EIB to raise Dh1.5bn through rights issue

Dubai-based Emirates Islamic Bank (EIB) plans to raise Dh1.5 billion through a rights issue, it said on Wednesday.

In a statement to Dubai Financial Market, the bank said it would raise the additional capital by issuing 1.5 billion shares priced at Dh1 each.

EIB will hold an extraordinary general meeting on December 19 with shareholder registered on Tuesday, December 18, eligible to vote at the meeting.

In October, the bank had reported a nine-month net profit of Dh41.75 million.