Dubai Islamic Bank (DIB) on Monday announced that it has completed the integration of Noor Bank to create one of the largest Islamic banks in the world with total assets exceeding AED300 billion ($81 billion).
Group CEO, 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 prior to scheduled resumption with minimal customer impact.”
Chilwan (pictured below) added: “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.”
In January, DIB secured the necessary approvals from regulatory authorities to complete its acquisition of Noor Bank, in a transaction it says was structured through a share swap.
A new interim board was appointed for Noor Bank, made up of Yahya Saeed Ahmed Nasser Lootah, Hamad Buamim, Ahmad Mohammad Saeed Bin Humaidan, Abdulla Ali Obaid Al Hamli – all current board members of DIB, and Chilwan.
The banks said at the time that the acquisition will result in cost efficiencies and contribute to profitability, as well as allowing Dubai Islamic Bank to offer competitively priced products and services across a more diversified portfolio.
It’s also expected to drive innovation and accelerate the group’s digitisation programme.
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