Islamic Bank finishes Noor Bank integration in 283 days

The full integration of Noor Bank into Dubai Islamic Bank has been completed, with the final phase involving the migration of the former's banking relationships.

The combined entity has assets of Dh300 billion plus, and making it one of the largest Islamic banks.

Dubai Islamic Bank, which last month reported a 22 per cent fall in net profit for the nine months to September 30 to Dh3.1bn and included a Dh1bn gain related to the Noor Bank acquisition, said the integration had been completed quickly despite unfavourable circumstances, including periods of remote working as a result of Covid-19 restrictions.

Dubai Islamic Bank said in a statement: "While the initial timeline for the project of one year to completion was already challenging, and made more so by the adversities of global macroeconomic environment, the quality of planning and alignment of delivery capabilities helped to close it in 283 days, well ahead of the projected deadline."

“The transition was smooth and the project concluded successfully and all service restored prior to scheduled resumption with minimal customer impact," Dr. Adnan Chilwan, Group CEO, said in a statement.