00:00 What are the details related to the acquisition of the Islamic Bank of Dubai
00:04 by the Turkish financial institution T.O.M.
00:07 The beginning is with the total value of the deal.
00:10 We are talking about a value equivalent to 87 million dirhams
00:13 which represents 1.2% of the capital of the Islamic Bank of Dubai.
00:18 The financial impact will appear in the first quarter of 2024.
00:22 The implementation will be after the end of the regulatory procedures
00:26 but it is expected that it will be implemented in the first week of November.
00:31 In September, the bank announced the acquisition of 20% of the Turkish BOTM
00:35 and the possibility of raising the share to 25%.
00:38 When it was discussed about the returns, the bank said that the returns will increase
00:42 starting from the third year.
00:45 The main goal of the acquisition is to diversify the bank's income
00:48 from sources outside the United Arab Emirates.
00:52 As for the details related to the bank's share in the T.O.M. group,
00:58 we are talking about 20% and the possibility of raising it to 25%.
01:03 These are the companies related to the T.O.M. group.
01:09 The most prominent is the share of the Islamic Bank of Dubai from the announcement of the deal.
01:13 We saw that we had a large amount of returns during the last sessions.
01:18 We reached the level of 5.57 dirhams.
01:22 The returns are very low.
01:25 They are even lower than the returns related to the financial market in Dubai.
01:30 In general, we are also waiting for the announcement from the Emirati banks
01:34 and the Islamic Bank of Dubai about the results of the third quarter.
