SIB set to raise Dh2.2bn capital

Sharjah Islamic Bank’s (SIB) general assembly has approved a suggestion to double the bank’s capital to Dh2.2 billion from Dh1.1bn.

Member of the Board, Abdul Rahman Al Owais, presented the Board report to the general assembly in its annual 32nd meeting in Sharjah on Thursday.

The capital increase is represented in the distribution of stock dividends worth Dh220 million, or 20 per cent of the paid capital as profit for 2007.

Also, 880 million shares will be available for subscription, an equivalent of 80 per cent of the current capital before the dividend shares and with a nominal value of Dh1 per share in addition to an issue bonus of Dh1.

Meanwhile, Deputy Board Chairman, Mohammed Saeed Al Hussayni, said the bank’s net profits were Dh301.8m  in 2007 as opposed to Dh200.6m the previous year. Also, its assets increased to Dh10.9bn in 2007, recording an increase of 42 per cent against Dh7.6bn in 2006.

SIB’s customer deposits went up to Dh7bn billion in 2007, he said. (Wam)