Last week the Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum made a bold call for Dubai to become the centre of something he termed the ‘Islamic economy’. But after two recent rights issues announced by the top Dubai islamic banks investors are left feeling rather less impressed with this concept.
On Wednesday Emirates Islamic Bank announced it was preparing a $408 million rights issue to repair its balance sheet after its forced merger with Dubai Bank last November.
Rights issues show Dubai’s islamic banks are not so hot for investors « ArabianMoney
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