Sharjah Islamic Bank approves 10% cash dividends totaling Dhs323.5m

Abdul Rahman Al Owais, Chairman of the Board of Directors of Sharjah Islamic Bank (SIB), chaired the SIB’s annual general assembly meeting (AGM), held in person at the Sharjah Chamber of Commerce and Industry building, and electronically via remote communication technology.

The assembly adopted the decision to distribute cash dividends to shareholders at a rate of 10 per cent of the company’s capital, equivalent to Dhs323.5 million, based on the proposal submitted by the board of directors, confirming the SIB’s commitment to providing sustainable returns to its shareholders. The AGM also approved the proposal to reward board members, adopted the appointment of auditors for the year 2024, and appointed Dr. Abdulrahman Abdullah Al Saadi as a member of the internal Sharia Supervisory Committee, in addition to a set of other decisions.

Members of the board of directors of Sharjah Islamic Bank, representatives from the Securities and Commodities Authority, and representatives from the Sharjah Economic Development Department, as well as many of the SIB’s shareholders, attended the meeting.

In his speech to the shareholders, Abdul Rahman Al Owais, Chairman of the Board of Directors of Sharjah Islamic Bank (SIB), reviewed the key results from the annual report for the year 2023, which revealed that the bank maintained its strong financial position thanks to its strategy characterised by flexibility and adaptability to face the challenges of the continuous rise in global interest rates and inflation rates, in addition to the increasing banking competition. He pointed out that this growing success confirms the effectiveness of the policies adopted by the bank, which have resulted in a strong financial performance and steady growth year after year.

Abdul Rahman Al Owais, noted that the continuous achievements of the SIB crown the efforts made in embodying the vision and aspirations of the wise leadership, supporting the national agenda and the strategic goals of the state, with the aim of building a competitive knowledge-based economy founded on innovation and risk management. This serves as a strong incentive to continue contributing to the establishment of a robust digital economy, expanding digital services according to the highest and best standards, to lay the supporting foundation for the continued growth of the banking sector, and to realise the far-sighted and ambitious plans of the United Arab Emirates, to become a leader in the financial sector, not only at the regional level but also globally.

Al Owais expressed the gratitude of the President and members of the Board of Directors to His Highness Sheikh Dr Sultan Bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, for his generous and ongoing support to the economic movement in Sharjah. This followed by the supervision of Sheikh Sultan Bin Mohammed Bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah.