Dubai Islamic Bank at Bur Dubai. Image Credit: Arshad Ali/Gulf News Archive

Dubai: Dubai Islamic Bank (DIB), the UAE’s biggest Islamic Bank on Tuesday said the bank’s board considered the potential acquisition of Noor Bank, another Dubai based Islamic bank.

“(The board) allowed the bank to explore possible acquisition of Noor Bank and revert to the board with the findings in three weeks,” DIB said in a statement to the Dubai Financial Market.

A Noor Bank branch on Shaikh Zayed Road. The bank will offer its clients a basket of 20 chosen Sharia-compliant European equities, with weights fixed and constant for the index at 5 per cent per stock. Image Credit: Pankaj Sharma/Gulf News

The board also allowed the bank to appoint financial advisors to conduct due diligence of Noor and to provide opinion on the valuation.

The statement confirms that the DIB is seriously pursuing a potential acquisition of Noor. DIB’s board has gone ahead and allowed the bank to appoint legal advisors and to initiate talks with the regulators on a potential transaction.