Dubai: 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.
"Whilst 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," Dubai Islamic Bank said in a statement.
Dr. Adnan Chilwan, Group CEO, said in a statement: “A key element of the project was the engagement with the market, customers as well regulators that allowed us to effectively manage any situation that could unfold, and to keep our customers abreast of the same. The transition was smooth and the project concluded successfully and all service restored prior to scheduled resumption with minimal customer impact."