Dubai Islamic Bank ups Tamweel stake with 3339.3m share buy

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.

Related:
Topics

Market Performance

Tamweel - UAE
1.07
0.0 0.0 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Why banking in the Gulf will never be the same again

Why banking in the Gulf will never be the same again

New technologies are emerging in banking and finance at a rapid...

How Gulf SWFs have thrown funding lifeline to tech ventures

How Gulf SWFs have thrown funding lifeline to tech ventures

Saudi Arabia and other Gulf states have ploughed money into hot...

Saudi Arabia signals new investment strategies in $3.5bn Uber deal

Saudi Arabia signals new investment strategies in $3.5bn Uber deal

Deal makes the Public Investment Fund a player in the technology...

Most Discussed
sponsoredTracking