Noor tops as Islamic lead arranger

Emirates Business 24/7:Noor Islamic Bank has topped the 2008 Bloomberg list of leading Shariah-compliant lead arrangers in the UAE and ranked third on the list of leading Islamic finance book runners in the country in its first year of operation.

The ratings were based on the total volume of funds underwritten by 24 banking institutions in the UAE, which provided Shariah-compliant finance to the business sector in 2008...Continue Reading

Noor Islamic Bank to Provide Consumer Banking Services At Mall Of The Emirates

Dubaicityguide .. Noor Islamic Bank PJSC announced today that it will offer complete consumer banking solutions through its state-of-the-art ‘Meet us at MOE’ service centre located at Mall of the Emirates. This is the bank’s first service centre, with plans to launch more by the end of the year.

The Noor Islamic Bank service centre at the Mall of the Emirates is strategically located on the East Side (Entrance 1) of the First Floor. Functional seven days with extended timings during the weekend, the service centre will cater to the needs of existing customers as well as shoppers and retailers.

It will be manned by dedicated customer service representatives to provide information about the bank’s complete range of sharia’a compliant consumer banking solutions including opening an account, applying for an auto finance, personal finance, credit cards and other products and services.

Customers can also use the bank’s self-service facilities such as internet banking, phone banking, ATM, and cash and cheque deposit machines to make deposits to their accounts as well as pay credit card bills.

Hussain Al Qemzi, CEO, Noor Islamic Bank, said: “We are delighted to launch our first service centre at the Mall of the Emirates, a vital landmark and social destination in Dubai. Malls are an integral part of the social fabric in Dubai, and have become favourite evening and weekend destinations. Through the launch of our service centre, we are enhancing the banking experience for our customers and providing them more convenience and ease in doing business with us.”

The service centre will be open from 9am to 10pm on weekdays, and from 9am to 11pm on weekends.

Launched in January, 2008, Noor Islamic Bank is on its way to becoming a global provider of sharia’a compliant financial services solutions, transforming the offering and experience of modern Islamic banking while catering to the needs of modern consumers. The bank currently has 10 locations around the UAE as well as several electronic banking facilities.

Noor Islamic Bank (NIB), Dubai-based Islamic bank, has announced a financing agreement with ALDAR Properties and Sorouh Real Estate, two of Abu Dhabi'

Noor Islamic Bank (NIB), Dubai-based Islamic bank, has announced a financing agreement with ALDAR Properties and Sorouh Real Estate, two of Abu Dhabi's largest real estate developers to provide up to a maximum of 90% financing for their residential developments. NIB will provide home financing for completed properties as well as for those which are under construction.

Hussain Al Qemzi, Group CEO, Noor Islamic Bank, said, "We aim to offer our customers the best in terms of service and value for money, and are delighted to enter into these agreements to expand our service footprint particularly in Abu Dhabi and generally across the UAE.

NIB has entered into home financing agreements with more than 13 real estate developers across the UAE. The new arrangement with Abu Dhabi developers will offer one of the most attractive home finance arrangements available for properties in the UAE, extending distinctive value added benefits including competitive profit rates and processing fees, as well as a simplified application process.

Dubai's Noor Islamic Bank to launch operations in Maldives

Dubai's Noor Islamic Bank has inked a deal to open up an Islamic banking unit in the Indian Ocean Island of Maldives, officials said.Operating under the name Noor Islamic Maldives Private Limited, the Dubai-based bank will hold 33 percent in the new company, Maldives Monetary Authority Governor, Abdulla Jihad said Tuesday.

The Maldivian government will hold 34 percent while the Islamic Cooperation for Development of the Private Sector will control 33 percent, Jihad said by telephone from the capital island of Male.

Noor's entry, will give the Sunni Muslim island nation of 369,000 people, their first taste in Islamic banking.

Islamic banking complies with sharia or Muslim religious laws that ban the earning of interest, or involvement in tobacco, alcoholic drinks and gambling.

Unlike in conventional banking where clients usually bear all the brunt in case of a financial loss, Islamic banks share in absorbing risks.

Largely Muslim Malaysia is the current Asian leader in Islamic banking after introducing services in 1983.

Maldives' economy of under a billion dollars is currently serviced by state-run Bank of Maldives, State Bank of India, Habib Bank Ltd, Sri Lanka's Bank of Ceylon, HSBC Ltd and Mauritius Commercial Bank.

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.

Noor Islamic to help small businesses

Dubai: Noor Islamic Bank and the Ras Al Khaimah Chamber of Commerce and Industry signed a memorandum of understanding (MoU) to foster the growth of small and medium enterprises (SMEs) in the emirate.

The bank said that it will provide members of RAK Chamber with Islamic finance solutions such as working capital, cash flow management, business analysis, strategic and operational support, as well as reviewing assumption for business plans.

"By offering easy finance to new business start-ups, we will be assisting members of the RAK Chamber in indentifying business opportunities," said Hussain Al Qemzi, CEO of Noor Islamic Bank.