| 08 Mar 2010 |
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SIB AGM approves distribution of 5% monetary allotments and 5% shares
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Sharjah, 8 March 2010, Sharjah Islamic Bank (SIB)Sharjah Islamic Bank (SIB)
held its 34th Annual General Meeting (AGM) on 8 March 2010 at the Sharjah Chamber of Commerce and Industry. During the meeting, the reports for the financial year ending 31 December 2009 were approved, as was the recommendation by the bank's Board of Directors to distribute five percent monetary allotments and five percent of shares, approximately six percent of SIBSIB's current capital, as profits for the shareholders.On the matter of the election of members of Board of Directors, the AGM re-elected the current Board to serve for the next three-years. The AGM also approved the re-assignment of KPMG as an external monitor for SIBSIB's 2010 accounts.
H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qassimi, Crown Prince of Sharjah and Chairman of SIBSIB
, said in a speech during the meeting that SIBSIB's financial strategy for 2009 proved to be efficient, as re-structuring mortgage policies and updating procedures, control methods and risk management, as well as applying corporate governance principles, contributed to the protection of SIBSIB against the negative impact of the global financial crisis. SIBSIB had numerous achievements last year, including launching online services, opening SIBSIB Tower at Al Khan Corniche to raise the bar for banking services on offer for clients, and receiving numerous awards on the local and international levels. He went on to say that this strategy has positively impacted SIBSIB
's financial results for 2009, as net profits increased to AED 260.1 million, with an increase of 12.3% over 2008's AED 231.6 million. A surge in profits of AED 564.0 million was also recorded before depositors' allotment, with an increase of 22.7% as compared with AED 459.7 million in 2008. Depositors' allotments amounted to AED 303.8 million, with an increase rate of 33.2% over last year's AED 228.1 million.According to the Board of Directors' report SIBSIB's total assets increased by AED 438.7 million from 2008 to reach AED 16 billion at the end of 2009, an increase of 2.8 percent. Furthermore, total client deposits amounted to AED 9.9 billion, representing an increase of AED 791.3 million (8.7%) from 2008, while total client funding reached AED 10 billion, representing a slight decrease of AED 182.1 million (1.8%), which reflects the precautionary policy adopted by the bank during the financial crisis to protect the money of the shareholders and depositors.
Al Qassimi added that despite the negative impact of the financial crisis and lack of liquidity, SIBSIB has managed to maintain the necessary liquidity to support its financial situation, as liquid assets increased to AED 3.2 billion (20% of total assets) in 2009, compared with AED 2.6 billion (17% of total assets) in 2008, reflecting SIBSIB's current financial ability to overcome any possible crises.
The Crown Prince concluded by expressing his deepest gratitude to H.H. Sheikh Dr Sultan bin Mohammed Al Qassimi, Member of the Supreme Council and Ruler of Sharjah, for his unlimited support and contribution to the development of the banking sector, in particular, and the economic sector, in general, and for his support for and interest in SIBSIB's activities. He also expressed his appreciation to SIBSIB's clients and shareholders for their support and trust in SIBSIB, as well as to the Board of Directors, the Chairman and Members of the Fatwa and Shari'a Control Boards, SIBSIB Executive Management, and all SIBSIB staff for their hard work and dedication.
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About Sharjah Islamic Bank
Sharjah Islamic Bank, formerly known as National Bank of Sharjah, was founded by an Amiri decree issued by H.H. Dr. Sultan Bin Mohammed Al Qassimi, Member of the Supreme Council, and Ruler of Sharjah, to provide commercial banking services to firms and individuals. Originally a conventional bank, Sharjah Islamic Bank became the first in the world to convert successfully to Islamic banking in 2002. Since then, all operating systems and procedures have been modified to facilitate this conversion and all employees trained in Islamic banking.
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SAHARA Communications
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E-mail: mustafa@saharagcc.com
© Press Release 2010
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