Sharjah Islamic Bank raises foreign ownership to 40%

By Arya M Nair, Intern Reporter
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Sharjah Islamic Bank
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Publicly listed Islamic institution, Sharjah Islamic Bank (formerly known as the National Bank of Sharjah) has announced raising the percentage of foreign ownership in the bank’s shares to 40 percent.

Such an important step comes in response to strong demand from investors, which indicates the extent and depth of their confidence in the bank and its ambitions, including the bank’s expansion and growth strategy.

As the UAE has adopted effective financial policies, Sharjah’s financial policy is characterized by vitality and effectiveness. These policies have been supported and reinforced by pioneering vaccination campaigns, in addition to various precautionary and preventive measures aimed at achieving the highest levels of safety and wellness for all.

Mohammed Abdulla
Mohammed Abdullah
CEO
Sharjah Islamic Bank

“Investors from all over the world have shown strong confidence in the United Arab Emirate’s financial markets and in particular the Sharjah Islamic Bank, which has witnessed a remarkable improvement in the performance of the share price since the beginning of this year. The increase in foreign ownership to 40 percent represents a new additional incentive to enhance the bank’s performance, as it also continues to keep pace with the accelerated recovery witnessed in the current economic environment.”

Mr. Abdalla stated that there has been a positive trend across all major metrics in terms of profitability, growth, capital and liquidity. The bank is also striving to boost the process of development and growth that aims to make it stronger and generate significant value for all stakeholders. This work is underpinned by the bank’s strategy to enhance a customer-centric corporate culture.

This step is expected to contribute to enhancing the bank’s international classification, as it 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.

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