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As part of its community involvement strategy, Sharjah Islamic Bank announced the donation of a residential property to the value of AED 66 million, situated in the Al Nahda area in the emirate of Sharjah, to the Sharjah Social Services Department (SSSD).
The signing ceremony was attended by HE Mohammed Abdullah, CEO of Sharjah Islamic Bank and Afaf Al Marri, Director of Sharjah Social Services Department who signed the agreement on behalf of their respective organizations in the presence of a number of senior officials from both parties.
According to the agreement, the Sharjah Islamic Bank has transferred the title of the property to the SSSD and has given assurances to offer all possible facilities and remove any possible obstacles by providing management services to the property through its subsidiary ASAS Real Estate to ensure the annual return from the property will be delivered to the SSSD easily and conveniently.
Speaking on the occasion, HE Mohammed Abdullah, CEO of Sharjah Islamic Bank, said: “This step is part of the bank’s corporate social responsibility initiatives. The CSR forms a core component of Islamic banking ethics, principles and the mission to enhance social solidarity and cohesion. This agreement comes to support the SSSD’s worthy efforts. We believe in the important role played by the SSSD in society and in the significant humanitarian services offered by them to the social segments covered by the department’s services.
“This step is part of a series of social services offered by the Sharjah Islamic Bank, away from the limelight, and is consistent with the bank’s values which are derived from Islamic Sharia’a. We hope this step will achieve its goal, benefit the department and contribute to helping many individuals and families”, he added.
Afaf Al Marri, Director of the Sharjah Social Services Department, said: “We extend our thanks to the Sharjah Islamic Bank for this valuable donation which will be added to their proven track record of corporate social responsibility achievements”.
She clarified: “The SSSD now holds the full title of the 27 storey tower which is comprised of 140 apartments and two retail outlets. The proceeds will help enhance the department’s vision of achieving leadership in social services and improving the quality of life in the emirate’s community by offering social support such as monthly assistance, emergency relief, domestic care services, day services such as physical therapy, protection services such as the child abuse hotline, and accommodation services such as elderly care and social care for children, in addition to new services that are consistent with the department’s noble values and mission”.
The building is spread over an area of 1858 square meters, comprising of a ground floor, five parking floors and 25 residential floors. ASAS Real Estate will manage and lease the building’s units on behalf of the SSSD. ASAS will deposit the revenue collected from tenants in the SSSD’s banking account. The company will be responsible for renewing tenancy contracts and providing the owner with semiannual reports about the rental values of the similar properties and will supervise regular maintenance among many more building management services.
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