The Landmark skyscraper, center, stands on the city skyline beside a waterway in Abu Dhabi, United Arab Emirates. (Photographer: Alex Atack/Bloomberg)

Abu Dhabi Islamic Bank Gets Approval for 25% Foreign Ownership

(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.

The board decided to implement the decision Nov. 19, according to a statement.

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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