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06 June 2023

Dubai Islamic seeks nod to raise capital

By Reuters

Dubai Islamic Bank (DIB) said on Monday it was seeking shareholder approval to issue up to $750 million in Sharia-compliant capital boosting bonds.

This would potentially raise its tier 1, or core capital, to $2.75 billion, the bank said in a statement to the bourse.

UAE's largest sharia-compliant lender has also sought shareholders approval for the board to be able to isssue a sukuk and/or other convertible shares if required.

Last month, DIB said it would need capital in 2016 but has still to decide on which method it will use to raise it.

DIB has also sought approval from shareholders to allow it to increase its paid up capital by Dh988.4 million ($269.11 million), subject to regulatory and other approvals.