put “Dubai Islamic BankThe final touches on the merger with “Noor Bank”, represented by updates to its banking services systems, and the integration of “Noor Bank” services with it.
The bank explained in an e-mail to customers that a number of banking services it provides have ceased due to updating them to complete the merger, indicating that all operations will resume as usual as of today.
At the beginning of this year, the bank announced the completion of the acquisition of “Noor Bank”, after it issued 651.2 million new shares for completion.
In a previous statement by Dubai Islamic, he explained that its assets, following the acquisition of “Noor Bank”, will amount to about 275 billion dirhams, making it one of the largest Islamic banks in the world.
Noor Bank was established in 2008 and was named “Noor Islamic Bank”. It provides banking services for individuals and companies, business banking services, in addition to Islamic banking services, wholesale banking services, personal finance services, home financing, and vehicle financing.
Adnan Chilwan, CEO of Dubai Islamic Bank, said that the new entity will provide greater efficiencies and reduce operating costs, given that Noor Bank is active in financing export and foreign operations.
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