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26 February 2024

DIB relaunches Jordan unit

By Staff Writer

Dubai Islamic Bank (DIB) yesterday said it had relaunched the Jordan-based Industrial Development Bank (IDB) following the completion of a private placement of 26 million shares worth $100 million (Dh367.31m) and renamed as "Jordan Dubai Islamic Bank" (JDIB).

Jordan Dubai Financial (JD Financial), the investment arm of Jordan Dubai Capital, DIB and Dubai International Capital took part in the private placement. The private placement was valued at JOD2.75 per share, based on the pricing equation adopted by the bank's General Assembly, wherein the strategic partner, Mesc Investment, covered the entire placement.

Mesc is owned by Dubai International Capital, which owns 20 per cent; DIB, which owns 20 per cent; and JD Financial, which owns the remaining 60 per cent. Mesc is JD Financial's third and biggest investment to date in this field. Mesc's contribution increases the new bank's capital by $26 million (Dh95.5m), while simultaneously becoming the owner of a 52 per cent stake in the new entity.

Samir Z Al Rifai, CEO of JD Capital, said: "Shariah-compliant banking institutions have been the least affected in the face of the current global economic crisis, which makes Shariah-complaint banking an ideal solution."