JEDDAH, 10 June — The Dallah Albaraka Group (DBG) and The International Investor (TII) have reached a memorandum of understanding to create a pan-regional financial powerhouse combining the strength of DBG’s Islamic commercial and retail banking network and the investment banking expertise of TII.
The $300-plus million deal will create the first Islamic financial service group to offer a full range of investment, commercial and retail banking services to clients across the Middle East and Africa,
According to the DBG press release, the new entity is set to become the world’s largest Islamic financial service group in terms of geographical coverage, meeting client requirements across 11 markets. Details of the deal is to be announced at a signing ceremony between Saleh A. Kamel, chairman of Dallah Albaraka Group, and Adnan Al-Bahar, chairman and managing director of TII.
Saleh A. Kamel said of the deal: “The new entity will be ready to meet the new regional economic challenges. We will be in a unique position to meet all our customer’s requirements for full service banking on a truly pan-regional basis. We see exceptional prospects for sustainable growth and profitability, underpinned by a uniquely diversified revenue stream.”
Al Bahar said: “The new entity will build on the expertise and complementary capabilities of both parties, while offering shareholders, clients, business partners and staff the advantages and security of being part of a new global Islamic powerhouse.”