New Islamic bank incorporated in Dubai

New Islamic bank incorporated in Dubai

Dubai Holding on Sunday launches Noor Islamic Bank (NIB) to tap the region’s growing oil wealth and meet the increasing needs of Sharia-compliant products.

Shaikh Ahmad Bin Saeed Al Maktoum, chairman of the Dh3.67 billion ($1 billion) Islamic lender, will unveil the details at a press conference today, followed by the opening of its first branch tomorrow.

NIB, the new Sharia-compliant bank in which Dubai Holding is a shareholder, plans to hire 1,200 people in the first year of operations, a company spokeswoman said.

The bank has hired 400 staff before its launch tomorrow. Noor will start functioning with a network of six branches in Dubai.

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