Sharjah- 29 January 2011: Sharjah Islamic Bank has signed a Memorandum of Understanding (MoU) with the Corporate Leasing Company Egypt (CORPLEASE), to establish a joint venture "CORPLEASE UAE", a UAE based company that will provide a plethora of lease facilities.

The ceremony was attended by HE Mohammed Abdullah, CEO of Sharjah Islamic Bank and Mr. Tarek Azmy Managing Director of CORPLEASE, who signed the MoU on behalf of their respective organizations, in the gracious presence of Mr. Ahmed Saad, Chief Operating Officer of Sharjah Islamic Bank and Mr. Farid Al Chiati, Senior Advisor at Corporate Leasing Company Egypt.

According to the MoU, "CORPLEASE UAE" is to be established as a joint venture between the two companies and will be developed as per a work plan, which includes conducting an integrated market study as part of the first phase, outlining the corporate structure and specifying the capital and the other issues related to establishment in order to commence operation in the second quarter of 2011. The new company will offer its Sharia compliant services to business and investment communities, and will also introduce new and innovative financing products and solutions, including operating lease and medium or long term finance lease for all assets required by the business sector to contribute to the country's growth projects.

Speaking on the occasion, Mr. Mohammed Abdullah, CEO of Sharjah Islamic Bank, said: "Sharjah Islamic Bank is seeking to introduce new and innovative financing products and solutions nationwide and in the GCC markets through CORPLEASE UAE. The joint efforts will further support business community which plays a fundamental role in the economic growth process. On the other hand, we will be keen to provide tailor made products and financing solutions for all types of assets required by companies, including production lines, automobiles, equipment, properties and many more. All our products and services will support high speed decision making processes."

Speaking on the agreement, Mr. Tarek Azmy, Managing Director of CORPLEASE, said: "Based on CORPLEASE's proven track record of successes since our inception in 2003 and looking at the profits achieved over the last few years, we expect a bright future for CORPLEASE UAE. We are particularly optimistic due to the forthcoming economic growth and the multiple available investment opportunities. We are now approaching a new era of well planned expansion and we have the necessary experience on which we have successfully built a company. Sharjah Islamic Bank has all the required elements to establish a winning partnership. We also harbor a futuristic vision for the Islamic finance market which will best serve our mutual interests".

CORPLEASE has been actively financing lease services in Egypt since 2003. The Egypt based firm has become one of the largest three financing lease providers. Commercial International Bank acquires 40% stake in CORPLEASE, while DEG and UBAF has 22% and 17%, respectively.

Since its successful transition from conventional to Islamic banking in 2002, Sharjah Islamic Bank has offered a variety of Shari'a-compliant products that cater to the needs of individuals, companies, institutions, as well as investment and international banking services. As a result of well considered strategies and careful planning based on risk management and cost control, SIB has seen unprecedented growth. The bank currently has 23 branches located across the UAE, in addition to more than 100 ATM and deposit machines installed in residential districts and other vital areas such as shopping malls and entertainment centers.

-Ends- 

About SIB
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.

About CORPLEASE:
CORPLEASE is a broad-based financial services company operating in Egypt since 2004 and providing a full range of leasing products and services. Their focus is on large and medium ticket leasing transactions in all sectors and industries. The company's strategy is to utilize the vast resources of financial experience to build, nurture and develop long-term relationships with the clients. 

For more information, please contact:
Serine Srouji
SAHARA Communications
Tel: +971 4 3298996
Fax: +971 4 3298995
Mob: +971 50 3286188
Email: serin@saharagcc.com
Website: www.saharagcc.com

© Press Release 2011