Abu Dhabi – Mubasher: The board of Sharjah Islamic Bank (SIB) has approved an increase in the foreign ownership limit to 40% to enhance its international classification.

This decision is subject to the approval of the bank's ordinary general meeting (OGM), according to a press release on Tuesday.

The CEO of SIB, Mohamed Abdalla, said: "Investors from all over the world have shown strong confidence in the UAE's financial markets and in particular Sharjah Islamic Bank, which has witnessed a remarkable improvement in the performance of the share price since the beginning of this year."

It is noteworthy to mention that during the first nine months of 2021, SIB recorded AED 458.02 million net profits attributable to the shareholders, up 29.6% from AED 353.38 million in the year-ago period.