Abu Dhabi Islamic Bank to raise Dh504m of share capital

Abu Dhabi: Abu Dhabi Islamic Bank announced on Sunday that its shareholders have approved proposals to raise Dh504 million of share capital through a rights issue of 168 million new shares.

The bank, which is listed on the Abu Dhabi Securities Exchange (ADX), will also increase authorisation for issuing Sharia-compliant tier 1 capital instruments to $3 billion (Dh11 billion) from the current limit of $2 billion.

The proposals are in line with the bank’s growth plans, and were passed by majority at the extraordinary general meeting of shareholders.