Sharjah Islamic Bank, formerly known as the National Bank of Sharjah, is a publicly listed
Islamic bank headquartered in the
emirate
An emirate is a territory ruled by an emir, a title used by monarchs or high officeholders in the Muslim world. From a historical point of view, an emirate is a political-religious unit smaller than a caliphate. It can be considered equivalent ...
of
Sharjah
Sharjah (; ', Gulf Arabic: ''aš-Šārja'') is the List of cities in the United Arab Emirates, third-most populous city in the United Arab Emirates, after Dubai and Abu Dhabi. It is the capital of the Emirate of Sharjah and forms part of the D ...
in the
United Arab Emirates
The United Arab Emirates (UAE), or simply the Emirates, is a country in West Asia, in the Middle East, at the eastern end of the Arabian Peninsula. It is a Federal monarchy, federal elective monarchy made up of Emirates of the United Arab E ...
. The bank was established in 1976 and in 2004 converted into a fully Shariah compliant bank. The bank provides Sharia-compliant products and services to serve individuals, companies, institutions, and investors.
As an Islamic bank, SIB operates in accordance with the principles of
Sharia
Sharia, Sharī'ah, Shari'a, or Shariah () is a body of religious law that forms a part of the Islamic tradition based on Islamic holy books, scriptures of Islam, particularly the Quran, Qur'an and hadith. In Islamic terminology ''sharīʿah'' ...
law. This means that it does not charge or pay interest, and it does not engage in any transactions that involve riba (usury), gharar (uncertainty), or maysir (gambling). Instead, SIB uses Islamic finance techniques such as profit-sharing, leasing, and partnership to provide its customers with financial services that are consistent with Sharia principles.
In August 2021, Sharjah Islamic Bank announced the launch of a new digital account that allows customers use the smart bank application to open an electronic account without the need to visit the branch.
Financial performance
For the year 2022, Sharjah Islamic Bank (SIB) has posted net profit of AED 650.9 million.
See also
*
Islamic banking
Islamic banking, Islamic finance ( ''masrifiyya 'islamia''), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some ...
*
Shariah investments
References
External links
Sharjah Islamic Bank Official Website
Companies listed on the Abu Dhabi Securities Exchange
Companies based in the Emirate of Sharjah
Islamic banks of the United Arab Emirates
{{asia-bank-stub