Noor Islamic Bank set to transform region’s Islamic finance landscape

Noor Islamic Bank set to transform region’s Islamic finance landscape

Noor Islamic Bank PJSC (“Noor”) today inaugurated its branches across the UAE, seeking to transform the modern Islamic banking and finance landscape while matching the demands of discerning consumers.

The new full-service bank aims to become the leading Islamic financial institution with an initial focus on consumer and corporate banking. It offers contemporary and innovative solutions that cater to the rapid global growth of the Islamic finance industry.

Chaired by His Highness Sheikh Ahmed Bin Saeed Al Maktoum, Noor Islamic Bank is led by Group CEO, Hussain Al Qemzi, a seasoned banker with over 26 years of experience. Al Qemzi heads the bank’s management team, comprising seasoned professionals of the highest calibre.

Commenting on the occasion, H.H Sheikh Ahmed said: “Noor Islamic Bank is the new dawn in the region. Dubai is crowned now as a global financial hub for Islamic banking. Hence Noor will be the turning point in an industry that is rooted here but will grow globally to become the world’s leading Sharia-complaint financial services provider.

“Our profound Islamic beliefs are the core value for this establishment which will indeed be the lighthouse for global Islamic banking, positioning Dubai as the reference for the industry.”

The Islamic Finance Services Industry is witnessing rapid growth worldwide and in the GCC in particular. Experts’ forecasts expect Islamic assets to grow by 15 percent p.a. until 2010.

Speaking at the inauguration, Al Qemzi said: “Noor Islamic Bank offers modern banking solutions to its consumers, stakeholders and partners. The Board has a remarkable vision to position the bank as the world’s leading Islamic financial institution, focusing on Sharia-compliant financial services that is complemented by a solid customer-centric approach.”

Delivering the broadest spectrum of services with an emphasis on quality and personalised service, the Noor Islamic Bank provides total relationship management and tailored solutions for modern consumers of all persuasion.

Al Qemzi said: “Our time-tested distribution strategy will help us quickly achieve optimal reach in the country and the region. This is supported by our cutting edge IT infrastructure to deliver the highest standard of services.”

The bank has begun operations in a number of branches across the UAE. Its expansive ATM network offers broad coverage across UAE markets.

Noor Islamic Bank’s offers innovative financial products and services, which have been meticulously analysed and structured for compliance with Islamic principles. The products are certified by the Sharia Board, which comprises leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters.

Noor Islamic Bank is initially offering its services in the UAE, and intends to extend its footprint in the Middle East, Europe, the Far East and North Africa regions.