Dubai Connection
In June 2006 Dubai Islamic Investment Group, a subsidiary of the Dubai Group the global financial investor of Dubai Holding, declared that they have taken a 40 per cent stake in Bank Islam, Malaysia's oldest Shar'iah compliant bank. Bank Islam, Lembaga Tabung Haji and DF signed three agreements, constituting a shareholders agreement, between BIMB Holdings Berhad, Lembaga Tabung Haji (LTH), Dubai Islamic Investment Group and Bank Islam Malaysia Berhad; a subscription agreement between the bank, its holdings company and majority shareholder Tabung Haji; and a separate subscription agreement between the bank, its holdings parent and Dubai Islamic Investment Group.
The deal was awarded the "Cross Border Deal of the Year" from the Islamic Finance News Guide. The deal represents the most significant cross-border Islamic transaction to date, integrating two hubs of the Islamic market.
Former Dubai Invsetment Group's CEO Soud Ba'alawy, currently the Executive Chairman of Dubai Group, commented on this move:
- "We believe in the Malaysian market and this acquisition provides an excellent opportunity for Dubai Group to add one of the oldest and most reputable Islamic institutions to our portfolio, thus enabling Dubai Group to build on its strategic direction to grow within the Islamic banking sector."
Read more about this topic: Bank Islam Malaysia
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