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Dubai Islamic Bank approves deposit conversion
Dubai Islamic Bank (DIB) approved on Wednesday the conversion of a 3.75 billion dirham ($1.02 billion) state deposit into tier-2 capital, the bank said.
An extraordinary general meeting approved the tier 2 wakala, or Islamic deposit, agreement with the finance ministry, the emirate's largest Islamic lender said in a statement.
The finance ministry of the UAE, the second largest Arab economy, has said it would invest 70 billion dirhams into long term deposits at banks struggling to cope with tight global credit conditions. (Reuters)
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