(Bloomberg) -- Abu Dhabi Islamic Bank PJSC, the United Arab Emirates’ second-biggest bank complying with Muslim banking rules, said it obtained the Abu Dhabi Executive Council’s approval to allow foreigners to own up to 25 percent of its shares.
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The board decided to implement the decision Nov. 19, according to a statement.
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Abu Dhabi Islamic Bank’s board had in 2010 approved a plan to allow foreigners to own shares in the lender. Its bigger counterpart in the neighboring emirate, Dubai Islamic Bank PJSC, currently allows 25 percent foreign ownership.
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