DIB delays board meet to discuss financing deal

By Reuters
  • Wednesday, 10 February 2010 12:01 PM
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MEETING DELAYED: DIB has delayed the meeting to Feb. 11 from Feb. 10.(Getty Images)

MEETING DELAYED: DIB has delayed the meeting to Feb. 11 from Feb. 10.(Getty Images)

Dubai Islamic Bank postponed its board of directors meeting by one day to Feb. 11, pushing back the discussion of its recent financing deal with the UAE's ministry of finance.In a statement released on Wednesday, the company delayed the meeting to Feb. 11 from Feb. 10.

The UAE finance ministry earlier this week agreed to grant the Dubai Islamic Bank with wakala capital in order to allow the bank to provide sharia-compliant financing or products.

The move was touted as an effort "stimulate the economic activity in the UAE," according to a statement on the Dubai Nasdaq website Sunday.

Financial terms of the deal weren't disclosed but said that if Dubai Islamic Bank were to breach the terms of the agreement, the ministry could "convert all or part of the outstanding wakala capital...which would result in a capital increase of the bank," the statement said then.

Wakala is an agency structure where a depositor authorizes an agent to invest his funds in sharia-compliant assets. (Reuters)

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