Dubai Islamic Bank’s board of administrators has given the inexperienced gentle to amass a 25% stake in a brand new digital banking group in Türkiye.
Although the identify of the financial institution being acquired was not revealed, the lender confirmed the supply is subjected to regulatory approval.
With complete belongings amounting to $75 billion (TL 1,460 billion) and over 500 branches, Dubai Islamic Bank caters to round 5 million clients globally, supported by a group of over 10,000 staff. Founded in 1975, the financial institution makes a speciality of participation banking.
Ties between Türkiye and the Arab world are experiencing a big thaw after years of tense relations.
The two international locations have primarily seen their ties affected by regional tensions, together with the battle in Libya, the place the UAE and Türkiye have backed opposing sides lately.
However, Ankara and Abu Dhabi have moved to place years of tense relations behind them, opening the doorways to a brand new section in bilateral relations marked by deeper financial cooperation after a years-long dispute.
President Recep Tayyip Erdoğan paid a return go to to the UAE in mid-February, after a visit by MBZ to Ankara in late November 2021 that marked a big transfer towards overcoming disputes.
The two international locations signed an in depth financial partnership deal in March to spice up commerce.
Erdoğan mentioned the Comprehensive Economic Partnership Agreement will take financial and commerce relations to a brand new section. He believes it’ll improve commerce quantity between the international locations to $25 billion in 5 years.
Source: www.dailysabah.com
