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UAE bank launches Haj financing service

Thursday, October 21, 2010 10:43:34 PM, WAM

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Sharjah Islamic Bank posts $52 mn Q3 profit

The Sharjah Islamic Bank Sunday posted a third quarter net profit of 191.6 million dirhams (about $52 million). The balance sheet grew since December 2009 with total assets reaching 16.3 billion dirhams from 16 billion dirhams.  

Sharjah: A leading bank in the United Arab Emirates has launched a no-profit financing service for Haj pilgrims to help its needy clients perform the holy journey.

Under the theme "perform Haj this year and pay it off over the year with no profit", the innovative service by Sharjah Islamic Bank (SIB) will enable a lot of people to perform Haj and pay back the cost in easy and affordable monthly instalments in one year without any interest or fees.

Jassem Mohammed Al Baloushi, head of SIB's retail banking group, said: "The launch of an Islamic financing service for Haj without any profit or fee is part of our commitment to catering to the consumer's demand for Islamic products, and of our role as a national Islamic bank committed to community development by launching products that serve the society.

Al Baloushi explained that the bank has selected a number of reputed Haj agencies through which the new service will be available to clients.

 

 


 

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Picture of the Day

President Mrs. Pratibha Devisingh Patil presenting the Rajat Kamal Award to Farooque Sheikh for Best Supporting Actor (Film: Lahore), at the 57th National Film Awards function, in New Delhi on October 22, 2010. Union Minister for Information and Broadcasting Mrs Ambika Soni, Ministers of State for Information and Broadcasting Choudhury Mohan Jatua and Dr. S. Jagathrakshakan and the Director General (M&C) & Director, DFF S.M. Khan are also seen.

(Photo: Shivraj)

 

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