(Bloomberg) -- Dubai Islamic Bank PJSC, the United Arab Emirates’ biggest Islamic lender, is weighing the possible acquisition of Noor Bank.

The board has resolved to allow the bank “to explore possible the acquisition of Noor Bank and to revert to the board with findings within three weeks,’ it said in a statement to the stock market.

The Middle East’s financial services industry is witnessing a wave of consolidation as banks seek ways to improve competitiveness and boost capital amid slowing economic growth. Abu Dhabi is in the process of merging three of its banks after combining two of its biggest lenders in 2017. Banks in Saudi Arabia, Kuwait and Bahrain are also holding merger talks.

To contact the reporter on this story: Stefania Bianchi in Dubai at sbianchi10@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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