Financial Services
From The Report: Sharjah 2018
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Sharjah is home to four local banks and two insurance companies, with a banking market that is characterised by significant minority government ownership stakes in several key players, as well as a tendency for local banks to eschew the retail and small and medium-sized enterprise (SME) markets in favour of larger corporate and government-owned business. The emirate does not host a capital market of its own, but the government and several local entities are already – or are on the road to becoming – regular issuers of debt and sukuk (Islamic bonds). Thus far, the emirate has issued three sukuk, showing its interest in the instrument as a means to diversify funding sources. This chapter contains a roundtable with Varouj Nerguizian, General Manager, Bank of Sharjah; Sami Rashed Farhat, CEO, InvestBank; Ahmed Saad, Deputy CEO, Sharjah Islamic Bank; and Sheikh Mohamed bin Abdulla Al Nuaimi, Acting CEO, United Arab Bank.

Articles from this Chapter

Overview

Holding steady: Recent and planned regulatory changes set to strengthen the industry
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Sharjah is home to four local banks and two insurance companies, with a banking market that is characterised by significant minority government ownership stakes in several key players, as well as a tendency for local banks to eschew the retail and small and medium-sized enterprise (SME) markets in favour of larger corporate and government-owned business. The emirate does not host a capital market of its own, but the government and several local entities are already – or are on the road…

Analysis

Making space: An overbanked market hints at consolidation
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With 45 commercial banks operating in the UAE, according to the country’s central bank, and a national population of 9.27m, according to World Bank figures for 2016, the Emirati financial services market is often described as overbanked and in need of consolidation. Pressure for such consolidation is increasing as intensifying regulatory requirements – driven by the move towards Basel III and the planned implementation of the International Accounting Standards Board’s ninth International…

Overview

Varouj Nerguizian, General Manager, Bank of Sharjah; Sami Rashed Farhat, CEO, InvestBank; Ahmed Saad, Deputy CEO
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Interview:Varouj Nerguizian; Sami Rashed Farhat; Ahmed Saad How will strategic investments, total customer deposits and financing of new infrastructure projects affect the UAE banking sector? AL NUAIMI: Total customer deposits have a significant impact on the banking sector. These deposits enable the industry to weather stress scenarios and financial imbalances that may result from any crisis situation. Well-diversified customer deposits will also enable banks to mitigate concentration risk…