Sharjah Islamic Bank (SIB) has listed a $500m Additional Tier 1 (AT1) sukuk on Nasdaq Dubai, expanding the bank’s total listed sukuk on the exchange to $2.5bn.

The sukuk, issued through SIB Tier 1 Sukuk IIND, has a non-call period of six years and is fully compliant with Basel III capital regulations. The transaction attracted strong interest from both regional and international investors, with the proceeds set to support the bank’s capital base and long-term funding strategy. It also reflects growing investor confidence in Dubai’s capital markets and the importance of sukuk in building long-term financial resilience.

The listing follows other recent Gulf AT1 issuances, including Bank AlJazira’s SAR1bn (approx. $270m) AT1 sukuk and Saudi Awwal Bank’s dual-tranche AT1 deal in 2025.

GCC banks have around $2.2bn in US dollar-denominated AT1 instruments with first call dates in 2025, and a further $3.1bn in 2026, according to Fitch Ratings.

SIB posted a net profit before tax of AED 1.15bn for 2024 (up 36.5%) and net profit after tax of AED 1.05bn, up 24.5% from AED 851.5m in 2023. The bank’s total assets reached AED 79.2bn at the end of 2024.