ADIB gets nod for 25% foreign ownership

Abu Dhabi Islamic Bank, the UAE’ second-biggest bank complying with Islamic banking rules, said it obtained the Abu Dhabi Executive Council’s approval to allow foreigners to own up to 25 per cent of its shares.

The board decided to implement the decision November 19, according to a statement. Abu Dhabi Islamic Bank’s board had in 2010 approved a plan to allow foreigners to own shares in the lender. Its bigger counterpart in the neighbouring emirate, Dubai Islamic Bank, allows 25 per cent foreign ownership. (Bloomberg)