Abu Dhabi Islamic Bank inks $2b debt overhaul agreement

Abu Dhabi Islamic Bank (ADIB) agreed a $2 billion debt overhaul with mortgage company Amlak Finance. ADIB, part of a six-member creditor committee negotiating Amlak's restructuring, signed a tentative agreement that's being considered by the decision-makers on the Amlak side, CEO Tirad Mahmoud said. The prospective accord includes a temporary waiver on a certain part of the principal that you recapture later if Amlak achieves certain targets, he said. Amlak sought an extension on $2 billion of loans after property prices in Dubai slumped during the credit crisis that began in 2008.