Banking sector challenges discussed

Gulf Today, Business Bureau

The Sharjah Chamber of Commerce & Industry (SCCI), and Sharjah Islamic Bank (SIB) recently held a virtual joint meeting to discuss the latest developments of the impact of the new coronavirus (COVID-19) on the economy and explore avenues of the mutual cooperation to stimulate businessmen, especially within the most affected sectors, as well as to learn closely about banking sector trends in finding the proper mechanisms for supporting the governmental efforts to face the repercussions of the current stage.

The meeting was held in the presence of His Excellency Abdullah Sultan Al Owais, Chairman, SCCI, the meeting was attended by His Excellency Mohammed Abdullah, CEO of Sharjah Islamic Bank, His Excellency Waleed Bu Khatir, SCCI Second Vice Chairman, His Excellency Ziad Mahmoud Khairallah Al-Hajji, SCCI Board Member, His Excellency Mohammad Ahmed Amin Al-Awadi, SCCI Director-General, and His Excellency Ahmed Saad, Deputy CEO, SIB.

The two sides underscored the importance of continuous communication and concerted efforts to provide support and address the challenges of the private sector in Sharjah and to develop innovative and effective ideas and initiatives to ensure business sustainability.

Business sustainability and stability Abdullah Sultan Al Owais highlighted the vital role of the banking sector, as one of the most important key pillars of the economy, in enhancing the country’s GDP growth and developing different sectors, in addition to its important role in the current stage in line with the Dh100 billion stimulus package launched recently by the UAE Central Bank to ensure ample liquidity in the local banking sector and support the economy. This would help ensure businesses’ sustainability and stability and inject new investment in Sharjah and mating the existing investment.