Shareholders of Dubai Islamic Bank, the largest Islamic bank in the UAE, have approved an increase in foreign ownership limit to 40 percent proposed by the board.
The board recommended an increase in the foreign ownership limit of its shares to 40 per cent from 25 per cent, subject to regulatory and corporate approvals.
The lender reported a 2 percent rise in full-year net profit for 2019 on higher revenue and assets. Its net profit for 2019 jumped to 5.1 billion dirhams.
On January 23, 2020, DIB completed the acquisition of Noor Bank to become one of the largest Islamic banks in the world with total assets exceeding 275 billion dirhams.
DIB's move to increase foreign ownership limit is in line with other financial institutions that are raising ownership caps on their stocks to attract foreign investors, after the UAE removed restrictions last year.
First Abu Dhabi Bank has proposed removing a cap on foreign ownership. Emirates NBD and Abu Dhabi Islamic Bank are among the other lenders seeking the same.