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Sharjah Islamic Bank SWOT & PESTLE Analysis

ID : 521394953| Oct 2022| 22 pages

COMPANY PROFILE -Sharjah Islamic Bank

Business Sector :Banking and Financial Services

Operating Geography :UAE, Middle East, Global

About Sharjah Islamic Bank :

Founded in 1975, Sharjah Islamic Bank (SIB) was formerly known as National Bank of Sharjah. Headquartered in Sharjah, UAE, the bank provides Sharia- compliant products and services to companies, investors, institutions and individuals. It offers banking, investment and financial services in accordance with Islamic Sharia principles. The bank has launched a new digital account that allows customers to use the smart bank application for opening an electronic account without visiting the branch. Sharjah Islamic Bank is active in three business segments- The Government and Corporate Segment which provides a range of Islamic financial products and services to institutions, companies and government departments, The Retail Segment which provides a range of Islamic Financial services to individuals and the Investment and Treasury Segment includes investments of the bank and other markets. The bank operates through a network of 35 branches across UAE. As of early 2022 the number of people employed with Sharjah Islamic Bank is 1,372 employees. The awards and accolades bestowed upon Sharjah Islamic Bank are as follows- Best Islamic Bank Award, Best CEO Award, Most Innovative Digital Bank Award, Business Excellence Award, Wells Frago Operational Excellence Award, Best Digital Banking Transformation Award and Sukuk Deal of The Year Award at GIFA (Global Islamic Finance Award).

The mission statement of Sharjah Islamic Bank is “We are committed to the development of our community by serving customers with socially responsible solutions, and providing world-class employment opportunities based on knowledge, teamwork, respect and leadership- while creating sustainable value for our shareholders.” The vision statement of Sharjah Islamic Bank is “To be the bank of choice for creative customer solutions, based on excellence and Islamic principles of partnership, trust and equality for all.” The USP or Unique Selling Point of Sharjah Islamic Bank lies in being one of Forbes 100 most powerful companies in Middle East. The bank ensures that the banking system and services offered adhere to financial development to meet the needs of a wide and diversified customer base.

Sharjah Islamic Bank Revenue :


AED 1,427,450 thousand - FY ending 31st March 2021 (y-o-y growth 13.9%)
AED 1,259,152 thousand - FY ending 31st March 2020

Competitive Analysis of Sharjah Islamic Bank

SWOT
PESTLE
The SWOT analysis for Sharjah Islamic Bank is presented below in a matrix format followed by a detailed analysis:
StrengthsWeaknesses
1. Strong capitalization leading to rise in overall profitability.
2. Competitive funding and adequate liquidity.
3. Strong capital and earnings that are likely to remain good.
4. Strong relationship with the government of Sharjah
1. High single name concentration due to narrow nature of domestic economy.
2. Low share of retail customer deposits.
OpportunitiesThreats
1. Sharjah Islamic Bank can make use of bancassurance agreements to improve its position in insurance sector.
2. SIB can focus on digitization furthered by COVID-19.
3. The field of Wealth Tech can be exploited by SIB.
4. There has been a sharp rise in cryptocurrency which can be used by SIB for its benefit.
1. Ownership of the government of Sharjah may put the bank at risk.
2. Compliance with ESG considerations entails further expenses and processes impacting its credit profile.
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Detailed SWOT Analysis of Sharjah Islamic Bank

Strength

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Weakness

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Opportunity

1. Sharjah Islamic Bank can make use of bancassurance agreements to improve its position in insurance sector: Bancassurance has long been a fertile ground for collaboration, as the synergies between banks and insurers are frequently obvious. Banks bring consumer connectivity to the table due to the frequency and quality of the customer data they manage. In contrast, insurers bring specific capabilities in areas such as insurance design, manufacturing, and distribution. Not unexpectedly, the number of bancassurance agreements in place worldwide has increased considerably since their introduction, and acceptance is only projected to continue as new and emerging nations focus on enhancing access to insurance and banking services. Bancassurance already attracts some of the market's most powerful firms, owing to the attractiveness of a strategic win-win, speedier expansion, and scale economies. The Middle East has a lot of room for expansion in the banking industry. Unlike in other countries, there are little limitations restricting banks from offering insurance products, and life insurance penetration is currently quite low (average penetration is less than 1%). Given that nearly 40% of all premiums earned by insurers in the UAE come through the bancassurance channel, it appears that clients in the region are open to the approach. Being the largest bank in Sharjah, SIB is well positioned to tap on this growing opportunity.

2. SIB can focus on digitization furthered by COVID-19: Banking customers expect financial institutions to implement technologies like low code digital transformation, machine learning, artificial intelligence (AI), and sophisticated analytics in order to match their tech savvy. These can include machine learning, Robotic Process Automation, capitalizing on data to gain valuable insights, blockchain integration, etc. Higher IT investment in the absence of a cloud infrastructure frequently denotes an architecture that is insufficiently integrated and necessitates manual intervention to carry out data transformation tasks like reconciliations. SIB's primary partner in the digital innovation journey is Infosys Finacle. Their leadership and project management abilities have aided SIB in digitising its products and launching new experiences for its customers in a timely manner. SIB will continue to strengthen its collaboration in order to lead and give the finest solution to satisfy the needs of its customers. SIB has already implemented Individual Mobile & Online Banking with Infosys Finacle in 2020, and SME/Corporate Mobile & Online Banking in August 2021. SIB has many more projects in the pipeline with Infosys Finacle that will be unveiled in the future years as part of its digital roadmap ambition.

The remaining section under "Opportunity" is available only in the 'Complete Report' on purchase.

Threat

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

  • Abu Dhabi Commercial Bank (ADCB)
  • Emirates Islamic Bank
  • Dubai Islamic Bank
  • Standard Chartered Bank
  • Abu Dhabi Islamic Bank (ADIB)
  • National Bank of Ras Al-Khaimah (RAKBANK)
  • National Bank of Fujairah
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References used in Sharjah Islamic Bank SWOT & PESTLE Analysis Report

1. S&P Global Ratings - https://www.sib.ae/docs/default-source/default-document-library/s-p_sib_-apr_2022.pdf?sfvrsn=81d75ae2_6
2. Fitch Affirms Sharjah Islamic Bank at 'BBB+'; Outlook Stable - https://www.fitchratings.com/research/banks/fitch-affirms-sharjah-islamic-bank-at-bbb-outlook-stable-14-04-2022
3. Rating Action: Moody's downgrades Sharjah Islamic Bank's ratings, outlook changed to stable - https://www.moodys.com/research/Moodys-downgrades-Sharjah-Islamic-Banks-ratings-outlook-changed-to-stable--PR_468829
4. Sharjah Islamic Bank PJSC: Fitch Ratings - https://www.sib.ae/docs/default-source/default-document-library/fitch_sib_may_2022.pdf?sfvrsn=5260d491_4
5. The power of alliances - https://assets.kpmg/content/dam/kpmg/pdf/2016/03/power-of-alliance.pdf
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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SWOT & PESTLE.com (2023). Sharjah Islamic Bank SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/sharjah-islamic-bank/ [Accessed 28 Jan, 2023].

In-text: (SWOT & PESTLE.com, 2023)

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Sharjah Islamic Bank SWOT and PESTLE analysis has been conducted by Sakshi Sachan and reviewed by senior analysts from Barakaat Consulting.

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