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islamic financeFebruary 22, 2021

SIB agrees to 8% of cash dividends for shareholders

Sharjah Islamic Bank (SIB) agreed to distribute 8 per cent in cash dividends to shareholders, after the bank achieved net profits of Dhs405.8 million for the year 2020.

This came as the bank held its 45th General Assembly virtually on Saturday, chaired by Abdul Rahman Al Owais, Chairman of the Board of Directors in the presence of the members of the Board and the executive management of the bank.

Abdul Rahman Al Owais said, “The positive financial results of Sharjah Islamic Bank for the year 2020 reflect the strength of its performance in light of the unprecedented exceptional economic conditions that the world is going through amidst the COVID-19 pandemic.

The bank was rated positively by Standard & Poor’s, improving its rating from “BBB +” to “A-” with a stable outlook on the balance sheet side. During 2020, our total assets grew by 15.5 per cent to reach Dhs53.6 billion compared to Dhs46.4 billion by the end of 2019.”

He added, “Sharjah Islamic Bank is an integral part of the economic environment of the UAE. We are therefore keen to achieve the vision and aspirations of our wise leadership and help pave the way towards economic recovery in light of the challenges faced in 2020. We continue to contribute to establishing a strong digital economy and expanding innovative technological services, with the aim of improving service for our customers according to the highest standards and practices.”

He pointed out that the performance of Sharjah Islamic Bank during the upcoming year will continue to improve, in light of expectations of stable performance among the banking sector.