ADIB to Raise Stake in Egypt’s National Bank to ’Above 50%’

* username: rupertbu

Abu Dhabi Islamic Bank, the United Arab Emirates’ second-biggest bank complying with Islamic rules, plans to raise its stake in Egypt’s National Bank for Development to “above 50 percent,” Chief Executive Officer Tirad Mahmoud said.

“We plan to increase our stake above 50 percent after NBD becomes fully compliant with Islamic Shariah banking guidelines,” Mahmoud said in an e-mailed statement today. “Much progress has been made and we are satisfied with that.”

Abu Dhabi Islamic plans to raise the stake in National Bank to 51 percent from 49 percent, Emirates Business 24/7 reported earlier today, citing Mahmoud.END