Sharjah Islamic Bank’s Profits Slip 21.9%

imagesDUBAI – Sharjah Islamic BankSharjah Islamic Bank, or SIBSIB, on Saturday reported a 21.91 per cent fall in its net profit for the first half of the current year, compared with the same period last year. The Shariah-compliant bank, without mentioning any reason for the decline in earnings, announced a net profit of Dh151.7 million for the first six months of the year, compared with Dh191.8, the bank reported for the first half of 2008. Net profit before distribution to depositors reached Dh309.3 million compared to Dh309.7 million for the same period last year, the bank said in a statement. The balance sheet grew since December 2008 with total assets reaching Dh16.2 billion while customer deposits reached Dh9.8 billion since December 31, 2008. The bank reported net customer receivables at Dh10 billion compared with Dh10.2 million as on December last year. “Islamic banking is less exposed to risks like the global financial crisis as it is not based on predictions but on profit or loss sharing,” a Sharjah Islamic BankSharjah Islamic Bank official said at a forum in Dhaka, Bangladesh, on July 17. Islamic banking system is not based on predictions, which gives it the advantage to less external shocks like the recent financial meltdown,” Ipahim Iqbal Karmally, the head of trade finance for the SIBSIB, told an online newspaper, bdnews24.com, in Dhaka
source : qmp

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