Three major Islamic banks considering merger with eye on Amlak - Emirates24|7

The option to merge three Islamic banks - Emirates Islamic Bank, Dubai Bank and Noor Islamic Bank - is being considered, with the idea that the merged entity will then bail out Amlak Finance, a top government source told Emirates 24|7.

“As far as we understand, there is a proposal to merge the three Islamic banks, who will then bail out Amlak,” the source said on condition of anonymity.

“The merger of the three entities will create an Islamic bank of substantial size, which can then bail out Amlak. Emaar is unlikely to put more money into Amlak,” he added.