Day: October 16, 2021

DUBAI, Sharjah Islamic Bank (SIB) recorded an increase of 29.6percent in the net profit reaching at AED 458.0 million for the nine months period ended 30 September 2021 compared to AED 353.4 million for the same period in 2020. The Bank also reported an increase in operating profits by 29.3percent, reaching AED 652.9 million for the nine months of 2021, compared to AED 504.8 million for the same period in the previous year.

Despite the partial recovery from the repercussions of the Coronavirus pandemic, the Bank continued its hedging policy to face the challenges resulting from the operational conditions that the global economy is still going through. Consequently, the Bank has reported an increase of AED 43.5 million or 28.7percent in the net impairment provisions, which has increased to AED 194.8 million for the period ended 30 September 2021, compared to AED 151.4 million for the previous period.

The growth of the Bank’s net profit indicates strong performance across all the business units of the Bank. As a result, the net income from financing and investment products increased by 16.3percent, or AED 113.9 million, to reach AED 812.3 million for the nine months of 2021, compared to AED 698.4 million for the same period of 2020. While net fees, commissions and other income increased by 17.6percent to reach AED 246.5 million, compared to AED 209.6 million for the same period of 2020.

The Bank maintained general and administrative expenses at the same level with a slight change compared to previous period amounting AED 405.9 million for nine month period ended 2021 and AED 403.2 million for nine month period ended 2020.

The statement of financial position of the Bank showed an increase in total assets by 1.7percent to reach AED 54.5 billion as at 30 September 2021, compared to AED 53.6 billion as at 31 December 2020.

The Bank continues to maintain a strong liquidity ratio for future opportunities, as it reached AED 12.9 billion, or 23.6percent to the total assets, compared to AED 11.2 billion, or 20.9percent of the total assets at the end of the previous year. Financing to deposits ratio reached 80.4percent, which reflects the strength and stabily of liquidity position of the Bank.

Sukuk payable decreased by AED 1.8 billion and stands at AED 3.7 billion as at 30 September 2021 as against AED 5.5 billion as at 31 December 2020, due to the repayment of USD 500.0 million in the 3rd quarter through Bank’s own sources, evidencing strong liquidly position.

The Bank continues to diversify its financing portfolio in various economic sectors and follows a wise credit policy that takes into account all developments associated with the Corona pandemic and its impact on financial markets, as the total customer financings stabilized at an amount of AED 29.6 billion, at the same level of previous year end.

The bank was able to attract a larger volume of customer deposits during the nine period ended 30 September 2020, as deposits significantly increased by 9.3percent or AED 3.1 billion, bringing the total deposits to AED 36.7 billion, compared to AED 33.6 billion as at 31 December 2020.

Sharjah Islamic Bank has a strong capital base, as the total shareholders’ equity at the end of September 2021 amounts to AED 7.7 billion, which represents 14.1percent of the Bank’s total assets. Thus, the Bank maintains a high capital adequacy ratio in accordance with Basel III at 21.21percent.

The profitability of the Bank has seen notable improvement, whereas rate of return on average assets and average equity increases significantly as well, at 1.13percent and 7.95percent annualized, respectively, compared to 0.81percent and 5.35percent at the end of the previous period.

During its meeting, the Bank’s board of directors approved a proposal to allow foreign investors to trade in 40percent the Bank’s shares, provided that it is put to a vote in the next general assembly meeting.

Source: Emirates News Agency

DUBAI, GITEX GLOBAL Leaders Vision, the definitive gathering for regional and national technology transformation, will redefine the technology roadmaps of the Middle East and Africa when it debuts at GITEX GLOBAL, the world’s largest and most interconnected technology event of 2021.

Taking place from 17th–19th October at Dubai World Trade Centre (DWTC) in the 41st edition of GITEX GLOBAL, the conference will focus on the specific roadmaps of the Middle East and Africa through dedicated region- and country-specific sessions, and comes in the run-up to the UAE’s Golden Jubilee celebrations. GITEX GLOBAL Leaders Vision will bring together international government leaders who will share their technological accomplishments, collaborations, initiatives, and opportunities with the international community.

The conference features one of the most influential government innovation speaker lineups ever seen in the region with public sector industry regulators and government ministers set to discuss opportunities around sectors including artificial intelligence, the digital economy, Fourth Industrial Revolution applications, youth empowerment and human capital development.

Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, said, “GITEX GLOBAL Leaders Vision represents a landmark event in the bid to accelerate national transformations through technology across the Middle East and Africa, and comes as the UAE Projects of the 50 lay the foundations for an innovative, digitally driven economy. GITEX GLOBAL Leaders Vision will serve as a platform for essential knowledge exchange between countries and will create opportunities across a range of technological and economic spheres.”

