FILE PHOTO: A security guard stands near ATM machines at Dubai Islamic Bank in Dubai May 1, 2013. REUTERS/Ahmed Jadallah
With the acquisition, DIB will become one of the largest Islamic banks in the world, with total assets worth 275 billion dirhams , from 230 billion dirhams as of the end of September. Dubai’s sovereign investment group, Investment Corp of Dubai is a common shareholder in the two banks. “Completion of this deal will provide opportunities for economic growth, ensuring that the UAE’s financial sector remains at the forefront of the Islamic economy,” DIB Chairman Mohammed Al Shaibani said in the filing.