Dubai Islamic Bank announced the completion of the merger of Noor Bank’s operations, after the successful transfer of all banking relationships to Dubai Islamic Bank.
This acquisition strengthens Dubai Islamic Bank’s position as one of the largest Islamic banks in the world, with total assets exceeding 300 billion dirhams. The bank was keen to implement the merger project according to binding main principles based on solid governance frameworks aimed at minimizing the project’s impacts on dealers and the market.
In order to achieve this goal, the bank’s multi-functional and specialized work teams have worked around the clock to ensure that the transfer of banking operations is completed quickly and smoothly, with minimum interruptions to the system and the channels of the bank.
The bank was able to complete the merger process in record time despite the unfavorable conditions, at a time when most of the work teams work remotely due to the restrictions imposed by the (Covid 19) pandemic.
Despite the difficulty of completing the project within the specified time and estimated at one year, especially in light of the major challenges facing the global macroeconomy, the harmonization of tight planning with the operational capabilities of the work teams contributed to the completion of the merger project within 283 days only, and long before the expected deadline.
Dr. Adnan Chilwan, CEO of Dubai Islamic Bank Group, said: “Effective communication with the markets, dealers and regulatory authorities was a key element in the success of the project implementation, as it enabled us to deal efficiently with all unexpected cases and keep our customers informed of the developments of the project implementation first-hand. In order to implement the transfer of banking operations smoothly, and we succeed in restoring all services before the expected time and with minimal impacts on customers.
He added: “The success of the acquisition and merger process is thanks to the great support of the UAE government, supervisory authorities, boards of directors and sharia bodies in both banks. I would also like to thank all the work teams who worked hard and sincerely during the planning and implementation period despite the challenges posed by the current pandemic.
He continued, “The UAE is considered a global center for the Islamic economy, and the completion of the acquisition will strengthen Dubai’s position as a global center for Islamic finance, allowing more investments and growth in key sectors such as infrastructure, innovation and services.”
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