Sharjah Islamic Bank (SIB) shareholders have approved a 15 percent cash dividend for 2024, amounting to AED 458.7 million.
The decision was announced at the Annual General Assembly Meeting (AGM) on Sunday, chaired by Abdul Rahman Al Owais, Chairman of the Board of Directors. The meeting was held in person at the Sharjah Chamber of Commerce and Industry and was also accessible virtually.
Attendees included the Board of Directors, executive management, internal committees, auditors, the Securities and Commodities Authority, and the Sharjah Economic Development Department, alongside SIB shareholders. The AGM approved key agenda items, such as reports from the Board, auditors, and Internal Shariah Supervision Committee. Shareholders also reaffirmed their confidence in the Board and approved the appointment of two new members.
Al Owais expressed gratitude to Sharjah’s leadership for their support in advancing SIB’s financial objectives. He also acknowledged shareholders, customers, and employees for their contributions to the bank’s success. He highlighted SIB’s strong 2024 performance, driven by digital transformation, revenue diversification, and sustainable growth in Islamic banking.
SIB continues to invest in FinTech, strategic partnerships, and sustainable projects, reinforcing its customer-centric approach. These efforts align with the UAE’s vision, positioning SIB as a key financial institution.
Al Owais presented the 2024 annual report, revealing that SIB’s net profit exceeded AED 1 billion for the first time, a milestone attributed to its robust strategy and financial management. Net profit before tax rose 36.5 percent to AED 1.15 billion, while net profit after tax increased 24.5 percent to AED 1.05 billion.
Total operating income grew 10.4 percent to AED 2.2 billion, driven by a 20.6 percent rise in financing profits to AED 3.7 billion. Additionally, fee and commission income surged 45.3 percent to AED 400.4 million.
