In an announcement on Monday, Dubai Islamic Bank (DIB) reported to have completed the full integration of Noor Bank, resulting in elevating DIB’s position as one of the largest Islamic banks globally.
The merger also indicated the successful transfer of all banking relationships into DIB.
In a statement on Monday, DIB remarked on the success of the integration in the record time despite the current COVID-19 restrictions. With the initial timeline for project completion being one-year, the alignment of delivery capabilities and quality of planning helped to complete the merger in 283 days, and ahead of the actual deadline.
With a rigorous cross-functional teamwork across the bank, the integration took least amount of system and channel timeline.
Talking about the successful merger, Dr. Adnan Chilwan, group CEO of DIB, remarked the transition was smooth, and all the services were restored prior to scheduled resumption with no hindrance to customer impact.
With the support and endorsement of the Government, Board of Directors alongside Sharia Boards, and regulatory authorities, the acquisition of Noor Bank was made possible. The UAE is known as the epicenter of the Islamic economy, and the successful tie-up is a strong indication of DIB adding to Dubai’s role as a financial hub for Islamic finance, he added.