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Jordan Dubai Islamic Bank Gets Licence from Central Bank of Jordan
DUBAI - Dubai Islamic Bank, or DIB announced that Jordan-based Industrial Development Bank, or IDB has received a preliminary banking licence by the Central Bank of Jordan to operate as an Islamic financial institution.
The new entity, Jordan Dubai Islamic Bank, or JDIB, will begin operations with a share capital of $100 million.
Earlier this year, DIB announced the official re-launch of IDB following the completion of a private placement of 26 million shares of IDB. Mesc Investments now owns a 52 per cent stake in the new entity, acquired through the private placement in February this year.
Mesc is owned40 per cent by DIB and 60 percent by Jordan Dubai Capital.
In addition to its stake in newly formed JDIB, DIB isproviding the technical support and supervision needed to restructure it in line with international best practices .
“The successful transformation of IDB to JDIB reflects DIB’s commitment to Islamic banking and the Jordanian economy,” said Khaled Al Kamda, Group Managing Director of Dubai Islamic Bank and Vice- Chairman JDIB.
business@khaleejtimes.com
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