Abu Dhabi – Mubasher: The National Bank of Fujairah (NBF) has approved a paid-up capital raise to AED 2 billion by issuing 85.24 million bonus shares from retained earnings.
The shareholders have also agreed on appointing the internal Shari’a supervision committee member for NBF Islamic, the Islamic Banking Window of NBF, for a three-year period, according to a press release on Monday.
Meanwhile, the OGM approved amendments to the bank’s Articles of Association to include the provision of banking products and services in compliance with Islamic Shari’a.
The Chairman of NBF, Sheikh Saleh bin Mohamed bin Hamad Al Sharqi, 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."
Meanwhile, Al Sharqi added: "The increase in paid-up capital will further strengthen the bank in compliance with the new CBUAE regulation."
