IslamicFinance.de

The private equity firm Foursan Group has invested in in Jordan Dubai Islamic Bank (JDIB) and thus became the bank's second largest shareholder. The investment was completed through Foursan Capital Partners I. The goal of this transaction is a benefit from the rapidly growing Islamic banking sector as well as from JDIB's overall positive future growth prospects.

Jordan Dubai Islamic Bank has recently announced the extension of its Islamic Home Financing Program until the end of March, 2011. This extension takes advantage of the extension of the discount in registration fees and sales tax on property by 50%, according to the amendments on the Jordanian land and property registration laws which is effective until 31/03/2011.
The Bank's decision comes in answer to popular demand of its clients.

Dubai Islamic Bank is set to implement this year its joint-venture with Jordan Dubai Capital and Dubai International Capital to invest in Industrial Development Bank and convert it to the Jordan Dubai Islamic Bank.

Dubai Islamic Bank (DIB) announced the official re-launch of Jordan-based Industrial Development Bank (IDB) following the completion of a private placement of 26 million shares of IDB, valued at USD 100 mn. As part of the re-launch, IDB has been transformed into an Islamic financing institution to be known as Jordan Dubai Islamic Bank (JDIB).

The parties involved in the private placement transaction include Jordan Dubai Financial (JD Financial), the investment arm of Jordan Dubai Capital, DIB and Dubai International Capital. The private placement was valued at JOD 2.750 per share, based on the pricing equation adopted by the bank's Shareholders General Assembly, wherein the strategic partner, Mesc Investment, covered the entire placement.