Financial Services

Sharjah’s financial services sector has grown steadily over the years, due in part to its quick response to changes, including the rapid adoption of international best banking practices. The banking industry has expanded its digital services, particularly in response to the economic disruption caused by the Covid-19 pandemic, putting it in a good position for future growth as the world transitions to a more digital economy. Meanwhile, the government of Sharjah’s acquisition of a majority stake in a local bank in 2019 could set the stage for additional strategic investments to strengthen the financial services sector further. While Sharjah does not have its own capital market, the emirate-level government and many local institutions have become regular issuers of debt and sukuk (Islamic bonds), with a number of sukuk sold in 2020 to raise financial support for the pandemic response.

This chapter contains an interview with Ahmad Abu Eideh, CEO, United Arab Bank.