EIIB intends to re-invest the proceeds, after accounting for fees, expenses and taxes in its ongoing activities.
The result of this transaction is expected to potentially put EIIB in a position to pay a dividend for 2011.
Shihabi told Reuters in November that EIIB
was in talks with one party about investing in the bank as part of a capital boost.
member said that the CEO, Zulfi Caar Hydari, was unavailable for comment because he was travelling while a contact name on the announcement at Westhouse Securities was in a meeting at the time of this story's publication.
was set up there was growing interest in Islamic finance in the UK and Europe and the British government was looking to launch a sovereign sukuk which would have meant looking at the tax regime for such instruments.
The acquisition, which is set to be completed in early 2012, will be made through a fresh issue of shares by Rasmala which EIIB
will buy, the sources said.
Zulfi Caar Hydari, Chief Executive of EIIB
said, "Rasmala has a strong regional franchise, and together with EIIB
's international capital markets and asset management experience this will be a powerful partnership to seize current opportunities in the GCC.
plans to expand the asset management business of Rasmala Investment Bank (Rasmala).
The London-based EIIB
was incorporated in January 2005 and received authorisation by the FSA in March 2006.
Zak Hydari, Chief Executive of EIIB
commented: "The first half of 2014 saw the Group deliver a consistent and solid set of results.
The transaction was led by Anwar Abu Sbaitan, CEO at Rasmala (Dubai) and Harris Irfan, Managing Director at EIIB
Earlier this year EIIB
completed a strategic controlling investment in Rasmala, and it is set to launch series of new products starting with Rasmala Global Sukuk Fund.