Business Bureau, Gulf Today

Dubai Islamic Bank (DIB), amongst the largest Islamic bank in the world is set to acquire Noor Bank, enhancing Dubai’s position as the capital of Islamic economy and creating the region’s most powerful Shari’a banking group.

The Board of Directors of Dubai Islamic Bank convened its meeting on Sunday and resolved to recommend to the General Meeting of the Bank’s shareholders to consider the acquisition of 100 per cent shares of Noor Bank after obtaining all necessary approvals from the competent regulatory authorities, and taking all legal procedures related to the evaluation as per the Commercial Companies Law. Post the completion of the acquisition, Noor Bank’s operations will be integrated and consolidated within DIB. The date and agenda for the General Meeting including the terms and details pertaining to the acquisition will be announced after the same has been approved by competent regulatory authorities.

DIB has consistently outperformed the market over last few years and this acquisition is set to enhance its influence, deliver increased market share and improve operational efficiencies. With the planned acquisition, DIB is set to consolidate its position as the one of the largest Islamic banks in the world with combined assets of nearly Dhs 275 billion. The UAE is recognised as sitting at the epicenter of the Islamic economy and this announcement, in addition to supporting the nation’s economic agenda, will further strengthen Dubai’s role as a global hub for Islamic finance, allowing greater investment and growth in key sectors driving Dubai and the UAE.

Mohammed Al Shaibani, Chairman of DIB, commented: “DIB has enjoyed unparalleled success over recent years, the result of a successful strategy that has seen the bank outperform the market and play a pivotal role in establishing the UAE as a global hub for Islamic finance.