Dubai: Dubai Islamic Bank PJSC, the UAE’s largest Islamic bank, is evaluating the possibility of increasing its stake in mortgage firm Tamweel PJSC, the bank said in a statement to the Dubai Financial Market (DFM) Wednesday.
Following an announcement in October 2008 that Tamweel and Amlak, another DFM listed mortgage finance company would be merged, both stocks have been suspended from trading. While it is not clear what would happen to the proposed merger between the two mortgage firms, DIB said it is evaluating the option of increasing its shareholding in Tamweel.
“DIB currently owns about 20 per cent of Tamweel and will provide further information on raising the stake when it becomes available,” the bank said in a statement to the Dubai bourse Wednesday.
