First Gulf Bank taps rising demand for Sharia finance with purchase of Aseel | The National

First Gulf Bank taps rising demand for Sharia finance with purchase of Aseel | The National:

"First Gulf Bank has taken full control of Aseel Islamic Finance to tap rising global demand for Sharia-compliant finance.

The UAE’s second-biggest bank by market value raised its ownership from 40 per cent to 100 per cent in the unit through a purchase agreement, the bank said in a statement.

Previously Aldar Properties, Sorouh Real Estate and Reem Investments held stakes of 20 per cent each.

The deal is part of a wider strategy focused on enhancing the bank’s global presence, the statement said.

It means that Aseel effectively becomes the Islamic banking and finance arm of the bank."

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