UPDATE 1-Dubai Islamic Bank to fully acquire mortgage firm Tamweel

On Thursday , Dubai Islamic Bank announced its board's approval of the plans to fully acquire its mortgage unit Tamweel. The bank already holds 58.2% of the stakes. It further intends to make a tender offer to buy all shares off Tamweel's other shareholders. Every shareholder of Tamweel will be offered 10 DIB shares for every 18 Tamweel shares. As soon as the offer is closed, DIB will make an application to the regulator to delist Tamweel from the Dubai Financial Market.