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Sharjah Islamic Bank sets up real estate unit to tap ongoing boom

Sharjah Islamic Bank (SIB) has set up ASAS Real Estate Co, a statement from the company said.

  • Staff Report
  • Published: 00:00 May 3, 2007
  • Gulf News

Dubai: Sharjah Islamic Bank (SIB) has set up ASAS Real Estate Co, a statement from the company said.

Through the unit, "the bank seeks to combine physical profit and rendering community services, thus epitomising the Islamic economic concept of dealing in assets in the course of wealth investment to add real value to society," the statement said.

The company will engage in real estate management, construction, development and investment with the object of utilising the available opportunities in the UAE.

Mohammad Abdullah, SIB chief executive, said, "By setting up ASAS Real Estate Co. we seek to utilise the available opportunities, particularly in the UAE real estate development market, while vying for real estate investment opportunities abroad.

"The company will operate in accordance with the diversification strategy in real estate investment by investing, developing and managing the various real estate categories which earn income and achieve real estate development. This will contribute to increasing the profit margin and reduce risk factor significantly," Abdullah said.

The chief executive also pointed out that the launch of a new real estate company falls within the strategy of the bank's board of directors, based on expanding and diversifying the activities of the bank in various sectors, enabling it to provide excellent services to customers and investors.

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