Foursan Group, a leading Middle Eastern private equity firm, announced today the successful exit by its fund, Foursan Capital Partners (“FCP”), of its investment in Jordan Dubai Islamic Bank (“JDIB”), a premier Islamic banking institution listed on the Amman Stock Exchange.
FCP was the second largest shareholder of JDIB and sold its stake to Bank Al-Etihad, a leading, publicly-listed financial services institution, realizing a gross equity multiple of 2.5x on the sale.
Since FCP invested in JDIB, the bank has significantly grown its market share, balance sheet, profitability and operations, increased deposits by over 3.5x and ramped up its branch network from 11 to 24 branches.
Commenting on the transaction, Shahm M. Al-Wir, a Partner with Foursan Group, stated: “We are pleased with this transaction and the strong returns we generated for our investors. JDIB is a pioneering bank that is growing strongly and has revolutionized the Jordanian Islamic banking market with its novel practices and products. We wish it and their new partners, Bank Al-Etihad, all the best in the future.”