Noor Islamic Bank strikes alliance with a Morison Menon - leading advisory firm

Noor Islamic Bank PJSC (NIB) and Morison Menon Chartered Accountants (MMCA) have forged an alliance to provide convenient and streamlined customer services.

The alliance is part of a series of customer-driven initiatives introduced by the bank as part of its value proposition for commercial and small and medium enterprise (SME) customers.

Under the agreement, Noor Islamic Bank will offer financial products and services at preferred rates to Morison Menon Group's clients. Morison Menon Group shall also recommend clients to consider Noor Islamic Bank as their Banking Partner.

Hussain Al Qemzi, Group CEO, Noor Islamic Bank, said: "Through strategic alliances, we continuously work towards providing our customers with greater convenience and access to specialised services. As a Sharia'h-compliant bank, we have adopted a holistic approach to offer investment and financial solutions for all customer segments. Our agreement with Morison Menon Group will complement this strategy."

The reciprocal partnership between Noor Islamic Bank and MMG will cover three main areas - consulting, financing, and management systems. Providing SMEs with rapid access to enhanced services, the alliance will provide a greater competitive edge and increased capacity for future growth and expansion.

Raju Menon, Managing Partner, MMCA said: "Being a multi-functional group of professional firms offering a wide range of services for such as Audit, Feasibility Studies & Business Plans, Valuations & Due Diligence, Property Related Services and IT Consultancy Services, Noor Islamic Bank can look upon us as truly an one-stop solution for evaluating any financing requirement which is put forth to them by their customers and our clients.

"Our skills, experience and expertise in the above fields would definitely add a lot of value to the over all objectives of the bank with respect to SME's funding and also increase the confidence of the bank in financing projects and customers who are introduced through this process."

Potential Noor Islamic Bank SME customers will have access to consultancy services offered by MMG, including profiling and rating exercises, which are currently being undertaken in conjunction with government departments and agencies.

The alliance will work together to finance real estate and other projects, with MUC conducting the market research and feasibility analysis, structuring the financing requirements for the project and conducting due diligence of the project and its promoters, whereas Noor Islamic Bank shall evaluate and finance the project.

Noor Islamic Bank has a dedicated SME banking unit to create products and services focussed on the specific needs of small and medium businesses. The unit has forged several alliances with key governmental and private sector organisations.

Al Qemzi said: "As trade increases, we are witnessing healthy growth in the region's SME sector. Currently, SMEs represent 60 per cent of the total businesses in the UAE, and this figure is increasing. It is our aim to work with SMEs and help them develop into bigger businesses."

Morison Menon Group is part of the Morison International Network, a worldwide group of Accountants, professional business advisors and Legal Consultants, founded in the UK. Morison Menon Group has 10 offices across the Middle East, including UAE, Oman, Qatar & Iran.

Headquartered in Dubai, Noor Islamic Bank provides progressive, state-of-the-art visionary banking services and a holistic experience of Islamic banking to meet the needs of today's discerning consumer.

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About Noor Islamic Bank

Founded in 2006 in Dubai, Noor Islamic Bank stands as a global icon, transforming the offering and experience of modern Islamic banking to meet the needs of today's consumers. A full service bank, Noor Islamic Bank delivers the broadest range of products for its consumers, with an emphasis on unique and personalised services.

Noor Islamic Bank's products and services are governed by a Shari'ah Board, comprising leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters. Noor Islamic Bank has 10 branches across the UAE in Abu Dhabi, Al Ain, Dubai and Sharjah.

You can learn more about this press release by visiting - www.noorbank.com