Bahrain’s Albaraka Banking Group (ABG) has seen a surge in its net profit by 62%. The results for the first half of 2008 showed net income increased to $107.98 million in the first half of 2008 compared to $66.79 million for the same period of 2007.

Dubai Islamic Bank said it would buy a majority stake in the Industrial Development Bank of Jordan with a view to convert it into an Islamic-compliant institution. The acquisition will take place through a joint venture with Dubai International Capital and Jordan Dubai Capital. The bank would be rebranded as Jordan Dubai Islamic Bank if the deal is finalised.


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