Dubai Islamic Bank has re-launched its Jordan-based Industrial Development Bank or IDB following the completion of a private placement of 26 million shares of IDB, valued at $100 million.
As part of the re-launch, Industrial Development Bank (IDB) has been transformed into an Islamic financing institution to be known as ‘Jordan Dubai Islamic Bank’ (JDIB).
The parties involved in the private placement transaction include Jordan Dubai Financial, the investment arm of Jordan Dubai Capital, DIB and Dubai International Capital. The private placement was valued at JOD2.750 per share, based on the pricing equation adopted by the bank’s shareholders general assembly, wherein the strategic partner, Mesc Investment, covered the entire placement.
In addition to its stake in newly formed JDIB, the agreement enables DIB to provide the technical support and supervision needed to restructure IDB in line with international best practices for Islamic banking by giving IDB access to DIB’s expertise in structuring innovative Shariah-compliant financial products and services.
Khaled Kamda, group managing director of Dubai Islamic Bank, said: The successful completion of this venture despite the economic and financial challenges facing the world today is a testament to our faith as investors in the resilience of Jordan’s economy and the innate opportunities the kingdom enjoys, particularly in the financial services and Islamic investments sector. We are committed to concentrating our efforts on this project and, through it, to instigate positive results that serve this sector.
