Abu Dhabi Islamic Bank Increases Foreign Ownership Cap to 40% of Issued Capital

United Arab Emirates (UAE)-based, Abu Dhabi Islamic Bank (ADIB) has raised its Foreign Ownership Limit (FOL) from 25% to 40% of its issued capital in an attempt to diversify its investor portfolio.

According to a disclosure submitted with the Abu Dhabi Securities Exchange, ADIB had obtained shareholder approval to amend its Articles of Association to increase its FOL during a Shareholder meeting held on the 29th of March 2020. In addition, ADIB had also obtained required regulatory approvals from the Central Bank of the UAE and the Securities and Commodities Authority of the UAE in order to amend its FOL.

Commenting on the increase of the FOL, His Excellency Jawaan Awaidha Suhail Awa...