Sharjah Islamic Bank opens new branch in Al Hamriya Free Zone

Sheikh Khalid bin Abdullah bin Sultan Al Qassimi, Chairman of the Sharjah Ports and Customs Department, inaugurated a new branch of the Sharjah Islamic Bank in Al Hamriya Free Zone in Sharjah on Sunday 1 May 2011, bringing the total number of its branches across the UAE to 24.

The inauguration ceremony was attended by Rashid bin Obaid Al Leem, Director General of the Sharjah Ports and Customs Department and Director General of the Al Hamriya Free Zone Authority, H.E. Mohammed Abdullah, CEO of Sharjah Islamic Bank, and a group of the bank's senior officials, as well as representatives of local departments.

Speaking on the occasion, Abdullah said, “Islamic banking has succeeded in proving its competitiveness and now has a strong presence in the financial and banking sector – a fact reflected in the increasing demand for Shari’a-compliant services. This has prompted us to expand our presence in across the country so as to meet the growing demand and offer appropriate banking services to our clients.”

“The new branch in Al Hamriya was opened in line with Sharjah Islamic Bank 's strategy to expand its branch network in the UAE while offering its clients the best banking services,” he added.

The bank’s new Al Hamriya branch represents an important step taken due to a strategic necessity to enhance its presence in all the country’s vital areas, and to increase its clients’ confidence and develop its services so as to better cater to their needs.

The new branch will offer an array of Shari’a-compliant banking services, including opening accounts, Murabaha, current and savings accounts, and investment deposits, as well as financing and leasing services, among others”.

In 2002 Sharjah Islamic Bank became the first bank in the UAE to convert from conventional to Islamic banking. Since then, it has offered a wide spectrum of Shari'a-compliant services that cater to the needs of individuals, companies and institutions, as well as investment and international banking services.

As a result of well-considered strategies and careful planning based on risk management and cost control, SIB has seen unprecedented growth. The bank currently has 24 branches across the UAE, in addition to more than 100 ATMs and deposit machines installed in residential districts and other vital areas such as shopping malls and entertainment centres.