sharjah islamic bank raises capital through issuance of convertible sukuk
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Sharjah Islamic Bank raises capital through issuance of convertible Sukuk

Arab Today, arab today

Arab Today, arab today Sharjah Islamic Bank raises capital through issuance of convertible Sukuk

Sharjah Islamic Bank raises capital through issuance of convertible Sukuk
Sharjah - WAM

The Sharjah Islamic Bank (SIB) has successfully completed the issuance of AED266.8 million worth of Sukuk convertible into equity of the bank to the Sharjah Social Security Fund (SSSF). The move came in line with the Year of Giving (2017) under the patronage and the wise vision of H.H. Dr. Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah.

The announcement was made by Abdul Rahman Al Owais, Chairman of the Board of Directors of SIB, who stressed that the bank was proud of its management and that H.H. the Ruler of Sharjah considers SIB as a safe investment for the SSSF, which in turn will utilise the income generated from our bank’s dividends for uplifting social activities in the emirate.

Al Owais noted that earlier this year in March, at SIB’s AGM, the shareholders approved the issuance of Sukuk convertible into 10 percent of the ordinary share capital by the bank. As per the scheme, H.H. the Ruler of Sharjah nominated an entity engaged in endowment activities to subscribe to Sukuk equal to 10 percent of SIB’s capital and converting it into equity for the bank at a nominal value of AED1 each per share which will be non-tradable. The bank sought approvals from the Securities and Commodities Authority (SCA) and the Central Bank of UAE for this scheme, which were successfully sanctioned.

"The mark of confidence is also a win-win situation for SIB, whose shared capital has increased, which is the strongest level of capital for any financial institution. We expect that our capitalisation ratios, will be strengthened by around 100 bps with the issuance of this capital."

Al Owais added that by virtue of this exercise, SIB’s shared capital has increased from AED2,668,050,000 to AED 2,934,855,000, and the SSSF now owns 9.09 percent of the share capital.

"This one-of-a-kind move is part of the bank’s excellence strategy in supporting the community through different CSR initiatives. The bank has since its inception been an integral part of the community. The Board of Directors is committed to embracing the noble values inspired by the vision of H.H. the Ruler of Sharjah, who spares no efforts to ensure the development of our society, citizens and nation."

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

sharjah islamic bank raises capital through issuance of convertible sukuk sharjah islamic bank raises capital through issuance of convertible sukuk

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

sharjah islamic bank raises capital through issuance of convertible sukuk sharjah islamic bank raises capital through issuance of convertible sukuk

 



GMT 12:47 2016 Thursday ,01 September

'La La Land' musical masterpiece dazzles Venice film fest

GMT 12:42 2017 Monday ,20 February

Dalia al-Behairy begins 'Yawmiyat Zoga Mafrosa'

GMT 19:01 2017 Wednesday ,30 August

Oil prices down as US reels from Harvey

GMT 04:19 2017 Monday ,08 May

National forces attack mercenaries in Taiz

GMT 19:21 2017 Sunday ,07 May

Iranian Film Week opens in Baghdad

GMT 21:33 2017 Sunday ,30 July

Arab Quartet meeting kicks off in Bahrain

GMT 17:17 2016 Friday ,07 October

Aleppo bleeds as US and Russia spar

GMT 12:03 2015 Monday ,21 December

Nepal protester killed in constitutional crisis clash

GMT 09:47 2016 Thursday ,22 December

Trump vows to cut F-35 spending, as leaked memo

GMT 21:44 2017 Friday ,15 December

King establishes Hawar Development Committee

GMT 20:57 2017 Tuesday ,16 May

Naval Forces rescue 23 tourists in Hurghada

GMT 12:56 2017 Monday ,11 December

Lyon leave it late, Balotelli with Nice winner

GMT 06:18 2017 Thursday ,19 October

Russian delegation meets with Julphar chairman

GMT 21:20 2017 Monday ,23 October

Nasr, delegation of London Stock Exchange

GMT 14:40 2012 Saturday ,10 March

Magdy Al-Galad steps down

GMT 09:47 2017 Sunday ,12 March

Cat Camp in New York attracts cat lovers

GMT 14:57 2016 Friday ,09 September

Madonna, Ritchie settle child custody dispute

GMT 23:52 2017 Monday ,18 September

UAE economic growth boosting logistics sector
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday