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DIB to raise foreign ownership limit

The board of directors of Dubai Islamic Bank (PJSC) resolved to increase the foreign ownership limit in the bank's share capital to 40% from 25%.

The board also recommended to distribute a cash dividend of 35 fils per share to shareholders.

The United Arab Emirates-based lender's full-year 2019 net profit attributable to owners of the bank rose to 5.01 billion United Arab Emirates dirhams from 4.92 billion dirhams in 2018.

As of Feb. 17, US$1 was equivalent to 3.67 United Arab Emirates dirhams.