DUBAI, 20 June 2005 — Dubai Islamic Bank (DIB) said yesterday it plans to allow foreigners to own up to 15 percent of its shares. A bank statement said its board also recommended a share split, but gave no further details. The bank said both issues will be discussed at a shareholders meeting but it gave no date. The ownership of DIB, the oldest Islamic bank in the world, has been restricted to nationals of the United Arab Emirates, like most other listed companies in the Gulf state. The bank reported a first-quarter net profit of 305 million dirhams ($83 million), up from 180 million dirhams a year earlier. DIB shares closed at 224.40 dirhams before yesterday’s announcement, down from 227.60 on Saturday, compared to a year high of 246.00 dirhams on June 16 and a year low of 85.25 dirhams in February.
