Sharjah Islamic Bank to focus on competitive retail product offerings

From: Promax Middle East
Published: Wed May 18 2005

Sharjah Islamic Bank has announced an exclusive Shariaa compliant auto finance offer. The offer, set at a profit rate of 3.75% on new cars and 4.5% on used cars, runs until the 31st of May. This offer currently has the lowest profit rate amongst Islamic banks and is one of the most competitive deals amongst used car finance options in the market at the moment.

As part of the bank’s overall strategy since the launch of its new corporate identity, the bank has moved to a more serious focus on retail banking and on the enhancement of retail products offered by SIB to the market.

The bank first established its retail department in 2004, and introduced its first retail products to the market in 2005, after its name change and following the birth of its first 24 hour, 7 day a week call centre.

Ever since the introduction of its strong, competitive retail products into the market, the bank has seen an increase in the volume of calls by 400% and growth of over 300%.

"Due to our dedicated sales team and the unique, transparent quality of the retail products offered by us, SIB has seen tremendous growth and return on investment in recent months. We believe in the benefit of offering innovative retail products in order to compete in both the Islamic and conventional banking sectors, and we realize the significant role this plays in the success of SIB as an Islamic bank", comments by Mr. Walid Koubaa, Head of Retail Banking Group at SIB.

Additional Information:

National Bank of Sharjah was established in 1975 in order to provide commercial banking services to Sharjah’s residents. As part of the banks conversion from conventional to Islamic banking practices, they announced on the 2nd February 2005 that the bank would now be called Sharjah Islamic Bank. SIB has enjoyed an accelerated rate of growth and has contributed greatly to the progress and development of both Sharjah and the UAE.
Company: Promax Middle East
Contact Name: Rasha El-Ghoussaini
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Contact Phone: 00971 50 2571020