Oct 23 2010
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Sharjah Islamic Bank launches UAE's 1st 0% profit Hajj financing service
The innovative service, the first-of-its-kind to be offered by an Islamic bank in the UAE, will enable a lot of people to perform Hajj and pay back the cost via easy and affordable monthly installments for one year without any profit, fees or extra costs.
Says Mr. Jassem Mohammed Al Baloushi, Head of SIB 's Retail Banking Group: "The launch of an Islamic financing service for Hajj without any profit or fee is part of our commitment to catering to the consumer's demand for Islamic products, and of our role as a national Islamic bank committed to community development by launching products that serve the social, health, educational and spiritual aspects of society. In addition to the fact that enabling our clients to perform Hajj is part of the teachings and principles of Islamic Share'a, which constitutes the core of the bank's values".
Al Baloushi explained that the Bank has selected a number of reputed Hajj and Umrah agencies through which the new service will be available for clients. These agencies will pay a commission to the bank in return for promotion through the advertising campaign of SIB , on condition that no additional fees be imposed on clients.
Sharjah Islamic Bank was the first bank in the UAE to successfully convert from traditional banking to Islamic banking in 2002, offering a wide range of Shari'a-compliant services and international banking to individuals, establishments, institutions and investors. Through well-placed risk management strategies SIB has managed to achieve an unprecedented growth rate, launching 23 branches throughout the UAE, in addition to over 100 strategically-located ATM machines in residential areas, shopping centres and entertainment centres.
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.
For more information, please contact:
Tel: +971 4 3298996
Fax: +971 4 3298995
Mob: +961 3 581 208
© Press Release 2010
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