#Dubai Islamic Bank shareholders approve Noor Bank acquisition - Reuters

Dubai Islamic Bank shareholders approve Noor Bank acquisition - Reuters:

Dubai Islamic Bank (DISB.DU) (DIB), the United Arab Emirates’ largest sharia-compliant bank, said on Wednesday it had received shareholder approval for the acquisition of unlisted Dubai-based Noor Bank.

With the acquisition, DIB will become one of the largest Islamic banks in the world, with total assets worth 275 billion dirhams ($74.9 billion), from 230 billion dirhams as of the end of September.

The deal would “enhance Dubai’s position as the capital of Islamic economy by creating the region’s most progressive Shari’a banking group,” DIB said in a bourse filing.