Foursan Group Announces Investment in Jordan Dubai Islamic Bank

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28-09-2012
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Foursan Group, a leading Middle Eastern private equity firm, has made an investment in Jordan Dubai Islamic Bank (“JDIB”), a newly-established Jordanian Islamic bank, becoming the bank’s second largest shareholder.  Foursan’ s investment was made through Foursan Capital Partners I, a recently established private equity fund with $100 million in commitments targeting investment opportunities in the Levant and North Africa.

Founded in 2010, Jordan Dubai Islamic Bank is a leading Islamic bank in Jordan with a paid up capital of $141 million and assets of $600 million.  Within its first two years of operations, JDIB’s branch network grew from one to 12 branches strategically located in Jordan’s three largest cities - Amman, Irbid and Zarqa - and the bank’s deposits and balance sheet grew in an accelerated manner.

Foursan’s investment in JDIB seeks to benefit from the rapidly growing Islamic banking sector, both in Jordan and regionally, and JDIB’s top management, clean balance sheet, best-in-class practices and positive future growth prospects.

Nashat T. Masri, a Founding Partner at Foursan, stated:  “We are pleased to partner and work closely with the shareholders and management of JDIB.  The Jordanian and regional Islamic banking sector is growing at an impressive rate and we believe JDIB is well positioned to benefit from this growth and emerge as a leading Islamic banking provider in Jordan.

Jordan Dubai Islamic Bank is a Jordanian public company listed on the Amman Stock Exchange under the symbol “JDIB”.