Bank Islam to raise up to Dh548 million

Malaysia's Bank Islam plans to raise up to 540 million ringgit (Dh548m) by selling preference shares to existing shareholders – including Dubai Islamic Investment Group.

Bank Islam has sent out letters of invitation to its major shareholders including Kuala Lumpur-listed BIMB Holdings and Dubai Islamic Investment Group to participate in the cash call, Bank Islam Managing Director Zukri Samat said.

Zukri said the fundraising plan has been approved by Bank Islam's board, which consists of four representatives from Dubai Islamic.

Dubai Islamic has a 40 per cent stake in Bank Islam while Tabung Haji, the Malaysian pilgrims fund, owns the remaining nine per cent.

BIMB, which owns 51 per cent of Bank Islam, will give its full support to Bank Islams fundraising exercise.

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