National Bank of Sharjah completes transition to Islamic entity

This completes the final phase in a project which was first announced in March last year, following an extraordinary general meeting in which a resolution was passed to transform the Bank's activities to fully comply with Islamic Sharia'a rules and principles.

The National Bank of Sharjah has taken positive steps towards achieving this pioneering goal through a plan which protects the Bank's financial position and maintains its growth, whilst focusing on presenting the best service for its customers and achieving the highest return on investment for its shareholders.

"An Islamic bank is an Islamic socio-economic establishment, and our main objective at the National Bank of Sharjah is the general development of our society," said Mohamed Seed Al-Husseiny, Vice Chairman of the Board of Directors.

"Our aim is to be a high quality banking force in the UAE and a preferred bank for customers - both individuals and corporates. To achieve this objective, we will deliver a complete range of Islamic banking products and services offering exceptional value-added service and proactive attention.

"We will not stop until we have satisfied all our customers beyond their expectations. As part of the transition to an Islamic entity, the National Bank of Sharjah will from now on be known in Arabic as Masrif Al-Sharika Al Watani," he added.

The National Bank of Sharjah has amended its accounting and computer systems to provide all banking services in keeping with Islamic Sharia'a laws. All members of staff have been trained in Islamic services and products by a group of scholars and experts in Islamic banking, including the Islamic Institute of Bahrain. The network has been expanded by the addition of 'Ladies Only' branches, enabling women to conduct their banking transactions conveniently and in total privacy.

Alongside the transition to an Islamic entity, and the offering of more mature and competitive services and products in the UAE Islamic banking market, the National Bank of Sharjah has developed a new Corporate Identity. The Bank's values and vision are highlighted in its new corporate logo, a flying falcon drawn in Arabic calligraphy style, reflecting the tradition and culture of the region.

"The characteristics of the falcon are its determination, its strength and its power, all qualities embodied in the Banks' new scope of services and products," said Mohamed Saeed Al-Husseiny. "The new look has been designed to reflect stronger and more active banking transactions with an Islamic base, whilst maintaining reliability and enthusiasm," he added.

Mohamed Saeed Al-Husseiny, expressed his sincere gratitude and appreciation to the Government of Sharjah for its support in this initiative under the guidance of His Highness Shaikh Dr. Sultan Bin Mohamed Al Qassimi, Member of the Supreme Council and Ruler of Sharjah. He also acknowledged the support of management and staff whose hard work resulted in the transition to an Islamic entity in record time.

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