Dubai Islamic Bank (DIB) has completed the acquisition of Noor Bank with the successful migration of all banking relationships, enhancing its position as one of the largest Islamic banks in the world, whose total assets exceeding $81.7 billion.

This comes after slashing more than half Noor Bank’s workforce, according to Reuters, with a planned 500-plus job cuts as part of cost cuts across both lenders.

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

“The UAE is considered a global center for the Islamic economy, and the completion of the acquisition will strengthen Dubai’s position as a global center for Islamic finance, allowing more investments and growth in key sectors such as infrastructure, innovation and services.”

Adnan Chilwan, Group Chief Executive Officer, Dubai Islamic Bank

Banks across the UAE are either merging or discussing mergers, mainly due to tough competition and revenue pressures. According to Moody’s Investors Service, banks in the GCC will increase M&A activity as they look to gain scale to offset the impact of lower oil prices and the pandemic on profit margins.