Emirates Islamic Bank, the Shariah-compliant arm of Dubai's largest lender Emirates NBD, launched its AED1.5bn (USD408mn) rights issue on Tuesday. The subscription period begins on December 14 and ends on December 28, the bank said in a bourse statement. The statement said allocation of the new shares will be made on December 29. The bank's CEO Jamal Bin Ghalaita told Reuters on October 10 the lender planned to complete its rights issue by early December 2016. The rights issue will increase the bank's paid up capital from AED3.93bn to AED5.43bn, according to the bank’s release. Each new share will be priced at AED1. Shareholders are eligible to buy one share for every 2.63 shares held on the subscription date. (Reuters)   Emirates NBD (DU): AED8.00 as of 6 Dec 2016, Rating: Buy, TP: AED9.80/share, MCap: USD12,115mn, EMIRATES UH / ENBD.DU