A move that enhances the bank’s rating on the “Financial Times 100” and “Morgan Stanley Capital” indices
Dubai Islamic raises foreign ownership percentage to 40%
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Dubai Islamic Bank, in cooperation with the Dubai Financial Market, announced its success in completing the procedures for increasing the percentage of foreign ownership from the current level of 25% to the new enhanced level of 40%, after obtaining all regulatory approvals from the UAE Central Bank and the Securities and Commodities Authority .
A statement issued yesterday stated that this increase comes primarily in response to strong demand from investors, especially major foreign institutional investors, and their increasing confidence in the bank's ambitions and its expansion and growth strategy.
"Dubai Islamic" confirmed that it is preparing to benefit from the reopening of Dubai's economy, and the start of the recovery process, following the repercussions of the global "Covid-19" pandemic, at a time when global investors seek to transfer their investments towards stronger and more stable financial markets.
Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank, said that the UAE is one of the fastest economies to recover from the global pandemic, as a result of the effective financial policies that it has adopted, supported by pioneering vaccination campaigns and approved safety measures.
He added, "Global investors showed strong confidence in the capital and capital markets in the UAE, as well as in Dubai Islamic Bank, which has already witnessed a remarkable improvement in the share price performance since the beginning of this year."
Chilwan stressed that increasing the percentage of foreign ownership to 40% represents another incentive to enhance the bank's performance, as Dubai Islamic Bank continues to keep pace with the rapid recovery witnessed by the current economic environment.
He continued: "Our results for the first half of 2021 demonstrated the bank's resilience in these challenging times, with a positive trend across all major metrics in terms of profitability, growth, capital and liquidity. Supported by our strategy to enhance our customer-centric corporate culture, We seek to continue the process of development and growth through which we seek to become a stronger and more responsible institution, working to generate great value for all stakeholders.”
Chilwan concluded: (With the UAE celebrating this very special year, which will witness a number of major economic events and events such as (Expo 2020 Dubai) and the country’s golden jubilee, Dubai Islamic Bank remains steadfast in its commitment to support these economic ambitions, while continuing to consolidate its position As a leading financial center in the region and the world).
Dubai - UAE today
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