Emirates News Agency – “Sharjah Islamic Board of Directors” approves raising the ceiling for foreign ownership to 40 percent

Emirates News Agency – “Sharjah Islamic Board of Directors” approves raising the ceiling for foreign ownership to 40 percent
Emirates News Agency – “Sharjah Islamic Board of Directors” approves raising the ceiling for foreign ownership to 40 percent

Sharjah, October 19 / WAM / Sharjah Islamic Bank announced that its board of directors agreed to raise the percentage of foreign ownership in the bank’s shares to 40 percent in preparation for submitting it to the bank’s general assembly for discussion and taking the appropriate decision in this regard.

This step comes in response to the strong demand from investors, which indicates the extent and depth of their confidence in the bank, its ambitions, and its expansion and growth strategy.

His Excellency Mohammed Abdullah, CEO of Sharjah Islamic Bank, stressed that the UAE is one of the fastest economies that dealt with the Corona pandemic with precision, which contributed to achieving advanced levels of recovery from this pandemic that swept the world, as the state’s financial policy is characterized by vitality and effectiveness, as the Emirates adopted Effective financial policies supported and reinforced by pioneering vaccination campaigns in addition to reliance on various precautionary and preventive measures and measures aimed at achieving the highest levels of safety and wellness for all.

The bank added that there has been a remarkable improvement in the performance of the share price since the beginning of this year. Hence, the increase in the percentage of foreign ownership to 40 percent represents a new additional incentive to enhance the bank’s performance while continuing to keep pace with the accelerated recovery witnessed by the current economic environment.

He pointed out that the results of the first half of this year showed the bank’s resilience in these challenging times in light of a positive trend across all major metrics in terms of profitability, growth, capital and liquidity. To generate significant value for all stakeholders, supported by our strategy to enhance a customer-centric corporate culture.

The CEO of Sharjah Islamic Bank noted that this step will contribute to strengthening the bank’s international classification, as the bank recently ranked 92nd in the region in the annual Forbes magazine list of the 100 most powerful companies in the Middle East for the year 2021, which includes the largest and most successful companies in the region. In various sectors according to specific criteria that include market value, sales volume, net profits and total assets.

 
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