SHARJAH, 20th February, 2021 (WAM) -- Sharjah Islamic Bank agreed to distribute 8 percent in cash dividends to shareholders, after the bank achieved net profits of AED405.8 million for the year 2020.

This came as the bank held its 45th General Assembly virtually today, chaired by Abdul Rahman Al Owais, Chairman of the Board of Directors in the presence of the members of the Board and the executive management of the bank.

Abdul Rahman Al Owais said, 'The positive financial results of Sharjah Islamic Bank for the year 2020 reflect the strength of its performance in light of the unprecedented exceptional economic conditions that the world is going through amidst the COVID-19 pandemic.

The bank was rated positively by Standard & Poor's, improving its rating from 'BBB +' to 'A-' with a stable outlook on the balance sheet side. During 2020, our total assets grew by 15.5% to reach 53.6 billion dirhams compared to 46.4 billion dirhams by the end of 2019.'

He added, 'Sharjah Islamic Bank is an integral part of the economic environment of the UAE. We are therefore keen to achieve the vision and aspirations of our wise leadership and help pave the way towards economic recovery in light of the challenges faced in 2020. We continue to contribute to establishing a strong digital economy and expanding innovative technological services, with the aim of improving service for our customers according to the highest standards and practices.'

He pointed out that the performance of Sharjah Islamic Bank during the upcoming year will continue to improve, in light of expectations of stable performance among the banking sector. The sector has shown strong capital stocks and large liquidity, increased government spending and continued economic growth according to international rating agencies.

He continued, 'We take this occasion to express our gratitude to H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, in recognition of His Highness' support for the economic movement in the emirate. We thank him for his permanent praise and support of the banking industry. Our thanks also go to H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and Chairman of Sharjah Executive Council, for his constant follow-up and encouragement of the bank, and we extend our thanks and appreciation to all customers and shareholders for their support also. Finally, we would like to extend our gratitude to the members and the honorable Chairman of the Board of Directors, the members of the Fatwa and Sharia Supervisory Board, and the Executive Management and all bank employees for their sincere efforts.'

Sharjah Islamic Bank enjoys a strong capital base, with total shareholders' equity at the end of December 2020 reaching AED 7.6 billion, which represents 14.3 percent of the bank's total assets, and thus the capital adequacy ratio according to Basel 3 decisions reached 21.46 percent.

Wam