Sharjah Islamic Bank (SIB) has increased the percentage of its foreign ownership to 40 percent, in cooperation with the financial markets in the UAE.
The increase comes after obtaining all regulatory approvals from the Central Bank of the UAE (CBUAE) and the Securities and Commodities Authority (SCA). It follows the approval of the Bank’s General Assembly, held on 26th February, which highlighted an increasing demand from investors, especially large foreign investors.
Mr. Mohamed Abdalla, CEO of SIB, stressed that the UAE is in a competitive position which enables it to compete with advanced global economies, adding 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.
In 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.
SIB has already witnessed a noticeable and active improvement in the performance of its share price, with the increase of foreign ownership, providing an additional incentive to promote the trading of the bank’s shares in local markets.
Mr. Abdalla also stated that the bank’s success in maintaining its financial position and the strength of its performance, has all contributed to SIB’s inclusion in the annual Forbes magazine’s “100 most powerful companies in the Middle East” list for 2021.
SIB 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 COVID-19 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.
