DIB Group Discloses USD 540 Million Exposure to Troubled Healthcare Provider NMC Group

The United Arab Emirates-based Shariah-compliant lender, Dubai Islamic Bank Group (DIB Group) has disclosed that Dubai Islamic Bank (DIB) had an exposure of USD 424 million to the NMC Group (NMC), while its subsidiary Noor Bank had an exposure of USD 116 million to the troubled healthcare service provider as of the 31st of March 2020. 

In a statement to the Dubai Financial Market (DFM), DIB Group said that all facilities were extended exclusively to NMC’s operating companies and based entirely on operating cash flows earned in the UAE. DIB Group added that Noor Bank’s exposure of USD 116 million pertained to amounts lent out prior to its acquisition by DIB.

The total expo...