Bank Islam Malaysia Berhad (Bank Islam), a subsidiary of BIMB Holdings Berhad (BHB), has obtained approval from Bank Negara to allow Dubai Financial LLC (DF), a subsidiary of Dubai Investment Group LLC (DIG), to commence due diligence on DIG’s proposed strategic investment representing up to 49% of the enlarged issued and paid-up share capital of Bank Islam.
DIG is the global financial investor of Dubai Holding LLC (Dubai Holding). Dubai Holding currently operates over 20 companies in sectors including hospitality, tourism, real estate, technology, communications, finance, energy, health, biotechnology, research, education and humanitarianism. DIG is headquartered in the emirate of Dubai and with a local office network that spans from New York through London to Kuala Lumpur. The Group focuses on long and short-term investments with the potential to deliver exceptional and sustainable performance. DIG is structured as a conglomerate of investment companies operating around core expertise in the asset classes of Global Securities, Real Estate and Fund Management. The Group has created and manages a diversified and rapidly expanding portfolio of direct and indirect investments. It focuses on key sectors including Financials, Industrials, Telecommunications and Hotels.
Bank Islam’s Managing Director, Dato’ Noorazman A. Aziz, said a partnership with DIG would significantly improve its performance in the long run and fuel the bank’s emergence as a leading global financial institution.
“The proposed partnership will bridge the two premier centers of Islamic finance. It will also allow Bank Islam, with its strong brand-name, to fully recapitalize and lead to cross-fertilization of Islamic opportunities and relationships globally,” he said in a statement issued here today.
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