Dubai Islamic Bank (DIB) has secured necessary approvals from the relevant regulatory authorities to complete its acquisition of Noor Bank, in a transaction it says was structured through a share swap.

The acquisition, which will see Noor operations completely integrated into DIB, creates one of the largest Islamic banks in the world with total assets exceeding $75 billion (AED275bn).

As part of this agreement, DIB has issued 651,159,198 new shares on Dubai Financial Market to take its issued share capital to 7,240,744,377 shares.

Mohammed Ibrahim Al Shaibani, chairman of Dubai Islamic Bank, described the acquisition as “another remarkable milestone in the journey of DIB and the UAE”.

“The acquisition of Noor Bank is a landmark achievement, establishing DIB as one of the largest Islamic banks in the world and amongst the largest banking entities in the UAE,” Al Shaibani said.

“In line with our strategy, the completion of this deal means that we remain ideally positioned to expand our footprint in the region and beyond, in addition to supporting the UAE’s vision for growth and prosperity.”

Dr Adnan Chilwan, Group CEO, Dubai Islamic Bank, said the UAE is recognised as the “epicentre of the Islamic economy”.

“The completion of the acquisition will undoubtedly strengthen Dubai’s role as a global hub for Islamic finance, allowing greater investment and growth in key sectors such as infrastructure, innovation and services. I am proud to announce the successful acquisition of Noor Bank, positioning us as one of the world’s most prominent Islamic finance institutions,” Chilwan said.

He added that the acquisition is expected to generate significant synergies, ensuring robust profitability and returns for the shareholders in the coming years.