DIB-Noor integration creates asset base over AED300 bn

Dubai can boast one of world’s largest Islamic banks

BBN Report

DUBAI/November 2-2020: Dubai Islamic Bank (DIB), today completed the integration of Noor Bank with the successful migration of all banking relationships into DIB.

The acquisition further enhances DIB’s position as one of the largest Islamic banks in the world with total assets exceeding AED300 billion. A statement said that a robust governance framework focused on minimal customer as well as market impact were the key binding principles of the integration project.

It said that cross-functional teams across the bank worked round the clock to guarantee a smooth and speedy transition with the least amount of system and channel downtime.

The entire integration was achieved in record time despite unfavourable circumstances, as majority of the teams involved worked remotely due to COVID-19 restrictions.

Whilst the initial timeline for the project of one year for 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 close it in 283 days, well ahead of the projected deadline.

The Group Chief Executive Officer, Dr Adnan Chilwan (seen in the picture), said that a key element of the project was the engagement with the market, customers as well regulators that allowed the bank  to effectively manage any situation that could unfold, and to keep the 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,” Chilwan added.

 

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