Dubai – Mubasher: Dubai Islamic Bank’s (DIB) shareholders authorised the board on Wednesday, 22 Fenruary, to issue any senior or subordinated sukuk, or any other similar non-convertible instruments up to AED 18.363 billion ($5 billion), according to a statement.

The shareholders gave a nod to the increase of the ceiling of non-convertible Sharia-compliant hybrid tier 1 capital instruments by AED 3.67 billion ($1 billion), raising the total tier 1 capital to AED 11.02 billion ($3 billion).

The increase in tier 1 capital can be offered either once or through a series of issuances, after obtaining all approvals required from the authorities.

During their general meeting, the shareholders also elected new board members to serve the new term from 2017 till 2019.