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DIB reaches funds deal with Ministry of Finance
February 8, 2010
Dubai Islamic Bank has signed an agreement with the UAE's Ministry of Finance, which grants the lender capital to provide sharia-compliant products.
The finance ministry has granted to Dubai Islamic Bank "the wakala capital for the purpose of providing sharia-compliant financing or products and to stimulate the economic activity in the UAE", a statement on the Dubai Nasdaq website said. It did not give the value of the deal.
The statement said most other national banks had signed similar agreements with the ministry. Wakala is an agency structure where a depositor authorises an agent to invest his funds in Sharia-approved assets.
Original Posting At: Business247
The finance ministry has granted to Dubai Islamic Bank "the wakala capital for the purpose of providing sharia-compliant financing or products and to stimulate the economic activity in the UAE", a statement on the Dubai Nasdaq website said. It did not give the value of the deal.
The statement said most other national banks had signed similar agreements with the ministry. Wakala is an agency structure where a depositor authorises an agent to invest his funds in Sharia-approved assets.
Original Posting At: Business247
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