Dubai: Dubai Islamic Bank (DIB) announced on Monday the completion of incorporating Noor Bank following the merger of the two banks and transfer of all banking relationships into DIB.
The acquisition completed on January 22 placing DIB as the world's largest Islamic banks with total assets over AED 300 billion. As part of the merger agreement, DIB had issued 651,159,198 new shares to take its issued share capital to 7,240,744,377 shares.
The bank said that the integration process was accomplished in record time despite the unfavourable situations because of COVID-19 restrictions. The time limit set by the banks to complete the merger process one year. However, the process was completely fulfilled within 283 days.
"The UAE is recognized 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," said Dr. Adnan Chilwan, Group Chief Executive Officer.
The bank has closed its operations between 28th to 31st October as part of its merger process.