Noor Islamic says has no plans to merge with lenders
Noor Islamic Bank has no plans to merge with another financial institution, it said in a statement on Sunday, dismissing speculation it may tie up with troubled Islamic lender Amlak.
A newspaper report last week said the UAE government was considering merging privately-held Noor Islamic with Emirates Islamic Bank — an affiliate of Emirates NBD — and Dubai Bank. The combined entity would then purchase Amlak.
Amlak’s fate has been in question since the long-touted plan for it to merge with rival Islamic lender Tamweel was scuppered after Dubai Islamic Bank raised its stake in Tamweel in September.
The two firms have not traded since November 2008 when the United Arab Emirates government stepped in to restructure them.
Media reports have circulated in recent days that Emirates Islamic Bank is in talks to buy Dubai Bank and then purchase Amlak.
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