Dubai – Mubasher: The Abu Dhabi Global Market (ADGM) Courts have ruled in favor of Dubai Islamic Bank (DIB) and against the administrators of NMC Healthcare.

DIB has welcomed the judgment which accepted its request that the ADGM Courts has no jurisdiction to entertain the NMC joint administrators' application for certain orders in respect of security interests held by the bank, according to a bourse filing on Thursday.

The bank noted that this matter is still subject to legal proceedings in the ADGM Courts and the onshore Dubai and Sharjah courts; hence, any further comment would be premature.

The bank has more than $400 million exposure to the NMC, which has faced troubles following the disclosure of over $4 billion in hidden debt.

The bank has previously lent NMC using collateral known as insurance receivables.

It is noteworthy to mention that in April, NMC administrators Alvarez & Marsal have filed a lawsuit against DIB in Abu Dhabi courts to obtain the right to use the securities claimed by the bank to possibly pay other creditors.