|
||||||||||||
Sharjah Islamic Bank Launches ’Shares Murabaha’ Product |
||||||||||||
|
Sharjah Islamic Bank (SIB) has announced the launch of ‘Shares Murabaha’, the latest addition to its portfolio of leading Islamic banking products. Through its Shares Murabaha product, SIB offers investors easy access to financial market shares, which it purchases on their behalf. The investors are able to sell shares at any time through Murabaha without the need for pledges, which provides liquidity. Shares Murabaha paves the way for investment in companies listed on the Abu Dhabi Securities Exchange and Dubai Financial Market, and will give investors the flexibility to sell their shares whenever they want. Speaking on the launch of the new product, Jassim Al Baloushi, SIB’s Head of Retail Banking Group, said, “Stock markets are currently one of the most attractive investment destinations for investors, particularly as the UAE’s securities markets have recovered from the impact of the global financial crisis. However, a large number of investors are reluctant to enter this sector due to the complicated financial procedures and the required guarantees and commitment”. “SIB’s innovative Shares Murabaha product will contribute to encouraging and stimulating investment in the stock market, and will help make the investment experience convenient and pleasant. We are expecting a high demand for this product, in line with the pace of investment in ADX and DFM,” he added. Shares Murabaha is a Shari’a-compliant that offers fast approval, simple and straightforward procedures, high financing amounts, long repayment tenures, instant purchase, and the ability to sell any time without shares pledge. Since its successful transition from conventional to Islamic banking in 2002, Sharjah Islamic Bank has offered a variety of Shari’a-compliant products that cater to the needs of individuals, companies, institutions, as well as investment and international banking services. As a result of well-considered strategies and careful planning based on risk management and cost control, SIB has seen unprecedented growth. The bank currently has 23 branches located across the UAE, in addition to more than 100 ATM and deposit machines installed in residential districts and other vital areas such as shopping malls and entertainment centres. |
||||||||||||
