Dubai Islamic Bank completes integration with Noor Bank

Dubai – Dubai Islamic Bank (DIB), the UAE’s largest Shariah-compliant bank, on Monday said it had completed the integration of Noor Bank following completion of the merger of two banks

Dubai Islamic Bank had completed the acquisition of Noor Bank on January 22, creating one of the largest Islamic banks in the world with assets exceeding Dh300 billion.

“The entire integration was achieved in record time despite unfavourable circumstances, as majority of the teams involved worked remotely due to Covid-19 restrictions. Whilst the initial timeline for the project of one-year to completion was already challenging, and made more so by the adversities of global macroeconomic environment, the quality of planning and alignment of delivery capabilities helped to close it in 283 days, well ahead of the projected deadline,” DIB said in a statement on Monday.

Dr. Adnan Chilwan, group CEO of DIB, said the transition was smooth and all service have been restored prior to 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. The UAE is recognised 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,” said Chilwan.

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• Dubai