SIB donates AED5 million to Zakat Fund

29 March 2010 SHARJAH - Sharjah Islamic Bank (SIB) has donated AED 5 million to the Abu Dhabi Zakat Fund, an independent establishment aiming to spread awareness of Zakat (giving a small percentage of one's possessions to charity) and its impact on society, and to collect Zakat and spend it locally in accordance with Islamic teachings (Shariah). Mohammed Abdullah, SIB Chief Executive Officer, says of the Bank's initiative: "SIB's contribution to the Zakat Fund is aimed at supporting efforts seeking an integral and united society. The initiative is also in line with SIB's goal of spreading communal partnership and the core ideals of social development that we are proud to uphold". "Private establishments in the country have a vital role to play in the support of charitable initiatives if they seek to contribute to their country, and we are proud to announce a strategic communal partnership with the Zakat Fund," he adds. Zakat Fund Secretary General Mr. Abdullah Bin Aqeeda Al Muhairi says of this event "Our partnership with SIB is in line with the Zakat Fund's strategic plan to cooperate with local and international establishments and institutions concerned with Zakat and charity work". Al Muhairi was excited at receiving the charity money through the partnership with SIB, which strives to realize the concept of communal partnership that contributes to the development of society and human relations. We hope that everyone follows in the footsteps of Sharjah Islamic Bank to strengthen the relations between people and organizations looking to make a contribution, and people who need Zakat. Sharjah Islamic Bank is the first bank to successfully convert from traditional banking to Islamic banking in 2002, offering a wide range of Shari'a-compliant services and international banking to individuals, establishments, institutions and investors. Through well-place risk management strategies SIB has managed to achieve an unprecedented growth rate, launching 23 branches throughout the UAE, in addition to over 100 strategically-located ATM machines at residential areas, shopping centers and entertainment centers. Source: The Saudi Gazette 2010