The bank provides Sharia-compliant products and services to serve individuals, companies, institutions, and investors.
[3] As an Islamic bank, SIB operates in accordance with the principles of Sharia law.
[4] This means that it does not charge or pay interest, and it does not engage in any transactions that involve riba (usury), gharar (uncertainty), or maysir (gambling).
Instead, SIB uses Islamic finance techniques such as profit-sharing, leasing, and partnership to provide its customers with financial services that are consistent with Sharia principles.
[5] For the year 2022, Sharjah Islamic Bank (SIB) has posted net profit of AED 650.9 million.