Sharjah Islamic Bank
Sharjah Islamic Bank has impressed with a strong set of results in the first nine months. Investors would have taken note. Image Credit: Gulf News Archive

Dubai: Sharjah Islamic Bank will raise foreign ownership to 40 per cent amid “strong” demand from investors.

“Investors from all over the world have shown strong confidence in the UAE’s financial markets and, in particular, the Sharjah Islamic Bank, which has witnessed a remarkable improvement in the performance of the share price since the beginning of this year,” said Mohamed Abdalla, CEO of Sharjah Islamic Bank. This “represents a new additional incentive to enhance the bank’s performance, as it also continues to keep pace with the accelerated recovery witnessed in the current economic environment.”

The results in the first-half of this year showed the bank’s resilience during the pandemic. “There has been a positive trend across all major metrics in terms of profitability, growth, capital and liquidity,” he said.

The move to raise the ceiling on foreign ownership will also contribute to enhancing the bank’s international classification. Sharjah Islamic announced an increase in its net profit by roughly 30 per cent year-over-year for the nine- month period ending September 30. Operating profits also increased by 29 per cent during the same period.