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SIB approves 10 percent cash dividends to shareholders in ’13 Sharjah Islamic Bank earns AED 307.1 mln in 2013

SHARJAH, March 15: Sharjah Islamic Bank’s General Assembly approved distributing cash dividends of 10% of the share’s nominal value - equivalent to AED 242.6 million for the year 2013, an increase of AED97.1 million as compared to AED145.5 million (6% of the share’s nominal value) in 2012. The announcement was made during the bank’s 38th annual General Assembly meeting, which was held at Sharjah Chamber of Commerce and Industry. HE Abdul Rahman Al Owais, Chairman of Sharjah Islamic Bank presented the annual report and the most important financial results achieved in 2013, including the growth rates in total assets, liquid assets, net customer receivables, and the bank’s diversified financing portfolio to various economic sectors. The report presented, also, total customer deposit and shareholders’ equity.

HE Abdul Rahman Al Owais, Chairman of Sharjah Islamic Bank, expressed, on behalf of the Board of Directors, gratitude and appreciation to His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, for his endless support for the advancement of the economic sectors in general and the banking sector, in particular, and for HH’s follow up on the bank and its activities. HE Abdul Al Owais also expressed heartfelt thanks and appreciation to His Highness Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, the Honorary Chairman of Sharjah Islamic Bank for his outstanding efforts over the past 18 years, during which the bank has achieved a string of achievements and received numerous local, regional and international accolades and awards.

Al Owais added: “The positive financial results achieved by Sharjah Islamic Bank in 2013 are in line with the effective strategy outlined by the Board of Directors and reflect the bank’s strong financial position and excellent performance in all of the bank’s activities during the year.” He noted that the bank’s financing portfolio was diversified into various economic sectors, which reflects the good use of available liquidity while taking into consideration the risks related to each sector. Regarding its balance sheet, Sharjah Islamic Bank’s total assets increased by 18.6% reaching AED21.7 billion in 2013, making a AED3.4 billion increase compared to the results of 2012. SIB achieved AED 5.1 billion in liquid assets in 2013 representing 23.6% of its total assets, compared to AED 4.2 billion representing 22.7% of its total assets in 2012.

Net customer receivables of the bank reached AED12.5 billion at the end of 2013, a 16.5% or AED1.8 billion increase as compared to the results of 2012. Regarding liability, the total customer deposit was AED11.9 billion in 2013, a 5% increase as compared to the AED11.3 billion reported in 2012. Total shareholders’ equity was AED 4.5 billion, representing 20.9% of the bank’s total assets, reflecting its strong financial position. The capital adequacy was 31%, which is in compliance with Basel III capital requirements. This allows the bank to achieve expansion plans in accordance with its strategic goals. In terms of profit, Sharjah Islamic Bank achieved net profits of AED 307.1 million in 2013, a 12.9% increase as compared to AED 272 million in 2012.

In conclusion, HE Al Owais extended thanks and gratitude on behalf of the SIB’s board of directors to the bank’s valued shareholders and customers for their valuable trust in the Bank, and to the Directors of the Board, to their Eminences the Chairman and Members of Fatwa and Sharia’a Board, the Executive Management and SIB staff for their sincere efforts and loyalty to the Bank.

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