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Islamic bank increases capital by USD100m.

International Resource News-9 December 2008-Islamic bank increases capital by USD100m(C)2008 ENPublishing -

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Islamic banking group Dar Al Maal Al Islami Trust (DMI) has increased its capital by USD100m, reports Trade Arabia.

In a closed rights issue to DMI's existing 7,500 holders of EPCs from across the world, including the Middle East, Asia, Africa and Europe, the capital raising was approved by an extraordinary general meeting of DMI's equity participation certificates holders, the group said in a statement.

DMI Group chief executive Khalid Abdulla Janahi has assured EPCs holders and investors that the group will maintain and enhance its commitment to further success and excellence.

The proceeds will be used to reinforce DMI's position as a global Islamic banking group, increase the scope of its Islamic banking products, develop the necessary resources and finance the expansion of its subsidiaries and associates. DMI's subsidiaries and associates include Ithmaar Bank (BSE:ITHMR), Islamic Investment Company of the Gulf (Bahamas) and Faisal Islamic Bank of Egypt.

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Publication:International Resource News (IRN)
Date:Dec 9, 2008
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