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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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