European Islamic Investment Bank (EIIB) has transitioned into an asset management business model and unveiled plans to close a proposed GBP20m ($30.5m) tender offer for its own shares in May.
The firm earlier called off a tender offer of its own shares in December, delaying a capital reduction plan which it proposed in May to boost shareholder returns.
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The sharia-compliant firm, based in London, secured the regulatory nod to give up its banking licence in February, reported Reuters.
Currently it operates as an investment firm regulated by the Financial Conduct Authority.
The firm, which offers sharia-compliant financial services, managed $1.1bn in assets as of December.
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