Dubai: Sharjah Islamic Bank said its Dh2.59 billion rights issue attracted more than Dh8.3 billion in subscriptions, making the offering oversubscribed by more than 3.2 times despite volatile global market conditions. The bank announced the completion of the capital raise after the subscription period closed on May 8. SIB said the transaction would strengthen its capital position and support its long-term growth plans. The bank described the deal as the second-largest rights issue completed on the Abu Dhabi Securities Exchange over the past 20 years. The Government of Sharjah, SIB’s largest shareholder, subscribed fully to its entitlement in the offering. Excluding the government’s participation, the remaining shares were oversubscribed by more than 4.5 times, according to the bank. Foreign investors accounted for about 55% of overall demand, reflecting participation from international institutional investors alongside local and regional buyers.…