Emirates NBDBank PJSC unit Emirates Islamic Bank PJSC intends to raise 1.5 billionUnited Arab Emirates dirhams via a rights issue.

The rights issue will increase the banks paid up sharecapital to 5.43 billion dirhams from 3.93 billion dirhams. Each new share underthe rights offering will be issued at 1 dirham.

As of Oct. 6, US$1 wasequivalent to 3.67 UAE dirhams.