Sharjah Financial Services Sector Research Highlights

Analysis

Decentralised finance can help GCC economies diversify
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As GCC countries look to harness new forms of financial technology (fintech), expand services and improve financial inclusion, governments are embracing decentralised finance (DeFi) and attracting cryptocurrency companies. DeFi – peer-to-peer financial services with no central authority or intermediary involved in trading, lending and investing – is seen by GCC countries as an opportunity to diversify…

Analysis

GCC public offerings to rise as macroeconomic climate improves
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The GCC saw a rise in initial public offerings (IPOs) in 2022 despite volatility in secondary markets, surpassing the previous year’s record high. The total number of IPOs in the region increased from 20 in 2021 to 48 in 2022, marking a 140% rise, and proceeds from GCC issuers increased by 211% from $7.5bn to almost $23bn over the same period. The growing number of successful IPOs in the region…

Overview

How Sharjah banks and insurers are building a secure financial foundation
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Sharjah is home to some of the UAE’s largest banks, along with a healthy insurance sector. Local government and corporate entities are also active in the debt and Islamic bond markets, while 2023 saw Sharjah launch a sustainable financial services framework that sets the rules for future green bond issuances. At the same time, the emirate has a fast-developing start-up and financial technology (fintech)…

Interview

Mohamed Khadiri, CEO, Bank of Sharjah: Interview
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Interview:Mohamed Khadiri What role do you see banks playing in Sharjah’s longterm economic development and diversification? MOHAMED KHADIRI: Banks in the emirate play a crucial role in providing financial services, capital and investment opportunities to businesses and individuals. They support economic growth by providing loans, facilitating trade, and promoting saving and investment among…

Interview

Ahmad Abu Eideh, CEO, Invest Bank: Interview
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Interview:Ahmad Abu Eideh What has been the banking sector’s response to recent shifts in the global economic landscape? AHMAD ABU EIDEH: The banking sector has witnessed a multifaceted response to the current global economic landscape. Lenders have been navigating a high-interest rate environment, which is challenging for legacy institutions that have historically offered premium rates in…

Interview

Khaled Mohamed Balama, Governor, Central Bank of the UAE (CBUAE): Interview
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Interview:Khaled Mohamed Balama To what extent can the regulatory landscape help banks benefit from disruptive technologies? KHALED MOHAMED BALAMA: The regulatory landscape in the UAE is under continuous review to ensure that it develops in line with the changes seen in financial technology. As such, we are constantly updating regulations to enable the responsible use of emerging technologies,…

Chapter

The Report: Sharjah 2023: Financial Services
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Sharjah's financial services sector features prominent banks and a thriving insurance industry. The financial technology space is also advancing, propelled by national strategies promoting digital finance and Sharjah's commitment to innovation. The sector is subject to Emiratisation policies, with an aim for the sector’s workforce to include 45% Emirati nationals by 2026. Additionally, the UAE's…

Country Report

The Report: Sharjah 2023
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Sharjah has emerged as a diverse economic powerhouse, with nearly 96% of its economic output driven by non-oil sectors. As host to six free zones and featuring a population of 1.8m, the emirate is prioritising economic diversification and cultural richness. Robust growth is seen across sectors like manufacturing, construction and real estate, supported by initiatives like Sharjah Sustainable City.

Analysis

What is the post-pandemic future of global Islamic banking?
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While Islamic banks emerged relatively unscathed from the 2008 global financial crisis, Covid-19 is having a deeper impact. Compared to conventional financial institutions, Islamic banks are more exposed to small and medium-sized enterprises (SMEs), microfinance and retail lending – particularly in Asia. The industry was on track for strong growth in 2020, but due both to the pandemic and oil price…

Analysis

What new financial technologies emerged during the pandemic?
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The Covid-19 pandemic has led to a significant acceleration of digital transformation. This trend is especially apparent in financial services, where the health crisis prompted an overhaul of legacy processing systems and the widespread implementation of what are known as ABCD technologies – a catch-all term that encompasses artificial intelligence (AI) and automation, blockchain and bitcoin, cloud…

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Sharjah Financial Services Sector Research Highlights

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