Sharjah Islamic Bank to Raise Foreign Ownership Limit to 40%

Sharjah Islamic Bank's (SIB) board of directors has agreed to increase the percentage of foreign ownership in the bank's shares to 40%. This would be put to the SIB’s general assembly for discussion and a decision.

Why it Matters?

This move is being taken in response to high investor demand, demonstrating their faith in the bank and its aspirations, especially its expansion and growth strategy. Mohamed Abdalla, Chief Executive Officer at SIB, noted that the United Arab Emirates (UAE) handled the COVID-19 pandemic with both precision and swiftness, contributing to advanced levels of recovery from a pandemic that ravaged the globe.

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