Vision UAE – Projects of the 50.

On October 19th, GITEX GLOBAL Leaders Vision will see decision-makers turn their combined attention and expertise to the Projects of the 50 initiative, which aims to ignite a new era built on the UAE’s ability to attract global investment and talent, as well as being an international testbed for technologies and innovation.

Visitors will hear from influential UAE decision-makers including Abdulla Bin Touq Al Marri, Cabinet Member and Minister of Economy; Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications; Sarah bint Yousef Al Amiri, Minister of State for Advanced Technology; Eng. Majed Sultan Al Mesmar, Director General, The Telecommunications and Digital Government Regulatory Authority; Dr Mohamed Abdelhameed Al Askar, Director General, Abu Dhabi Digital Authority; Hamad Obaid Al Mansoori, Director General, Digital Dubai; Younus Al Nasser, Assistant Director General, Digital Dubai & CEO, Dubai Data Establishment, Salem Al Marri, Deputy Director General, Mohammed Bin Rashid Space Centre, Wesam Lootah, CEO, Smart Dubai Government Establishment, Digital Dubai; and Khalfan Belhoul CEO, Dubai Future Foundation, among others.

Vision Kingdom of Saudi Arabia & GCC.

The conference’s second day on 18th October will dive into bold new projects central to the digital transformation of Saudi Arabia and other GCC countries, giving ministerial-level insight into initiatives that will drive their economic diversification.

Saudi Vision 2030’s ambitions will be put under the spotlight, and decision-makers will evaluate a multitude of government-led digital-first initiatives, and explore ways to usher in a knowledge-based, digital economy.

Government leaders will brainstorm how to unleash the power of the region’s creative sectors, including E-sports, its high potential fashion value chain, and embryonic culinary arts segment, and will hear from Dr. Amr Almaddah, Deputy Minister, Ministry of Hajj and Umrah, Saudi Arabia; Sultan Al Mutairi, Head of Vision Realisation Office, Ministry of Interior, Saudi Arabia; Dr Saoud Humaid Al Shoaili, Director-General, Policies and Governance, Ministry of Transportation, Communication and IT, Oman; Tala Fakhro, Chief Project Officer, Market and Strategy Intelligence and Policy Advocacy, Bahrain Economic Development Board; and Mayada Badr, CEO, Saudi Culinary Arts Commission, among others.

Vision Africa.

On 17th October, Vision Africa will unpack the bold national tech strategies and priorities of Egypt, Kenya, Nigeria, Ghana and Tunisia, exploring how country-specific programmes will play a critical role in forging a common vision for an integrated and inclusive digital society and economy across the continent. Decision-makers from the four nations will also examine ways to overcome barriers inhibiting the growth of Africa’s expanding startup communities, and visitors will hear from Dr. Amr S. Talaat, Minister of Communications and Information Technology, Egypt; Isa Ali Ibrahim (Pantami), Minister of Communications and Digital Economy, Nigeria; Dr. Nizar Ben Neji, Minister of Communication Technologies, Tunisia; Ursula Owusu-Ekuful, Minister for Communications and Digitalisation, Ghana; Eng. Amr Mahfouz, Chief Executive Officer, Information Technology Industry Development Agency (ITIDA) Assistant Minister for Growth and Development, MCIT, Egypt; Dr. Tonny K. Omwansa, CEO, Kenya National Innovation Agency, Professor Bitange Ndemo, Former ICT Secretary, Kenya and Eng. Kaburu Mwirichia, KoTDA Board Member, Konza Technologies.

GITEX GLOBAL Leaders Vision underpins GITEX GLOBAL’s standing as the world’s most complete experiential technology event of the year, uniting international innovators in artificial intelligence, 5G, cloud, big data, cybersecurity, Blockchain, quantum computing, Fintech, and immersive marketing. The all-encompassing technology showcase will be explored across six events – GITEX GLOBAL, Ai Everything, GITEX Future Stars, the Future Blockchain Summit, Fintech Surge and Marketing Mania.

“Dubai World Trade Centre is proud to host government leaders at the inaugural GITEX GLOBAL Leaders Vision, which will provide an unrivalled opportunity for national decision-makers to engage in co-collaboration opportunities that will help to define societies of the future,” said Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority (DWTCA) and Dubai Department of Tourism and Commerce Marketing (DTCM). “As countries in the Middle East and Africa regions aim to transition to knowledge-based economies and increase their ecosystems of innovation and entrepreneurship, GITEX GLOBAL 2021 is providing an unprecedented platform for government leaders to collaborate and engage in meaningful, future-defining dialogue.”

Source: Emirates News Agency