Dubai Islamic Bank (DIB) is reportedly engaged in negotiations to acquire a 40% stake in an undisclosed Indonesian Islamic lender, as part of a plan to broaden its revenue channels.
DIB chief executive, Adnan Chilwan, said that the bank hopes to complete a deal before the end of the year and that it would finance the transaction using its own cash reserves.
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Chilwan was quoted by Bloomberg as saying: "We would never have gone to Indonesia without seeing the potential
"It is a market that is very large when you look at the Islamic population, but we didn’t do this transaction five years ago as valuations were too high."
Besides planning to foray into Indonesia, the UAE-based lender is also considering to Kenya and other African countries.
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