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05
Nov '17

Sharjah Islamic Bank receives special recognition from Abu Dhabi Securities Exchange for leading in transparency

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Sharjah Islamic Bank receives special recognition from Abu Dhabi Securities Exchange for leading in transparency

 

Sharjah Islamic Bank (SIB) has been acknowledged for being one of the first five listed companies to disclose their financial statements for the second and third quarters of this year. SIB received the recognition recently at The Annual Forum for Abu Dhabi’s listed companies, hosted by Abu Dhabi Securities Exchange (ADX), the region’s leading financial market.

 

The forum is part of ADX’s objective to strengthen and develop its strategic partnerships with listed companies as well as keeping partners up-to-date with the latest services and mechanisms. 

 

His Excellency Mohammed Abdullah, Chief Executive Officer of Sharjah Islamic Bank commented: “It is an achievement for our organisation as a whole to be awarded with this honour. Together we can achieve what we put our minds to, and this was a group effort to submit our financial statements within the appointed time frame.”

 

He added: “We aspire to further implement ourselves and diversify strategies in order to remain at a constant acceleration. SIB commits itself towards the values of integrity, innovation, and social responsibility.”

 

This honour is evidence of SIB’s transparent business framework and commitment to share information with all stakeholders promptly. It also recognises SIB’s associates and their respective team members, which include the Financial Control Department and the Legal Division in collaboration with SIB’s attorney.

 

During the forum, ADX’s Listed Companies Affairs Department delivered a presentation on the latest digital services that have been specifically developed for listed companies. These services have been designed to meet the requirements of disclosure and transparency to ensure the prompt delivery of information for shareholders and investors. The digital services were designed within a transparent governance framework and guided by sound business practices.

 

Updates to the electronic disclosure system (E-Service) of listed companies included new fields to be linked with the reports list and introducing a new procedure in case of error disclosure. Now when errors are disclosed, companies will be notified and will have the chance to amend it without the full refusal of disclosure was the case in the past.

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