The UAE’s Dubai Islamic Bank (DIB) has stated that it has ruled out the possibility of seeking a majority stake in Indonesia’s Panin Syariah, news agency Reuters reported, quoting DIB’s CEO as saying, adding that DIB has said that its current plans are limited to raising its stake from 25% to 40%.

DIB, the UAE’s largest Islamic bank, had bought 2.42 million shares in the Sharia-compliant Panin Syariah in June.

"It's currently at 25% and we want to go up to 40%. That's where it stops," CEO Chilwan said on the sidelines of an industry conference in Kuala Lumpur. However, he did not specify a timeframe for the occurrence of such a deal.