Dubai Islamic Bank completes integration of Noor Bank
Dubai Islamic Bank, DIB, today announced that it has completed the integration of Noor Bank
DUBAI- Dubai Islamic Bank, DIB, today announced that it has completed the integration of Noor Bank with the successful migration of all banking relationships into DIB. The acquisition further enhances DIB’s position as one of the largest Islamic banks in the world with total assets exceeding AED300 billion.
Speaking about the Bank’s successful integration, Group Chief Executive Officer, Dr Adnan Chilwan, said, “We are delighted to announce another significant milestone in the bank’s rich history. A key element of the project was the engagement with the market, customers as well regulators that allowed us to effectively manage any situation that could unfold, and to keep our customers abreast of the same. The transition was smooth and the project concluded successfully and all service restored before scheduled resumption with minimal customer impact.
”The acquisition of Noor Bank would not have been possible without the support and endorsement of the Government, regulatory authorities, Board of Directors and Sharia Boards of both banks. I would also like to acknowledge the hard work and dedication of all those involved, who have worked diligently on integration planning and execution throughout the operational disruption caused by the pandemic.””The UAE is recognized as the epicentre of the Islamic economy and the successful completion of this acquisition clearly evidences the alignment of Dubai Islamic Bank to Dubai’s role as a global hub for Islamic finance, encouraging greater investment and growth in key sectors such as infrastructure, innovation, and services. We look forward to supporting the next new and exciting phase of the UAE’s and DIB’s growth story,” he added.-WAM