Cham Bank Announces Cash Dividend of /250/ Million SYP

The Board of Directors of Cham Bank recommended the distribution of cash dividends to shareholders of /250/ million SYP, after approval by the shareholders of the Bank during the General Assembly meeting held on 15/05/2017 at the Cham Hotel in Damascus.

After the attendance of (58.73%) of Cham Bank shares was completed, the ordinary general assembly meeting of Cham Bank was held in 2016. The meeting was chaired by Mr. Osama Taher, Board Member, in the presence of Dr. Marwan Saif Adeen, Board Member, Mr. Ahmad Al-Laham, Chief Executive Officer of Cham Bank, Dr. Riad Al-Daoudi, the Legal Consultant of the Board, Dr. Ahmad Al-Hassan, Head of Sharia Supervisory Commission, Mr. Abdul Salam Mohammadah, Member of Sharia Supervisory Commission; delegates from Central Bank of Syria, Ministry of Internal Trade and Consumer Protection, Syrian Commission on financial Markets and Securities, and a large number of shareholders.

Meeting began with the Board of Directors' report on the activities of Cham Bank for the past 2016, and the approval of the Sharia Supervisory Commission’s report on the extent of the Bank's compliance with Islamic Sharia provisions in the exercise of its activities. The meeting concluded with the election of the Board of Directors of Cham Bank for a new term of three years.

This was followed by the announcement of CEO of Cham Bank, Mr. Ahmad Al-Laham, on the recommendation of the Board to distribute cash dividends of /250,000,000/ SYP, equivalent to (5%) of the capital, after approval by shareholders during the ordinary general assembly meeting. “The dividend is the result of the outstanding results achieved in 2016, due to net operating profit and the complete amortization of accumulated losses under applicable laws and regulations. This is a tangible sign of good and strong financial performance despite challenging economic conditions,” Mr. Al-Laham said. “We are so proud to be celebrating our tenth year in distributing dividends for the first time as we face significant economic challenges. We are confident that we would not have achieved this success without the support and guidance of the Central Bank of Syria and the trust of our valued customers and shareholders.”

The Board of Directors’ approval reflects a dividend of (5%) on the shareholders of the Bank; reflects the commitment of the Board of Directors and the Executive Management to implement the Bank's strategy and to protect shareholders’ rights. This gives the Bank a positive impetus to discover more opportunities and possibilities and develop business to achieve positive results in the next years.

At the same time, the move coincides with awarded “Best Bank in Syria –Fast Growing” to Cham Bank, by Banker Middle East during a huge ceremony in Dubai.