Dubai – Mubasher: Shares of Dubai Islamic Bank (DIB) rose on Sunday after the Islamic bank received an official approval from the Financial Services Authority in Indonesia (OJK) to increase its shareholding in Bank Panin Syariah as part of the overall investment strategy in Indonesia.

The stock gained 0.44% to AED 6.70 by 12:30pm UAE time, with a turnover of AED 14.16 million and traded volume of 2.08 million shares, executed through 125 transactions.

“Earlier in Phase 1, DIB had completed the acquisition of around 25% stake in Bank Panin Syariah, procuring the entity’s shares from the market and not through a direct share purchase from Panin Bank as earlier reported in certain sections of the press,” the Dubai-listed bank revealed in a statement on Sunday.

Worth noting, shareholders of Union Properties (UP) are scheduled to meet today to discuss the company’s entrance into a refinancing Shariah-compliant seven-year contract worth AED 360 million with DIB for the company’s properties at Up Town Mirdiff - Dubai.