|17 November, 2019

Abu Dhabi Islamic Bank’s board proposes 40% higher limit on foreign ownership

The raise is subject to approvals from relevant regulators

The corporate logo of Abu Dhabi Islamic Bank is seen in Dubai, United Arab Emirates, December 31, 2018.

The corporate logo of Abu Dhabi Islamic Bank is seen in Dubai, United Arab Emirates, December 31, 2018.

REUTERS/Hamad I Mohammed

Abu Dhabi - The board of Abu Dhabi Islamic Bank (ADIB) has submitted a recommendation to the shareholders’ general assembly to increase the maximum limit of non-UAE national's ownership of ADIB's shares to 40%.

Therefore, the clause No. (7) of ADIB’s articles of association shall be amended after receiving necessary approvals from competent authorities, according to a press release on Sunday.

It is worth noting that over the third quarter (Q3) of 2019, ADIB saw a 5.2% year-on-year rise in net profits to AED 620 million from AED 589.5 million in Q3-18.

ADIB is dually-listed on the Abu Dhabi Securities Exchange (ADX) and the Egyptian Exchange (EGX).

Source: Mubasher

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