Dubai Islamic Bank has ruled out seeking a controlling stake in Bank Panin Syariah, and its plans are limited to raising its stake in the Indonesian lender to 40 per cent from 25 per cent now, its chief executive said on Tuesday.
Dubai Islamic, the largest Islamic bank in the United Arab Emirates, bought 2.42 billion shares in the listed sharia-compliant lender in June, its first foray into Southeast Asia.
“It’s currently at 25 per cent and we want to go up to 40 per cent. That’s where it stops,” chief executive Adnan Chilwan said on the sidelines of an industry conference in Kuala Lumpur, without giving a time frame for when it would raise the stake.
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