Kuwait's International Investor Co (TII) said its shareholders approved Tuesday a merger deal with Saudi Arabia's Dallah Albaraka Group (DBG) to set up a major regional Islamic investment firm.
TII Chief Adnan Al Bahr said a general assembly also agreed to raise the firm's capital to 50.68 million dinars ($164.5 million) from 17.68m dinars, according to TII’s website.
"We welcome the decision of our shareholders to give the green light to our assets-merger deal with nine Dallah Albaraka Group banks. This means that we can now go ahead and raise the extra capital necessary to conclude this groundbreaking deal,” he said.
“By joining forces with Dallah Albaraka, we will create a new entity that will help to shape the future of Islamic finance,” he said.
The new entity, which will be one of the world's top three Islamic financial institutions, will offer unrivalled diversity of Islamic banking and investment products, as well as unique coverage across the Middle East and Africa, he added.
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