia compliant. Its Islamic Financing investments consists mainly of the following:

Murabaha Financing – this is an agreement for the sale of commodities purchased by Sharjah Islamic Bank based on the promise of the customer to buy the commodities on a cost plus an agreed upon profit basis. As of December 2021, the bank had net Murabaha financing outstanding of AED 10 billion (goods represented approximately 90% of the outstanding amount).
Ijara Financing – this is an asset-based financing method. As of December 2021, the bank had Ijara financing outstanding of AED 16.8 billion.

Sharjah Islamic Bank Products and Services

The bank offers several accounts and financing products for its customers including:

Current Account – this account offers customers unlimited withdrawal and deposits, in addition to access to over 150 ATMs across the UAE, and access to more than 27 airport VIP lounges. In order to be eligible for this account you need to be at least 18 years old and have a balance of AED 3,000. The account also includes additional features such as:
- Free debit card
- Online and mobile banking services
- SMS notifications
- Use of multiple currencies including AED, USD, GBP and the Euro
Savings Account – this account has many of the same features as the current account but also offers a 0.40% profit rate on account balances.
Watani Account – this account was specifically designed for high income and high earning individuals. In order to open the account you need a minimum balance of AED 100,000. The account offers a profit rate of 0.10% in addition to the following features:
- Higher withdrawal limits
- Exclusive foreign exchange rates
- Fast tracked decisions on all finances
Hassalati Account – this account was designed for people under the age of 18 with the idea that it allows them to learn responsible saving from an early age. The account has a minimum balance of AED 500 and provides a profit rate of 0.40% per year.
Credit Cards – Sharjah Islamic Bank has several credit card options including Visa and Mastercard with varying features and rewards. Of note would be the bank’s Smiles Titanium Mastercard which offers cardholders 1 Smile for every AED 2 spent locally and the points are redeemable at over 300 airlines and 300,000 hotels globally. The card also has no annual fee.
Personal Loans – the bank offers loans up to AED 2.5 million with loan terms that can extend up to 48 months. The bank also offers travel and rent finance products.

Contact Information For Sharjah Islamic Bank

Main Branch Address: Al Khan Area, Near Al Qasba Canal, Sharjah Islamic Bank Tower
Main Branch Phone Number: 06 5 999 999
Main Branch Hours
- Monday to Saturday: 08:00 AM – 02:30 PM
- Friday: 07:15 AM – 11:45 AM

For information on the bank’s other branches visit: Sharjah Islamic Bank Branches.