Dubai Islamic Bank, the largest sharia-compliant lender in the emirate, is in talks with a publicly-listed Islamic bank in Indonesia to take a 40% stake, according to DIB’s chief executive Adnan Chilwan. He said DIB hoped to conclude a deal before the end of the year and that it would pay for the purchase using its own cash reserves. He did not name the target bank. DIB had posted a doubling in first-quarter net profit.
