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Mon 6 Jul 2009 04:12 PM

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Dubai Islamic Bank to begin Jordan operation

Bank awarded preliminary banking licence by Central Bank of Jordan.

Dubai Islamic Bank (DIB) has received a preliminary banking licence by the Central Bank of Jordan to operate as an Islamic financial institution.

The new entity, Jordan Dubai Islamic Bank (JDIB), will have a share capital of $100m, the company said in a statement on Monday.

“Mesc Investments now owns a 52 percent stake in the new entity, acquired through the private placement in February this year,” the bank said.

Mesc is owned 40 per cent by DIB and 60 percent by Jordan Dubai Capital.

“Sharia-complaint investment products are proving to be more attractive more than ever, especially in such times of economic challenges,” said Khaled Al Kamda, group managing director of DIB and vice chairman JDIB.

“With strong growth potential, the kingdom offers great prospects for Islamic banking and JDIB is fully equipped to capitalise on these opportunities,” he said.

DIB, the world’s first Islamic bank, runs operations in Pakistan, Turkey, Iran, and Sudan.

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