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.