Dubai, United Arab Emirates--February 2, 2005- National Bank of Sharjah has announced that effective of today it has changed its name to Sharjah Islamic Bank, and has now become the only Islamic bank in Sharjah. The new name and logo not only reflects the bank's growth, but also their extensive choice of banking solutions.

His Highness Sheikh Sultan Bin Mohammed Al Qassimi, Crowne Prince of Sharjah and Chairman of the National Bank of Sharjah comments, "The bank's significant increase of net profit over a year's period illuminates the successful growth of business in Sharjah. The successful conversion to the Sharjah Islamic Bank demonstrates the vision and commitment of the bank's board.

Sharjah Islamic Bank is a new icon and adds to the many successes in the region." The new identity symbolizes NBS as the "Islamic bank for everyone". The new logo combines traditional Islamic calligraphy and contemporary graphics. The design not only reflects the bank's growth but also the fusion of traditional Islamic culture and modernity. Mr. Hussain Al Qemzi, General Manager of the National Bank of Sharjah adds, "Our new name and logo underscores the bank's rich heritage and reflects our commitment to exceeding our clients' expectations by providing innovative products and services within the context of Islamic banking."

The typography in the new logo communicates a forward-moving energy, and reflects NBS's goal of being a progressive company. The graphic element, conveys the upward-sweeping profile of a falcon, and symbolizes strength and stability. The blue and yellow colors represent the highest standard of leadership. "The new corporate identity and our new name better reflects where we are headed in 2005" adds Mr. Hussain Al Qemzi, General Manager of the National Bank of Sharjah, "starting early in 2004, our bank made significant changes with the goal of producing the absolute most competitive banking products available on the market according to Islamic banking principles.

Two components were used in the changes over the last 14 months, internal reengineer and product development processes have placed our bank into a position whereby we are confident in saying that quality, reliability, creativity and simplicity is unmatched in the industry." Included in the bank's 'growth re-branding' strategy, NBS is focusing intensively on its three core businesses; retail, investment and corporate banking, which have all made a solid contribution to performance.

Since the conversion, it has increased the size of its operations especially in corporate financing, international syndication and retail business enabling the bank to tie up with international banks. The National Bank of Sharjah holds two Annual General Meetings, one to discuss the financial position of the bank and the other for extraordinary matters. NBS has had a successful year, growth has increased in assets by 31 per cent and profits have increased by 16 per cent.

In one year the net profit has increased from AED 62 million to AED 71.3 million, making NBS rated the top of all four banks in Sharjah. In December 2004 NBS announced an increase in the paid up share capital from AED 386 million to AED 1 billion through a rights issue. The face value is AED 2.5 per share. The board will seek approval for the proposed increase during the extraordinary Annual General Meeting to be held in the first quarter of 2005. NBS is not unfamiliar with financial success, at the end of 2003 holding assets were at more than AED 2.6 billion, a 11.24 per cent increase on the previous year and up from 1.9 billion in 2000.

As part of the NBS's re-branding process products have been improved and re-packaged and new products will be introduced. For example, the popular Murabaha product is a commercial transaction that involves the purchase and sale of goods promised to be purchased by an ultimate buyer, with a profit margin either as a fixed lump sum or a percentage of the initial cost price of the goods.

Other products include Ijara, Modharaba, Istisna and Musharaka. Mr. Hussain Al Qemzi, General Manager of the National Bank of Sharjah adds "The re-packaging of our current products is a component of our commitment of providing an improved and efficient service to our customers."

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© Press Release 2005