Sharjah Islamic Bank's AGM approves distribution of 5% cash and 5% bonus shares

His Excellency Mohamed Saeed Al Husseini, Vice Chairman of the Sharjah Islamic Bank, delivered a speech on behalf of the Chairman of SIB, in which he confirmed that the strategy adopted by the board of directors has continued to yield positive financial results despite of the Global financial crisis. This reflects the strong financial position of SIB, which expanded its network of branches and ATM's around the UAE to reach 22 branches and 100 ATM's covering all Emirates, in line with the comprehensive coverage plan.

He further clarified that SIB's total assets increased to reach Dhs15.5bn representing an increase of 43% against Dhs10.9bn. Customer deposits grew by 30% to reach Dhs9.1bn. Net customer receivables also grew by 57% to reach Dhs10.2bn.

According to the financial report, Sharjah Islamic Bank (SIB) achieved total revenues of Dhs940.2m compared to Dhs695.1m in 2007, with an increase of 35%. After considering depositors' distributions amounting to Dhs228.1m, net operating income reached Dhs433.2m, with 36% increase comparing to Dhs318.0m in 2007.

SIB registered Dhs231.6m in net profits after taking into account the general and specific provisions of Dhs201.6m to meet any potential risks at the level of the Bank and its subsidiaries.

The board of directors of Sharjah Islamic Bank (SIB) expressed their sincere gratitude to H.H Dr. Sheikh Sultan bin Mohammed Al Qasimi, member of the Supreme Council and Ruler of Sharjah, for his endless support for the economic sector in general and the banking sector in particular, as well as the interest he shows in observing the bank's activities.