Sharjah Islamic Bank propose increase paid-up capital by 100% to 2.2bn

In addition, the Board of Directors agreed to propose increasing paid-up capital by 100% of its current capital to reach Dhs2.2bn by issuing bonus shares amounting to Dhs220m (20%), as a distribution of 2007 profits, and the remaining increase will be through a right issue of Dhs880m, representing 80% of the current paid up capital before the effect of bonus shares, at Dhs1 per share in addition to a share premium of one Dirham, after obtaining the approval of Ministry of Economy and Planning, the Central Bank of UAE and the concern authorities.

Mohammed Abdullah the CEO of Sharjah Islamic Bank said that Bank achieved a record growth this year in retail, corporate and investment portfolios and with the proposed capital increase, which in line with the Bank's strategic plans, will support the Bank's future plans of expansion and growing its market share in all economic sectors in the region and internationally.

He added that the Bank has given a special attention to its employees, as we considered it of the main support factors of our growth, in addition we succeeded to maintain Emiratisation ratio above 50%.