VOL. XLI

No. 49

7-December-1998

UAE

Dubai Islamic Bank Agrees To Capital Restructuring

At an extraordinary general meeting of the shareholders held on 29November, Dubai Islamic Bank (DIB) agreed to restructure its capital to resolve thebanks outstanding financial difficulties. Under an approved formula, the bank willincrease its capital from Dh492mn ($134mn) to Dh1bn ($272mn). DIB has yet to reveal theexact nature of its financial difficulties, which were uncovered March, but it isunderstood to...