Dubai Islamic Bank completes integration of Noor Bank

DG Staff

DUBAI 3 November 2020: Dubai Islamic Bank (DIB), yesterday 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 Dh300 billion.

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 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. 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 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. We look forward to supporting the next new and exciting phase of the UAE’s and DIB’s growth story,” he added.

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