Emirates Islamic Bank said on Wednesday it would convert federal government deposits into regulatory capital as part of a plan to enable banks to bolster capital as they face a rise in provisions.
Emirates Islamic, a unit of Emirates NBD is the latest bank in the UAE seeking to strengthen its base of Tier 2 capital as loan defaults mount and they take provisions for potential bad loans to come.
The UAE finance ministry set up a Dh70 billion ($19.06 billion) facility last year to deposit money into banks.
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