Staff Report

Dubai Islamic Bank (DIB) and its subsidiary Noor Bank on Sunday, April 5, confirmed that the Shariah-compliant lenders have combined exposure of $541 million (Dh2 billion) to debt-ridden NMC Healthcare.

DIB said it has exposure of approximately $425 million (Dh1.56 billion) while its subsidiary Noor Bank has $116 million (Dh425.72 million). All of these loans were extended prior to DIB’s acquisition of Noor Bank. The aggregate exposure constitutes approximately 0.7 per cent of the Bank’s total assets.

The news hit DIB’s shares, plunging nearly 4.8 per cent at the opening of the market on Sunday morning.

It is estimated that the more than 80 local.