Media ININ Economy We Trust
24-02-2019 Sharjah \Media in
The General Assembly of Sharjah Islamic Bank (SIB) approved a cash dividend of 8 per cent of the nominal value of the shares at the end of last year, following a net profit of AED 510.4 million in 2018 compared to AED 477.7 million in 2017, an increase of 7 per cent. Per share to AED 0.17 compared to AED 0.16 last year.
The meeting was chaired by HE Abdul Rahman bin Mohammed Al Owais, Chairman of the Board of Directors and attended by members of the Board of Directors, Executive Management, shareholders of the Bank, representatives of the Securities and Commodities Authority and representatives of the Department of Economic Development.
During the annual meeting, the consolidated financial statements for the financial year ended 31 December 2018 were approved.
Abdulrahman Al Owais said that despite the competition in the banking sector in the UAE, Sharjah Islamic Bank continued to achieve good growth in revenues and net profits in 2018, in line with the strategic objectives set by the Board of Directors to contribute to enhancing the Bank’s contribution to economic development.
He added that the strength of the Bank’s financial position and the confidence of its customers enabled it to expand its presence in the market by meeting the needs and expectations of its customers while providing an exceptional experience through a wide network of branches with 34 branches supported by 149 ATMs distributed throughout the UAE. Smart sophisticated.
Al Owais thanked His Highness Sheikh Dr. Sultan bin Mohammed Al Qassimi, Member of the Supreme Council and Ruler of Sharjah, for his patronage, confidence and continuous support to the Bank and enabling him to achieve more achievements. Development Bank in the future.
The balance sheet showed a strong performance and an improvement in the financial position of the bank. Total assets stood at 44.7 billion dirhams at the end of 2018, an increase of 17 percent compared to 38.3 billion dirhams in 2017.
Customer deposits increased by 18.5 percent to AED 4.1 billion at the end of 2018, with total deposits reaching AED 26.4 billion compared to AED 22.3 billion at the end of 2017. The strong performance of the bank was reflected in the financial indicators. 17 percent, which exceeds the requirements of the Central Bank of 12.375 percent.
During the past year, the bank issued AED 500 million worth of Sukuk with a maturity of five years from the date of issue and is part of the US $ 3 billion medium term Sukuk program. 2006, in line with its strategic plan to diversify sources of finance, with total outstanding instruments reaching AED 5.5 billion by the end of 2018.
These Sukuks have attracted a great deal of interest from local and international investors, which reaffirms the strength and stability of the Bank, including its promising potential, which places it in a broad range of growth and development.
