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%

Adnan Chilwan: "International investors have shown strong confidence in the financial and capital markets in the UAE, as well as in (Dubai Islamic)."

Yesterday, Dubai Islamic Bank announced that it had succeeded, in cooperation with the Dubai Financial Market, 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 Central Bank of the Emirates and the Emirates Investment Authority. Securities and Commodities.

A statement issued yesterday stated that this increase comes primarily in response to the 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, "International investors have shown 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, “In addition, our results for the first half of 2021 demonstrated the bank’s resilience in these challenging times, with a positive trend across all metrics in terms of profitability, growth, capital and liquidity.

With the support of our strategy to enhance our corporate culture that is customer-centric, we seek to continue the path of development and growth through which we strive to become a stronger and more responsible organization that generates great value.”

Chilwan concluded: “With the UAE celebrating this very special year, which will witness a number of major economic 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 central bank. A financial pioneer in the region and the world.”

Dubai Islamic Bank

Dubai Islamic Bank, established in 1975, is the largest Islamic bank in the UAE by assets, and a public joint stock company listed on the Dubai Financial Market.

The bank leads the development of the global Islamic finance sector, and is also the first full-service Islamic bank and the second largest Islamic bank in the world.

The group has assets of more than $80 billion, market capitalization of $9 billion, a workforce of more than 10,000 employees, and nearly 500 branches within a global network that spans the Middle East, Asia and Africa.

The Bank serves more than three million customers across the group, provides its customer base with a growing range of Sharia-compliant products and services, and has a strong global presence, as a major player in promoting Sharia-compliant financial services.

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