Bank al Etihad and Etihad Islamic Investment Company jointly acquired 20.8% stake in Jordan Dubai Islamic Bank from MESC Investment Limited.
January 03, 2017
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Bank al Etihad (ASE:UBSI) and Etihad Islamic Investment Company jointly acquired 20.8% stake in Jordan Dubai Islamic Bank (ASE:JDIB) from MESC Investment Limited on January 4, 2017. Dubai Islamic Bank and Motorola Solutions Credit Company sold their indirectly owned 52% equity in Jordan Dubai Islamic Bank for JOD 97.8 million through this and other related transactions. All the necessary conditions for the transaction have been satisfied. PricewaterhouseCoopers (Middle East Region), Investment Banking Arm acted as financial advisor and Zubair Mir, Ben Davies and Shazi Askarpour of Herbert Smith Freehills LLP, Dubai Branch acted as legal advisor to MESC Investment Limited in the transaction. Butcher, Tom Cheung, Fai Hung Lam, Julia Lee, Desmond Little, Daisy Macnab, Duncan Qursha, Zeid Robinson and Alex of Allen & Overy LLP acted as legal advisors to Bank al Etihad and Etihad Islamic Investment Company.
Bank al Etihad (ASE:UBSI) and Etihad Islamic Investment Company completed the acquisition of 20.8% stake in Jordan Dubai Islamic Bank (ASE:JDIB) from MESC Investment Limited on January 4, 2017.
Safwa Islamic Bank PSC, formerly Jordan Dubai Islamic Bank PSC, is a Jordan-based public shareholding company engaged in the provision of banking, finance and investment services in compliance with the Islamic sharia principles. The Bank is organized into the following business segments: Personal Banking, which includes unrestricted investment accounts, deferred sales receivables, financing and other banking services for individual customers; Corporate Banking, which covers unrestricted investment accounts, deferred sales receivables, financing and other specialized banking services for corporate customers; Asset Investment, which includes the Banks investment in real estate and leasing, as well as Treasury, which provides trade and treasury services, as well as the Bankâs money management. The Bank operates through its head office and a network of more than 24 branches located across Jordan.
SAFWA ISLAMIC BANK 
