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First Gulf fully acquires Aseel Islamic Finance

First Gulf Bank has announced it had acquired full ownership of an Islamic finance company as it expands its Shari’ah-complaint operations globally, Reuters has reported. The UAE’s second-largest lender by market value said it raised its ownership from 40% to 100% in Aseel Islamic Finance through a purchase agreement. Stakes of 20% each had been held by Aldar Properties, Sorouh Real Estate and Reem Investments