The UAE Islamic Bank of Sharjah announced its approval of a proposal to allow foreign investors (all nationalities) to own 40% of the shares of Sharjah Islamic Bank.
The bank confirmed in a statement that this proposal will be submitted to the General Assembly, to discuss it and take the appropriate decision in this regard.
Sharjah Islamic also reported an increase in net profit by 29.6%, after recording a net profit of 458 million dirhams (about 124 million dollars) for the nine-month period ending on September 30, 2021, compared to 353.4 million dirhams for the same period of the previous year. This was reflected in an increase in its operating profit by 29.3%, which amounted to 652.9 million dirhams, compared to 504.8 million dirhams for the same period in 2020.
Source: “Emirates Today”