The National Bank of Fujairah, which counts the emirate’s government and Dubai’s sovereign wealth fund as shareholders, received shareholders’ approval to increase the ceiling of is Tier-1 capital to $636.1 million (Dh2.33 billion).
Tier-1 capital consists of shareholders' equity and retained earnings. It is intended to measure a bank's financial health.
The shareholders, through a special resolution, have raised the bar of non-convertible additional Tier 1 capital instruments by $500m in a bid to strengthen the bank’s capital base, NBF said on Monday.
The lender is looking to raise $350m from the capital markets this year through a Tier-1 issue, Vince Cook, chief executive of NBF told The National earlier this month. The bank, which has already converted an earlier Tier-1 capital bond into equity and paid a Tier-2 tranche tranche - supplementary capital composed of items such as subordinated term debt - in November, is awaiting the right time to place the issue in the market.
“It seems to be good time but the question on everybody’s mind is what is going to happen to interest rates,” Mr Cook said at the time.
The Investment Corporation of Dubai, the emirate's sovereign wealth fund, owns 9.8 per cent of the bank, while the Government of Fujairah has a 40.2 per cent stake in the Abu Dhabi-listed lender.
NBF posted its best ever operating and net profit for full-year 2018. Operating profit climbed to Dh1.1bn, up 15.2 per cent year-on-year, while its net income rose 30.4 per cent to Dh615.3m. Loans and advances and Islamic financing receivables rose 8.9 per cent to Dh26.2bn, while customer deposits increased by 9.4 per cent Dh30.5bn.
The bank’s shareholders on Monday also approved the distribution of profits of 20 per cent of paid-up capital divided into cash dividends of 7.5 per cent (Dh123.3m) and bonus shares of 12.5 per cent (Dh205.6m).
Notable salonnières of the Middle East through history
Al Khasan (Okaz, Saudi Arabia)
Tamadir bint Amr Al Harith, known simply as Al Khasan, was a poet from Najd famed for elegies, earning great renown for the eulogy of her brothers Mu’awiyah and Sakhr, both killed in tribal wars. Although not a salonnière, this prestigious 7th century poet fostered a culture of literary criticism and could be found standing in the souq of Okaz and reciting her poetry, publicly pronouncing her views and inviting others to join in the debate on scholarship. She later converted to Islam.
Maryana Marrash (Aleppo)
A poet and writer, Marrash helped revive the tradition of the salon and was an active part of the Nadha movement, or Arab Renaissance. Born to an established family in Aleppo in Ottoman Syria in 1848, Marrash was educated at missionary schools in Aleppo and Beirut at a time when many women did not receive an education. After touring Europe, she began to host salons where writers played chess and cards, competed in the art of poetry, and discussed literature and politics. An accomplished singer and canon player, music and dancing were a part of these evenings.
Princess Nazil Fadil (Cairo)
Princess Nazil Fadil gathered religious, literary and political elite together at her Cairo palace, although she stopped short of inviting women. The princess, a niece of Khedive Ismail, believed that Egypt’s situation could only be solved through education and she donated her own property to help fund the first modern Egyptian University in Cairo.
Mayy Ziyadah (Cairo)
Ziyadah was the first to entertain both men and women at her Cairo salon, founded in 1913. The writer, poet, public speaker and critic, her writing explored language, religious identity, language, nationalism and hierarchy. Born in Nazareth, Palestine, to a Lebanese father and Palestinian mother, her salon was open to different social classes and earned comparisons with souq of where Al Khansa herself once recited.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
'Laal Kaptaan'
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Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain
Rating: 2/5
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
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MATCH INFO
Champions League quarter-final, first leg
Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
UAE currency: the story behind the money in your pockets
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
UAE currency: the story behind the money in your pockets
