National Bank of Fujairah shareholders have authorised its Board of Directors to finalise and execute an increase in paid-up capital to AED2 billion ($540 million).

 

The increase is being made through issuing 85,238,116 bonus shares from retained earnings, the General Assembly Meeting (GAM) of the bank held remotely through Webex application has decided.

 

The shareholders also approved the appointment and remuneration of the Internal Shari’a Supervision Committee member for NBF Islamic, the Islamic Banking Window of NBF, for a period of three years in line with the regulations issued by the Central Bank of the United Arab Emirates (CBUAE).

 

In addition, the shareholders approved amendments to the bank’s Articles of Association to include the provision of banking products and services in compliance with Islamic Shari’a in accordance with the applicable laws. 

 

Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Chairman said: “NBF is committed to observing the highest ethical and corporate governance standards and international best practices and sees these factors as key contributors to the long-term success of any business, creating trust and engagement between the bank and its stakeholders.”

 

The increase in paid up capital will further strengthen the bank in compliance with the new CBUAE regulation. The appointment of the Internal Shari’a Supervision Committee member for NBF Islamic and amendments to the Articles of Association will ensure that the bank is fully aligned with the latest laws and governance practices that will support its on-going success, he said. 

 

“We are particularly pleased to welcome the third Internal Shari’a Supervision Committee member, Dr Mohammed Ahmed Abdulla Al Hamed Al Hashimi, to the Islamic Banking Window of NBF and I am confident that he will play a pivotal role in developing the business and progress of NBF Islamic,” Sheikh Saleh added.-- TradeArabia News Service