“National Fujairah” raises its capital to 2 billion dirhams

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Yesterday, the National Bank of Fujairah held its general meeting remotely, where the shareholders authorized the bank’s board of directors to finish and implement the increase in the bank’s capital by issuing (85,238,116) bonus shares from the retained earnings, bringing the total capital to two billion dirhams.

The shareholders also approved the appointment and determination of the fees for a member of the Internal Shari’a Supervisory Committee of “NBF” Islamic, the Islamic window of National Bank of Fujairah for a period of three years, in line with the directives issued by the Central Bank of the UAE.

In addition, the shareholders approved the amendment of the Bank’s Articles of Association to include the provision of banking products and services compliant with Islamic Sharia in accordance with the applicable laws.

Sheikh Saleh bin Mohammed Al Sharqi, Chairman of the Bank’s Board of Directors, said: “National Bank of Fujairah is committed to monitoring the highest ethical standards, corporate governance and international best practices, and sees these factors as key reasons for 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 regulation of the Central Bank of the UAE, therefore, the appointment of the internal Sharia supervisory member of NBF Islamic and the amendment of its articles of association will ensure that the bank will be fully in line with the latest laws and corporate governance practices Important companies that will support the continuity of his success.

He added, “We are particularly pleased to welcome Dr. Mohammed Ahmed Abdullah Al Hamid Al Hashimi, the third member of the Internal Shari’a Supervisory Committee of NBF Islamic, the Islamic window of National Bank of Fujairah, and we are confident that he will play a pivotal role in the development and progress of NBF’s business. BF Islamic.

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