Dubai Islamic Bank (DIB) has secured approval from United Arab Emirates regulatory authorities for the acquisition of Noor Bank

This  acquisition will lead to creation of one of the largest banks in UAE with assets more than $75bn.

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As per the deal, DIB issued over 651,159,198  new shares on Dubai Financial Market. This takes its issued shares capital to 7,240,744,377 shares.

Following the acquisition, Noor Bank operations will be completely merged into DIB.

DIB chairman Mohammed Ibrahim Al Shaibani said: “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.

“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.”

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The acquisition is expected to lead to significant synergies, profitability and returns for the shareholders in the years to come.

DIB owns 40% of Panin Dubai Syariah Bank in Indonesia and operates subsidiaries in Pakistan and Kenya.

Last year, DIB board approved the proposal to purchase Noor Bank. Following the acquisition, UAE has five standalone Islamic banks- Dubai Islamic Bank, Emirates Islamic, Abu Dhabi Islamic Bank, Sharjah Islamic Bank, and Ajman Bank, reported Salaamgateway.com.