Kuwait Finance House to sell all its stake in Sharjah Islamic Bank

Dubai: The Kuwait Finance House is selling its entire stake in Sharjah Islamic Bank, equating to 18.18 per cent.

This will mean offloading 588.3 million shares in the UAE bank at Dh2.2 apiece, which works out to Dh1.29 billion.

The sold shares of Sharjah Islamic Bank will now pass on to the Sheikh Sultan bin Mohammed bin Saqr Qasimi Endowment (equivalent to 7 per cent); the Sharjah Social Security Fund (6 per cent) and as SIB treasury shares (totalling 5.18 per cent).

Sharjah Islamic Bank is listed on ADX, where the stock is trading at Dh2.26. Currently, GCC nationals hold 20.1 per cent in the entity.

The bank had a good first-half with net profit before tax spurred by a 25.8 per cent growth to Dh622.4 million. Total assets were up to Dh74.2 billion as of end June, through a double-digit increase from its position end 2023.