SHARJAH: Abdul Rahman Al Owais, Chairman of the Board of Directors of Sharjah Islamic Bank (SIB), chaired the SIB’s annual general assembly meeting (AGM), held in person at the Sharjah Chamber of Commerce and Industry building, and electronically via remote communication technology.

The assembly adopted the decision to distribute cash dividends to shareholders at a rate of 10 percent of the company’s capital, equivalent to AED323.5 million, based on the proposal submitted by the board of directors, confirming the SIB’s commitment to providing sustainable returns to its shareholders. The AGM also approved the proposal to reward board members, adopted the appointment of auditors for the year 2024, and appointed Dr. Abdulrahman Abdullah Al Saadi as a member of the internal Sharia Supervisory Committee, in addition to a set of other decisions.

Members of the board of directors of Sharjah Islamic Bank, representatives from the Securities and Commodities Authority, and representatives from the Sharjah Economic De
velopment Department, as well as many of the SIB’s shareholders, attended the meeting.

In his speech to the shareholders, Abdul Rahman Al Owais, Chairman of the Board of Directors of Sharjah Islamic Bank (SIB), reviewed the key results from the annual report for the year 2023, which revealed that the bank maintained its strong financial position thanks to its strategy characterised by flexibility and adaptability to face the challenges of the continuous rise in global interest rates and inflation rates, in addition to the increasing banking competition. He pointed out that this growing success confirms the effectiveness of the policies adopted by the bank, which have resulted in a strong financial performance and steady growth year after year.

In detail, Abdul Rahman Al Owais explained that the audited financial statements for the year 2023 show that the SIB achieved net profits of AED851.5 million, an increase of 31 percent compared to AED650.9 million in 2022. He added that net operating profits saw an in
crease of 29 percent to reach AED1.3 billion, compared to AED1.0 billion for the previous year.

Source: Emirates News Agency