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Sharjah Islamic Bank’s General Assembly Approves 5.5 Per Cent Cash Dividends

Sharjah Islamic Bank (SIB) announced that its General Assembly has approved Board of Directors’ proposal on distributing a cash dividend of 5.5 per cent of the current capital, equal to Dh133.4 million, to shareholders in accordance with the Central Bank’s recent decision regarding dividend distribution.

The announcement was made following the 35th SIB General Assembly, which was held at the Sharjah Chamber of Commerce and Industry yesterday. The General Assembly also approved the financial results for the fiscal year ended 31 December 2010, renewed the Fatwa and Sharia’a Control Board’s membership of the Board of Directors for another regular term of two years, and re-appointed KPMG as external auditor for SIB in 2011.

In a speech made during the General Assembly meeting, Abdul Rahman Al Owais SIB Deputy Chairman said that the positive results achieved by the bank in 2010 were in line with the plan and strategy adopted by its Board of Directors, and reflect the solid financial standing and excellent performance of the bank.

SIB was able to achieve a number of milestones during the last financial year, including the launch of its corporate online E-service, the renovation of retail services and the signing of a number of memoranda of understanding (MoUs) and agreements to help deliver modern banking services to clients, as well as increasing profits for shareholders and introducing new and innovative products to the Islamic banking industry.

According to Al Owais, SIB’s total assets were Dh16.7 billion, up Dh692 (4.3 per cent ) million from the previous year. This was a result of increasing total client deposits by Dh518 million (5.3 per cent ), to reach Dh10.4 billion. Total client financing was reduced by 3.7 per cent (Dh368 million) from last year’s figures to reach Dh9.7 billion, a fact that reflects the conservative policy SIB adopted in 2010 to protect its shareholders’ and depositors’ money.

With regard to revenues, SIB achieved a net profit of Dh548.1 million before distribution to depositors in 2010, and Dh266.4 million after distribution, showing 2.4 per cent growth as compared to 2009.

Shareholder equity was Dh4.3 billion (26 per cent ) of the total assets, and the sufficiency rate was 44.1 per cent of capital, compared to the 12 per cent imposed by the Central Bank. This reflects the solid financial position of the bank.


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