Dubai Islamic Bank Looks To Jordan

September 2008 | M&A News Alert

On September 2, Dubai Islamic Bank (DIB) announced that it will buy a majority stake in the Industrial Development Bank of Jordan (IDB), a strategic investment that will pave the way for IDB's conversion into a shari'a-compliant financial institution. Through a joint venture (JV) with Dubai sovereign investment agency Dubai International Capital (DIC), DIB will acquire a 52% stake in the Jordanian financial services provider, which will eventually be re-branded as Jordan Dubai Islamic Bank.

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