NBF increases its paid-up capital to AED 2 billion and amends its Articles of Association

In addition, the shareholders approved amendments to the bank's Articles of Association to include the provision of banking products and services in compliance with Islamic Shari'a in accordance with the applicable laws

  

NBF held its General Assembly Meeting (GAM) today remotely through Webex application, where shareholders authorized the Board of Directors of the bank to finalize and execute an increase in paid up capital of the Bank by way of issuing 85,238,116 bonus shares from retained earnings, to bring the total paid up capital to AED 2 billion.

The shareholders also approved the appointment and remuneration of the Internal Shari’a Supervision Committee member for NBF Islamic, the Islamic Banking Window of NBF, for a period of three years in line with the regulations issued by the Central Bank of the United Arab Emirates (CBUAE).

In addition, the shareholders approved amendments to the bank’s Articles of Association to include the provision of banking products and services in compliance with Islamic Shari’a in accordance with the applicable laws.         

His Highness Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Chairman said:

“NBF is committed to observing the highest ethical and corporate governance standards and international best practices and sees these factors as key contributors to the long-term success of any business, creating trust and engagement between the bank and its stakeholders.

The increase in paid up capital will further strengthen the bank in compliance with the new CBUAE regulation. The appointment of the Internal Shari’a Supervision Committee member for NBF Islamic and amendments to the Articles of Association will ensure that the bank is fully aligned with the latest laws and governance practices that will support its on-going success.

We are particularly pleased to welcome the third Internal Shari’a Supervision Committee member, Dr. Mohammed Ahmed Abdulla Al Hamed Al Hashimi, to the Islamic Banking Window of NBF and I am confident that he will play a pivotal role in developing the business and progress of NBF Islamic.”

-Ends- 

About National Bank of Fujairah PJSC:

Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options and Shari’a compliant services. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.

NBF’s key shareholders include the Government of Fujairah, Easa Saleh Al Gurg LLC and Investment Corporation of Dubai. Rated Baa1 / Prime-2 for deposits and A3 for counterparty risk assessment by Moody’s with a negative outlook; and BBB / A-2 by Standard & Poor’s with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol “NBF”. It has a branch network of 15 (of which 1 is an electronic banking service unit) across the UAE.

For further information, please contact:
Strategic Marketing and Communications Department
E-mail: Corpcomm@nbf.ae
Telephone: +971 4 507 8351 and +971 4 507 8576

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