Noor Islamic Bank opens first overseas representative office in Tunisia

Noor Islamic Bank PJSC (NIB) today announced the opening of a representative office in Tunisia to offer banking services in the North African countries, making it the bank's first overseas operation.

The regional office is located on Hadrumete Street, 2 Mutuelleville in the capital Tunis. It will focus mainly on investment and corporate banking, and will also channel investment opportunities from the GCC into North Africa, including Egypt, Libya, Algeria, Morocco, Tunisia and Mauritania.

Hussain Al Qemzi, Group CEO, Noor Islamic Bank and Noor Investment Group, said: 'The UAE is investing billions of dollars in Tunisia and North Africa as part of its commitment to drive economic growth in the Arab world. We would like to build on this legacy and sustain the synergy with the Tunisian government and institutions, and the North African region.

'Noor Islamic Bank will leverage its in-depth understanding of the North African market and the MENA region to seek strategic opportunities and consolidate its status as one of the largest Islamic banking institutions. Our presence through the representative office will ensure steady regional expansion and enhance our reputation as a niche financial solutions provider.'

The Tunisian economy has been growing at a steady rate and the Government of Tunis predicts an average growth rate of 6.3 percent over the next decade. As the largest Arab investor in Tunisia and the North Africa region, the UAE's investments in the country have exceeded Dhs81bn ($22bn).

Two-way trade between the GCC and North Africa has risen significantly in recent years. Noor Islamic Bank's representative office will act as a stimulant to the growing trade ties between the UAE and Tunisia. In addition, it will also look into further investment opportunities that will augment the Bank's returns while focusing on Islamic finance.

Leading NIB's operations in Tunisia is Sadok Attia, a veteran banker with over 31 years of experience in Africa and the Middle East.

Attia, the bank's Country General Manager UAE and CEO, North Africa, said: 'North Africa is an attractive growth market for investment, and the bank will serve as a facilitator to major transactions, while offering project financing in the North African region. Through our office in Tunis, we will be in a position to capitalise on human talent available in the country and participate in the growth of the financial services sector in the region.'

Launched in January, 2008, Noor Islamic Bank offers a comprehensive range of financial solutions including consumer banking, corporate banking, investment banking, services for small and medium enterprises, and Noor Infinity, the bank's wealth management service.