IslamicFinance.de

The United Arab Emirates' largest standalone Islamic bank plans to acquire Shariah-compliant Noor Bank. The board of Dubai Islamic Bank (DIB) will meet on November 25 to discuss the acquisition. DIB said that assets post-acquisition will reach nearly 275 billion dirhams ($75 billion). UAE's oldest Islamic bank currently has operations in Kenya, Pakistan and Indonesia and holds a stake in Bank of Khartoum. Dubai Islamic Bank was designated by the UAE central bank in 2018 as systematically important. The bank posted 0.08% increase in net profit to 1.262 billion dirhams ($343.6 million) for the three months ending September 30 compared to the same quarter a year ago.