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Dubai: Dubai Islamic Bank (DIB) said on Tuesday it would buy a majority stake in Industrial Development Bank of Jordan with a view to convert it into an Islamic-compliant institution.
The acquisition will take place through a joint venture with Dubai International Capital and Jordan Dubai Capital, the bank said in a statement.
It did not give the value of the planned deal.
Shares in the Jordanian bank, which has a market capitalisation of around $145 million, have risen 36 per cent so far this year.
The bank would be rebranded as Jordan Dubai Islamic Bank if the deal is finalised, the statement said.
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