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Moody’s sovereign Sukuk primer — Sharjah

Moody’s assesses Sharjah’s (Ba1 stable) credit profile as being supported by its high per capita income, a relatively diversified economy, and the emirate's membership in the United Arab Emirates (UAE, Aa2 stable) federation. These strengths are set against the government's narrow revenue base, limited fiscal policy effectiveness, and rising debt burden. Sharjah issued its maiden international sovereign sukuk in 2014 and had more than $7 billion of sukuk outstanding at the end of June 2022. Sukuk account for nearly half....

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