Dubai Islamic bank becomes one of world’s largest Islamic lenders
DUBAI - Dubai Islamic Bank said it completed the acquisition of Noor Bank to consolidate its position as the top Islamic lender in the United Arab Emirates.
Dubai Islamic Bank (DIB) said in a statement the acquisition was concluded through a share swap after securing the necessary approval from the regulatory authorities.
The bank said the move raises its assets to $75 billion, making it one of the biggest Islamic banks in the world. It is the fourth-largest lender in the United Arab Emirates, behind three conventional banks.
“The acquisition of Noor Bank is a landmark achievement, establishing DIB as one of the largest Islamic banks in the world and among the largest banking entities in the UAE,” DIB Chairman Mohammed Ibrahim al-Shaibani said.
DIB CEO Adnan Chilwan said the acquisition would boost the United Arab Emirates’ position in the world of Islamic finance.
“This acquisition will undoubtedly strengthen Dubai’s role as a global hub for Islamic finance, allowing greater investment and growth in key sectors,” Chilwan said.
Islamic finance, based on banning interest rates, has been growing in Islamic countries.