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Noor Islamic rejects reports of potential mergers

Dubai-based Noor Islamic Bank has ruled out plans to merge with Shariah-compliant lender Amlak, Reuters has reported. A newspaper report last week said the UAE government was considering merging privately-held Noor Islamic with Emirates Islamic Bank and Dubai Bank. The combined entity would then purchase Amlak."Noor Islamic Bank categorically denies the market rumours about any potential acquisition of, or merger with any financial institution," Noor Islamic said in a statement.