First Gulf Bank acquires Aseel Islamic Finance
First Gulf Bank (FGB) has increased its stakes in Aseel Islamic Finance, through a purchase agreement which has raised the bank’s ownership from 40% to 100%. With a paid-up capital of AED 800 million, Aseel is now FGB’s Islamic banking and finance arm, planning to develop more products for small medium enterprises. Aseel Islamic Finance will maintain an independent board of directors with Hana Al Rostamani as the Chairperson, while Javed Afzal was appointed as the Chief Executive Officer.
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