Dubai Islamic Bank makes offer for remaining Tamweel shares

Dubai: Dubai Islamic Bank (DIB), the UAE’s largest Islamic Bank, has offered Dh1.25 per share in cash to buy the remaining shares in its mortgage unit Tamweel, the bank said on Wednesday.

The offer will be open for one month until it expires on April 30.

DIB currently holds 86.5 per cent of Tamweel and is in the process of buying the remaining 13.5 per cent, it said. It took a 57.33 per cent stake in 2010. The bank’s board in January 2013 approved plans to fully acquire Tamweel.