Sharjah Islamic increases foreign ownership to 40pc

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The Sharjah Islamic Bank has increased its foreign ownership to 40 percent in cooperation with the financial markets in the UAE, after obtaining all regulatory approvals from the UAE Central Bank and the Securities and Commodities Authority (SCA).

The move follows the approval of the Bank’s General Assembly, 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.

During 2021 and Q1 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 witnessed a noticeable and active improvement in the performance of its share price, with the increase of foreign ownership to 40 percent providing an additional incentive to promote the trading of the bank’s shares in local markets.

The CEO of Sharjah Islamic Bank, Mohamed Abdalla, stressed that the UAE is one of the fastest economies to recover from the exceptional circumstances surrounding the global pandemic, as a result of its financial policies.

Abdalla indicated that the increase in foreign ownership is in line with the strong performance and its success in maintaining its financial position.

Sharjah Islamic Bank provides a wide range of Sharia compliant products and services to serve individuals, companies, institutions, and investors.—Trade Arabia

 

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