The General Assembly of "Sharjah Islamic Bank" approves increasing the percentage of foreign ownership to 40%... and distributes 8% as cash dividends
The General Assembly of Sharjah Islamic Bank approved, during its annual meeting, yesterday, Sunday, headed by the Chairman of the Board of Directors, Abdul Rahman Al Owais, increasing the percentage of foreign ownership to 40%, and distributing 8% cash dividends to shareholders, after the bank achieved a net profit of 514.1 million dirhams. Last year, an increase of 26.7% from 2020, whose profits amounted to 405.8 million dirhams, as a result of an increase in operating profits by 21.9%, reaching 850.7 million dirhams, compared to 697.7 million dirhams in the previous year.
The general assembly also approved the appointment of the bank's board of directors, numbering nine, for the next three years.
remote meeting
The annual meeting of the General Assembly, which was held virtually via "remote" technology, was attended by representatives of the Securities and Commodities Authority and the Department of Economic Development in Sharjah, in addition to a large number of shareholders of Sharjah Islamic Bank, during which the consolidated financial statements for the fiscal year ending on 31 December 2021, and ratification of the auditors’ report and the report of the Fatwa and Shari’a Supervisory Board for the same fiscal year.
strong performance
Al Owais stressed that Sharjah Islamic Bank continued its strong performance in all its business units, while maintaining the strength of the financial position and the strength of performance, with the beginning of the gradual return to normal life, and partial recovery from the repercussions of the Corona virus pandemic, which contributed to the bank’s classification in the list of “Forbes” magazine. » Annual global ranking of the 100 most powerful companies in the Middle East for the year 2021.
Al Owais added: “We are keen to achieve the vision and aspirations of our leadership, in building a competitive knowledge economy based on innovation and risk management, and we are continuing to contribute to the establishment of a strong digital economy, and the expansion of digital services in accordance with the highest and best standards followed, to lay the foundations supporting the continued growth of the bank’s business over the years. coming.”
strong capital
According to the bank's statement, "Sharjah Islamic" currently enjoys a strong capital base, as the total shareholders' equity at the end of December 2021 amounted to 7.7 billion dirhams, representing 14% of the total assets of the bank, which maintained a high capital adequacy ratio, in accordance with the decisions of "Basel III". At its highest levels recently, reaching 20.84%.
The total assets of the bank achieved a growth of 2.5% to reach 55 billion dirhams, compared to 53.6 billion dirhams in 2020.
The total facilities granted to customers stabilized at 29 billion dirhams.
The bank was also able to attract a larger volume of customer deposits during the year, as deposits increased by 14.5% to reach a total of 38.5 billion dirhams, compared to 33.6 billion dirhams at the end of 2020.
Excellent cash flow
In turn, the sukuk payable decreased by 1.8 billion dirhams, to reach 3.7 billion dirhams at the end of the period December 31, 2021, compared to 5.5 billion dirhams at the end of 2020, as a result of paying $ 500 million in the third quarter through the bank’s own sources, which indicates its enjoyment of a level of Excellent excess liquidity.
Follow our latest local and sports news and the latest political and economic developments via Google news