Sharjah Islamic Bank has announced hiking the percentage of its foreign ownership to 40 percent. The increase comes after obtaining all regulatory approvals from the UAE Central Bank and the Securities and Commodities Authority.
The announcement follows the approval of the Bank’s General Assembly, held on 26th February, and highlights an increasing demand from investors, especially large foreign investors.Â
Mohamed Abdalla, CEO of Sharjah Islamic Bank, stressed that the UAE is in a competitive position that enables it to compete with advanced global economies.Â
Sharjah Islamic Bank has already witnessed a noticeable improvement in the performance of its share price, with the increase of foreign ownership to 40% providing an additional incentive to promote the trading of the bank’s shares in local markets.
Abdalla indicated that the increase in foreign ownership is in line with the strong performance that the bank has achieved in all aspects of the business.
The bank has been classified in the annual Forbes magazine’s “100 most powerful companies in the Middle East” list for 2021. The list includes the largest and most successful companies in the region across various sectors.
Sharjah Islamic Bank provides a wide range of Sharia compliant products and services to serve individuals, companies, institutions and investors.Â