DIB increases foreign ownership to 40%

Dubai – Mubasher: Dubai Islamic Bank (DIB) has raised its foreign ownership limit (FOL) from 25% to 40% after obtaining approvals from the Central Bank of the UAE (CBUAE) and the Securities and Commodities Authority (SCA).

Higher FOL is attributed to strong investor demand from large foreign institutional investors and the rising confidence they have in the bank’s growth ambitions, according to a press release on Thursday.

Meanwhile, the bank has benefitted from the re-opening of Dubai's economy post the global pandemic, as global investors seek to shift their investments towards stronger and more stable financial markets. 

The Group CEO of DIB, Adnan Chilwan, said: "Global investor community has shown strong confidence in the UAE financial and capital markets as well as DIB, which has already seen a significant uptick in terms of share price performance, since the start of this year."

Chilwan remarked: "In addition, our recent H1 2021 results have demonstrated the bank’s resilience in these times, with a healthy trend across all key metrics around profitability, growth, capitalization, and liquidity."

Mubasher Contribution Time: 05-Aug-2021 07:11 (GMT)
Mubasher Last Update Time: 05-Aug-2021 07:11 (GMT)