The National Bank of Sharjah will formally become an Islamic bank, reported the Gulf News Monday.
The decision was taken at an extraordinary general meeting in which shareholders approved a 15 percent cash payout and a 1:10 bonus for the 2000, said the paper.
"After studying the matter for over two years, undertaken with independent agencies, we found this route was the best to improve profitability, given the keen shareholder interest in and customer demand for Islamic banking," said the bank's chairman, Sheikh Sultan Al Qasimi – Albawaba.com
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