Monday 16 May 2011

Dubai takes over Islamic lender Dubai Bank | Alrroya

Dubai's government has taken control of troubled Dubai Bank, an Islamic lender owned by the ruler of the Gulf Arab emirate, in a move it said was aimed at protecting depositers interests.

Dubai, which is struggling to emerge from a debt crisis, said on Monday it will inject capital into the bank, which reorganized its operations last year, and the central bank and finance ministry support the takeover.

"Options for the bank's future, whether to be run on a stand-alone basis or be potentially merged with another bank in which the government has ownership, are being assessed," the government said in a statement.

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