Dubai Islamic Bank (DIB), the United Arab Emirates’ largest sharia-compliant bank, is moving ahead with the acquisition of Noor Bank whose board of directors has been reconstituted in order to implement the integration plan.
Post-reshuffle, Noor Bank’s board of directors is now composed of the Group CEO of DIB, Adnan Chilwan and four current board members in DIB: Yahya Saeed Ahmed Nasser Lootah, Hamad Buamim, Ahmad Mohammad Saeed Bin Humaidan and Abdulla Ali Obaid Al Hamli.
“The appointed members of the interim Board will be responsible for the management of Noor Bank and implementation of the integration plan of Noor Bank into DIB in order to effectively realize the benefits of the acquisition and unlock value for all stakeholders,” a statement by DIB said.
DIB is set to become one of the world’s largest Islamic banks in the world, with the acquisition of Noor Bank, and to hold total assets worth $74.9 billion.
(Reporting by Nada Al Rifai; editing by Mily Chakrabarty)
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