We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Sun 7 Nov 2010 09:26 AM

Font Size

- Aa +

Dubai Islamic Bank ups Tamweel stake with 3339.3m share buy

DIB bought shares from Isthithmar World, Dubai Capital Group and Dubai Financial Market

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

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.

Arabian Business: why we're going behind a paywall

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.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.