DIB may acquire bank in Turkey

DUBAI — Dubai Islamic Bank said it was considering buying a lender in Turkey or planning its own operations to tap growing demand for Shariah-compliant borrowing in the Middle East’s third-most populous Muslim nation.

By (Reuters)

Published: Fri 4 May 2007, 10:07 AM

Last updated: Sat 4 Apr 2015, 10:56 PM

Plans to acquire a lender were at the “talks stage” and could be concluded by the middle of next year, Saadat Muzaffar, head of international wealth management in the investment banking department at Dubai Islamic Bank, told Reuters.

“We are looking at Turkey very closely,” Muzaffar said in Manama, Bahrain, on the sidelines of an investment conference. ”We will eventually acquire a bank in Turkey.” Turkey is a “a potential market with 66 million people.

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