Abu Dhabi Islamic Bank, the UAE’s second-biggest bank complying with Muslim banking rules, said it obtained the Abu Dhabi Executive Council’s approval to allow foreigners to own up to 25 percent of its shares.
The board decided to implement the decision November 19, according to a statement.
Abu Dhabi Islamic Bank’s board had in 2010 approved a plan to allow foreigners to own shares in the lender. Its bigger counterpart in the neighboring emirate, Dubai Islamic Bank, currently allows 25 percent foreign ownership.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.