Dubai Islamic Bank makes offer for remaining Tamweel shares

Dubai Islamic Bank (DIB) has offered 1.25 dirhams per share in cash to buy the remaining shares in its mortgage unit Tamweel. The offer will be open for one month until it expires on April 30. DIB currently holds 86.5 percent of Tamweel and is in the process of buying the remaining 13.5 percent. It took a 57.33 percent stake in 2010, a move that rescued the mortgage lender, which was struggling during a crash of Dubai's property market. The bank's board in January 2013 approved plans to fully acquire Tamweel.