Dubai investors to buy majority stake in Jordanian bank

02 September 2008
Dubai Islamic Bank (DIB) and a group of other Dubai-based investors are planning to acquire a controlling stake in Jordan’s Industrial Development Bank (IDB) and convert the institution into an Islamic bank.

If the sale goes ahead, IDB will be renamed Jordan Dubai Islamic Bank.

DIB is working with Jordan Dubai Capital and Dubai International Capital on the acquisition of a 52 per cent stake in the bank.

The Dubai consortium has not disclosed how much it expects to pay for the stake, which has a market capitalisation of $145m on the Amman Stock Exchange.

DIB already has holdings in Islamic banks in Pakistan and Sudan, and its chief executive officer Khaled al-Kamda says further overseas expansion is planned.

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