A branch of National Bank of Fujairah in Dubai
National Bank of Fujairah is strengthening its push into offering Sharia-based products and services. Image Credit: Gulf News Archives

Dubai: The National Bank of Fujairah has raised its paid up capital to Dh2 billion, by issuing 85.23 million bonus shares from retained earnings. The bank, in which the Fujairah government is a shareholder, also brought about changes to the Articles of Association by which it can consider offering Sharia-compliant products,

An in-house Sharia Supervision Committee member has also been appointed, who will overs NBF Islamic, which is the Islamic banking platform for the bank.

The increase in paid up capital will further strengthen the bank in compliance with the new Central Bank regulation, NBF said in a statement. “NBF is committed to observing the highest ethical and corporate governance standards and international best practices and sees these factors as key contributors to the long-term success of any business,” said Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Chairman.

NBF’s key shareholders include the Fujairah Government of Fujairah, Easa Saleh Al Gurg llc and Investment Corporation of Dubai. It has a network of 15 branches, of which one is an electronic banking service unit, in the UAE.