DUBAI, Jan 8: Dubai plans to create the world’s largest Islamic bank within five years, spending as much as $1 billion on individual acquisitions in countries as far apart as Indonesia, Egypt and Britain, Noor Islamic Bank said.Noor, which is 25 per cent owned by the government of Dubai and 25 per cent by the emirate’s ruler, plans to spend between $500 million and $1 billion each time on a “few” acquisitions in Europe, Asia and North Africa, Chief Executive Officer Hussain al-Qemzi told the news agency on Tuesday.

“We aim to be the largest Islamic bank within five years,” Qemzi said in his office in Dubai, two days after the lender officially started operations.

“Acquisitions will be the main way because there is no time to grow organically,” he said.

Noor aims to be the world’s biggest Islamic bank by assets and countries of operation, with a focus on the largest Muslim nations such as Turkey, Egypt, Pakistan and Indonesia, Qemzi said.

Saudi Arabia’s Al Rajhi Bank, the world’s largest Islamic lender, had assets worth $33 billion at the end of September.—Reuters