Dubai Islamic and DIC in talks to set up Jordan lender

Dubai International Capital (DIC) said on Wednesday it is in talks with Dubai Islamic Bank about setting up a Shariah-compliant lender in Jordan.

"We are now talking with Dubai Islamic Bank to create an Islamic bank in Jordan," said Sameer Al Ansari, who heads the $13 billion (Dh48 billion) investment agency owned by the ruler of Dubai.

DIC manages a $500 million (Dh1.8 billion) fund investing in Jordan. Ansari was speaking at a conference in Dubai.

Islamic banks cater to investors who want to avoid earning or paying interest, viewed as usury under Islamic law.

Other Gulf Arab banks are also expanding into Jordan, including Qatar National Bank, which raised its stake in Jordan's Housing Bank for Trading & Finance to 30 per cent last year.  (Reuters)