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02/01/2018 06:04 AST
Sharjah Islamic Bank (SIB) has successfully completed the issuance of Dh266.8 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).
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 the Ruler of Sharjah had considered SIB as a safe investment for the SSSF.
The shareholders of SIB approved the issuance of Sukuk convertible into 10 per cent of the ordinary share capital by the bank in March. As per the scheme, His Highness Shaikh Dr Sultan Bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, nominated an entity engaged in endowment activities to subscribe to sukuk equal to 10 per cent of SIB's capital and converting it into equity for the bank at a nominal value of Dh1 each per share which will be non-tradable.
The bank sought approvals from the Securities & Commodities Authority and the Central Bank of UAE for this scheme, which were successfully sanctioned.
Al Owais added that by virtue of this exercise, SIB's shared capital has increased from Dh2.67 billion to Dh2.93 billion, and the SSSF now owns 9.09 per cent of the share capital.
"We expect that our capitalisation ratios, will be strengthened by around 100 bps with the issuance of this capital," Al Owais said.
Gulf News
03/04/2018
Sharjah Islamic Bank has mandated HSBC and Standard Chartered to coordinate the potential sale of dollar-denominated sukuk, sources familiar with the matter said.
The Islamic bonds will be
Gulf News
22/01/2018
Sharjah Islamic Bank (SIB) said it will look into a proposal for the distribution of 8 per cent cash dividends, valued at Dh234.78 million.
The proposal will be reviewed during the annual
Gulf News
16/01/2018
Sharjah Islamic Bank (SIB) on Monday reported a full year 2017 net profit of Dh477.7 million compared with Dh462.9 million in 2016.
Despite booking a total provision of Dh253.8 million, whic
Gulf News
| Ticker | Price | Change |
|---|---|---|
| IHC | 401.50 | 0.00 (0.00 |
| FAB | 14.48 | -0.06 (-0.42 |
| EMIRATESNBD | 20.80 | 0.15 (0.72 |
| ADCB | 11.86 | 0.16 (1.36 |
| ADIB | 16.12 | 0.06 (0.37 |
14/09/2024
RIYADH: Saudi master developer Emaar The Economic City's SR8.7 billion ($2.32 billion) capital optimization plan is a "strategic response" to its current financial challenges, according to its CEO. <
Saudi Gazette
12/09/2024
Saudi wheat flour producer Arabian Mills for Food Products Co. has set its final initial public offering price at SR66 ($17.59) per share on the Tadawul main market. During the book-building proces
Arab News
04/05/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor's (S&P) has affirmed QIB's Issuer Credit Rating at A-, Qatar's leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB's rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
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