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Islamic Finance Briefing - Categorized | Banking, Market Moves more

DIB eyes acquisitions in Asian markets

Posted on 03 May 2013

Dubai Islamic Bank (DIB) has dealt with much of its balance sheet weakness and should see profits for 2013 grow in the high double digits, allowing it to eye acquisitions in new markets in Asia, officials said.
Leaders at the world’s oldest sharia-compliant lender told Reuters it had put aside around AED 5 billion ($ 1.36 billion) against the sort of soured property loans and transactions which drew into question Dubai’s future as a financial hub in 2009. In his first media interview since taking over to deal with the fallout of the 2008 global crisis, Chief Executive Abdulla Al-Hamli said the bank was now anxious to expand but was being held back in part by the unrest dominating the Middle East………………………………………..Full Article: Source

 
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