Dubai: Based on approvals received from the regulators and the shareholders of Dubai Islamic Bank (DIB) and Noor Bank in their respective General Assembly Meetings, DIB is now progressing with the acquisition of Noor Bank. In order to ensure smooth acquisition of the transaction and achieve seamless integration of Noor Bank into DIB, it has been decided to reconstitute the Board of Directors of Noor Bank as follows:
- Yahya Saeed Ahmed Nasser Lootah (current board member in DIB);
- Hamad Buamim (current board member in DIB);
- Ahmad Mohammad Saeed Bin Humaidan (current board member in DIB);
- Abdulla Ali Obaid Al Hamli (current board member in DIB); and
- Adnan Chilwan (Group CEO of DIB).
With a successful track record and wealth of experience behind them, 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.
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About Dubai Islamic Bank:
Established in 1975, Dubai Islamic Bank is the largest Islamic bank in the UAE by assets and a public joint stock company listed on the Dubai Financial Market. Spearheading the evolution of the global Islamic finance industry, DIB is also the world’s first full service Islamic bank and the second largest Islamic bank in the world. With Group assets in excess of USD 75bln and market capitalization of nearly USD 11bln, the group operates with a workforce of more than 9000 employees and around 500 branches in its vast global network across the Middle East, Asia and Africa. Serving over 3 million customers across the Group, DIB offers an increasing range of innovative Shariah compliant products and services to retail, corporate and institutional clients.
In addition to being the first and largest Islamic bank in the UAE, DIB has a significant international presence as a torchbearer in promoting Shari’ah-compliant financial services across a number of markets worldwide. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which is the first Islamic bank in Pakistan to offer Priority & Platinum Banking, as well as the most extensive and innovative portfolio of Alternate Distribution Channels. The launch of Panin Dubai Syariah Bank in Indonesia early in 2017 marks DIB’s first foray in the Far East, the bank owns a nearly 40% stake in the Indonesian bank. Additionally, in May 2017, Dubai Islamic Bank PJSC was given the license by the Central Bank of Kenya (CBK) to operate its subsidiary, DIB Kenya Ltd. DIB has been designated as D-SIB (Domestic Systemically Important Bank) in 2017 and was also recently upgraded by international agencies with regards to the bank’s credit rating indicating robust capital position, improving asset quality and strong profitability.
The Bank’s ultimate goal is to make Islamic finance the norm, rather than an alternative to conventional banking worldwide. DIB has won a range of accolades that are testament to these efforts across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. A clear indication of the bank’s leadership position in the Islamic finance sector, DIB has been named the Best Islamic Bank in the various prestigious ceremonies. Recognizing its outstanding performance amongst the world’s Islamic retail banks, the bank was recently named as the “Strongest Islamic Retail Bank in the World” during the Islamic Retail Banking Awards 2018 and “Bank of the Year 2018 – UAE” by The Banker. Reflective of its leadership in the global Islamic finance industry, DIB has also been recognized with a number of accolades including Banker Middle East Awards, Dubai Service Excellence Scheme, Global Finance, The Banker and Islamic Finance News Awards.
For more information, please visit us at www.dib.ae
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https://www.youtube.com/user/DubaiIslamicBank
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For more PR information, please contact:
Dubai Islamic Bank
Kashif Moosa
Head of Investor Relations & Strategic Communicaiton
Direct: +971.4.2075454
Email: kmoosa@dib.ae
Weber Shandwick
David Ross
Senior Account Director
Direct: +971.4.445 4254
Email: DRoss@webershandwick.com
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