Dubai Islamic Bank ups Tamweel stake with 3339.3m share buy

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DIB said in September it raised its stake in the Islamic firm to 57.33 percent, becoming the majority shareholder

DIB said in September it raised its stake in the Islamic firm to 57.33 percent, becoming the majority shareholder

Tamweel, the UAE Islamic mortgage lender, said on Sunday that Dubai Islamic Bank had raised its shareholding in the company through the purchase of 339.3 million shares.

Dubai Islamic bought 208.77 million shares from Istithmar World, 88.2 million shares from Dubai Capital Group, and 42.32 million shares from Dubai Financial Market, Tamweel said in a statement to the Dubai bourse.

DIB said in September it raised its stake in the Islamic firm to 57.33 percent, becoming the majority shareholder of the company.

In October, Tamweel’s chairman said a long-planned merger between Tamweel and rival Islamic lender Amlak was unlikely to go ahead.

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