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DUBAI / WAM
Dubai Islamic Bank (DIB) 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 DIB’s board meeting recommended its shareholders consider the takeover of 100 percent 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, the bank said in a statement on its website on Monday. With the planned acquisition, DIB is set to consolidate its position as one of the largest Islamic banks in the world with combined assets of nearly AED275 billion, the statement said.