Dubai Islamic Bank (DIB), the largest Shariah-compliant bank in the UAE, has completed the integration of Dubai-based Noor Bank following the successful merger of the banks.
Last January, Dubai Islamic Bank revealed the acquisition of Noor Bank, enhancing its position as one of the largest Islamic banks in the world with assets over $81.7 billion.
Even though the unexpected events of COVID-19 has forced most of the workforce to work remotely, the entire merger procedure was able to complete in a record time.
The initially scheduled timeline of one-year for finishing the procedure was already challenging and adding to that the difficulties of the global macroeconomic environment made it worse but “the quality of planning and alignment of delivery capabilities helped to close it in 283 days, well ahead of the projected deadline,” DIB stated.
Dr. Adnan Chilwan, Group CEO of DIB, said the transition was smooth and all services have been restored before scheduled resumption with minimal customer impact.
Dr. Adnan Chilwan Group CEO – DIB
“The UAE is recognized as the epicenter of the Islamic economy and the successful completion of this acquisition 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.”
Last November, Dubai Islamic Bank revealed that the UAE Central Bank had approved and in December the shareholders agreed to the acquisition of Noor Bank.
According to Moody’s Investors Service, “The banks now face larger cost adjustments as low oil prices and the coronavirus fallout constrain growth opportunities. This is prompting a new wave of mergers as banks seek ways to combat revenue pressure.”
