Dubai Islamic Bank gets approval for Tamweel stake increase

27 September 2010

The UAE’s largest Islamic lender, Dubai Islamic Bank (DIB) has received government approval to increase its stake in Tamweel to 57.33% from 21%, becoming the largest shareholder in the mortgage lender. “The move will give new momentum to the local mortgage market which has entered a recovery phase,” the Dubai government’s media office said in a statement.

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