DUBAI: The Dubai Islamic Bank (DIB) has increased its foreign ownership limit (FOL) to 40 percent from the current level of 25 percent, driven by a strong investor demand from foreign institutional investors.
The bank, the largest Islamic bank in the UAE by assets, said the increase was executed after clearance from UAE Central Bank and the Securities and Commodities Authority (SCA).
The enhancement of FOL was executed through the Dubai Financial Market (DFM), the bank said.
“DIB is geared towards benefitting from the re-opening of the Dubai economy post the global pandemic, as global investors seek to shift their investments towards stronger and more stable financial markets,” the bank said in a statement.
Adnan Chilwan, Group CEO of DIB said the UAE has been amongst the fastest economies to recover from the global pandemic, as a result of effective fiscal policies supported by world-leading vaccination campaigns and safety measures adopted.
“Global investor community has shown strong confidence in the UAE financial and capital markets as well as DIB, which has already seen a significant uptick in terms of share price performance since the start of this year. The increase in FOL will serve as another catalyst at a critical juncture with DIB’s alignment to the fast recovering economic environment,” Chilwan said.