Dubai Group may not sell Bank Islam stake

Dubai Group may not be keen to sell its stake in Malaysia's No. 2 sharia lender Bank Islam, the Business Times reported on Wednesday, citing a source. "They may not sell after all because they see value in the bank," the source was quoted as saying in a Business Times report.

Bank Islam had said last month that the planned sale by Dubai Group, an investment vehicle owned by the ruler of Dubai, was unlikely to be completed by June. The sale was to help the Middle Eastern investor shift its focus closer to home and settle its debt burden.

Dubai Financial Group, a unit of Dubai Group, holds a 40 percent stake in the Malaysian lender, according to Bank Islam's website.

Both Dubai Group and Bank Islam were not immediately available for comment.