UAE’s DIB Increases Foreign Ownership Limit to 40%

Shareholders of the United Arab Emirates (UAE) based Dubai Islamic Bank (DIB) have given approval to increase the foreign ownership limit (FOL) from 25% to 40%.

Group CEO of DIB, Dr Adnan Chilwan said the decision to enhance the FOL to the maximum allowable 40% limit was taken based on immense interest from global investors. Sustained performance of the bank over the years had resulted in the bank’s assets exceeding AED 230 billion and DIB’s market share rising to approximately 10%.

DIB recently acquired its smaller rival Noor Bank and with this acquisition, the bank’s assets have grown in excess of AED 275 billion, positioning DIB as one of the biggest Islamic len...