Moody’s Shows Sharjah Coming of Age With Sukuk: Islamic Finance - Bloomberg:
"As Dubai works toward its ambition of becoming the global capital of the burgeoning Islamic economy within three years, neighboring emirate Sharjah is also getting bigger in Shariah finance.
The third-biggest sheikhdom in the United Arab Emirates has approached banks about a debut sukuk sale, according to two people with knowledge of the matter, who asked not to be identified because the information is private. Moody’s Investors Service last week gave state-backed Sharjah Islamic Bank PJSC an A3 rating, one step above Dubai’s flagship Shariah-compliant lender, citing its strong capital buffers.
Banking assets that adhere to Islamic regulations are set to double to $3.4 trillion by 2018 from last year as investors seeking vehicles that meet the religion’s ban on interest pour in cash, according to Ernst & Young LLP estimates. While Moody’s said that Sharjah’s economic growth this year is expected to be 0.5 percent, a 10th of Dubai’s, the ratings company also pointed to the government’s low levels of debt and strong finances."
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