Dubai – Mubasher: The ordinary general meeting (OGM) of Dubai Islamic Bank on Wednesday approved raising the capital by 33.33%.

The UAE's largest sharia-compliant bank will issue new shares up to 1.64 billion at a total value of AED 1.647 billion or a par value of AED 1 per share, according to a bourse statement on Thursday.

The bank’s paid-up capital will increase to a maximum of AED 6.58 billion from AED 4.94 billion.

Each shareholder will have the priority right entitling a maximum of one new share for every three held shares.