Home Business SIB activates increase in foreign ownership to 40%

SIB activates increase in foreign ownership to 40%

by Dubai Forum
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SHARJAH, 8th March, 2022 (WAM) — Sharjah Islamic Bank has announced its success, in cooperation with the financial markets in the UAE, in increasing the percentage of its foreign ownership to 40%. The increase comes after obtaining all regulatory approvals from the UAE Central Bank and the Securities and Commodities Authority.

The announcement follows the approval of the Bank’s General Assembly, held on 26th February, and highlights an increasing demand from investors, especially large foreign investors, as well as their confidence in the bank’s financial policy and its expansion and growth strategy.

Mohamed Abdalla, CEO of Sharjah Islamic Bank, stressed that the UAE is in a competitive position which enables it to compete with advanced global economies. He added that it is one of the fastest economies that has begun to recover from the exceptional circumstances surrounding the global pandemic, as a result of the financial policies adopted and implemented.

During 2021 and the first quarter of 2022, the local capital markets showed a distinguished performance, with trading records showing an increase in the level of indices, prices of listed companies, and the market value of companies. Sharjah Islamic Bank has already witnessed a noticeable and active improvement in the performance of its share price, with the increase of foreign ownership to 40% providing an additional incentive to promote the trading of the bank’s shares in local markets.

Abdalla indicated that the increase in foreign ownership is in line with the strong performance that the bank has achieved in all aspects of the business. It is also indicative of the bank’s success in maintaining its financial position and the strength of its performance, which has all contributed to Sharjah Islamic Bank being classified in the annual Forbes magazine’s “100 most powerful companies in the Middle East” list for 2021. The list includes the largest and most successful companies in the region across various sectors.

Sharjah Islamic Bank provides a wide range of Sharia compliant products and services to serve individuals, companies, institutions and investors. SIB continues to support the state’s efforts to contain the Coronavirus pandemic under the slogan “We Commit Until We Succeed”.

In line with the UAE Vision 2021, SIB is committed to building a creative and competitive knowledge-based economy while keeping pace with global economic transformation and using state of the art digital technologies.

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