Islamic bank increases capital by $100 million

Gulf Daily News: Islamic banking pioneer Dar Al Maal Al Islami Trust (DMI) has increased its capital by $100 million.

The capital raising, through a closed rights issue, was approved by an extraordinary general meeting of DMI's equity participation certificates (EPC) holders, said a statement.

DMI thanked subsidiaries and associates, Ithmaar Bank, Islamic Investment Company of the Gulf (Bahamas), Faisal Islamic Bank of Egypt and the holders of EPCs for their confidence despite the global financial crisis and the subsequent economic challenges.

DMI said they remain firmly committed to continuously improving both shareholder and investor confidence and will continue to build upon the proud Islamic banking legacy.

Group chief executive Khalid Abdulla Janahi thanked EPCs holders and investors for their firm and effective confidence and assured them that the group will maintain and enhance its commitment to further success and excellence.

The increase of capital will be used to reinforce DMI's position as a global Islamic banking powerhouse, increase the scope of its Islamic banking products, develop the necessary resources and finance the expansion of its subsidiaries and associates. In doing, DMI intends to further improve returns for its shareholders and investors.

The capital was raised from DMI's existing 7,500 holders of EPCs who come from across the world, including the Middle East, Asia, Africa and Europe.

DMI EPCs are not tradable but holders of EPCs can buy and sell EPCs among themselves.