Sharjah Islamic Bank Rewards Shareholders with 10% Cash Dividends for 2023

During the recent annual general assembly meeting (AGM) of Sharjah Islamic Bank (SIB), chaired by Abdul Rahman Al Owais, Chairman of the Board of Directors, a significant announcement was made regarding the distribution of cash dividends. The meeting, which took place both in person at the Sharjah Chamber of Commerce and Industry building and electronically via remote communication technology, saw the adoption of a decision to distribute cash dividends to shareholders at a rate of 10 percent of the company's capital, amounting to AED323.5 million. This decision underscores SIB's dedication to delivering sustainable returns to its shareholders.

The AGM also saw the approval of rewarding board members, the appointment of auditors for the year 2024, and the addition of Dr. Abdulrahman Abdullah Al Saadi as a member of the internal Sharia Supervisory Committee among other resolutions. The meeting was attended by members of SIB's board of directors, representatives from the Securities and Commodities Authority, and representatives from the Sharjah Economic Development Department, along with numerous shareholders.

In his address to the shareholders, Abdul Rahman Al Owais highlighted the bank's robust financial standing in 2023, attributing it to a strategy marked by flexibility and adaptability. This approach has enabled SIB to navigate through challenges such as rising global interest rates, inflation, and increased banking competition. Al Owais emphasized that this success is a testament to the bank's effective policies which have led to strong financial performance and consistent growth over the years.

Al Owais further detailed that according to the audited financial statements for 2023, SIB achieved net profits of AED851.5 million, marking a 31 percent increase from AED650.9 million in 2022. Additionally, net operating profits rose by 29 percent to reach AED1.3 billion compared to AED1.0 billion in the previous year.

This financial growth not only reflects SIB's resilience in a competitive banking landscape but also its commitment to enhancing shareholder value through prudent financial management and strategic planning.

With inputs from WAM