Noor Islamic Bank PJSC (“Noor”) has signed an agreement with the Dubai Airport Free Zone Authority (DAFZA) to establish a financial services centre in the free zone.
The bank will provide tailored products and services to meet the specific needs of small and medium enterprises (SMEs) located in the free zone. Identified and designed by Noor Islamic Bank in association with DAFZA, the products will offer complete financial solutions for all industry sectors.
Hussain Al Qemzi, Group CEO, Noor Islamic Bank, said: “The needs of small and medium businesses are often ignored by major financial service providers. This initiative with DAFZA is aimed at giving SMEs the leverage they need to compete effectively in today’s markets.”
Dr Mohammed Al Zarouni, Director General, DAFZA said: “The new innovative financial products to be offered to small and medium enterprises operating in the Free Zone is a value–added service that complements the services we provide to our customers.”
“In a globally dynamic economy, international investors and companies of different sizes look at financing opportunities to expand their business,” said Al Zarouni.
“We are quite pleased to be associated with Noor Islamic Bank and we are optimistic that the new banking and financial services on offer will benefit our potential customers and help us to attract many more looking for financial solutions,” he added.
“The ultimate goal of the deal is to provide the best financial facilities, the matter the new NIB will generously be prepared to do,” concluded Dr Zarouni.
DAFZA focuses on trade, industry and value added service activities. It provides one-stop-shop services and facilities for investors keen on setting up a base in this region. The free zone primarily accommodates all companies in freight forwarding and logistics, aviation, telecommunication, jewellery, as well as pharmaceuticals and cosmetics.
As part of its services to DAFZA tenants, Noor Islamic Bank and DAFZA would set-up a commercial centre within the free zone. The objective of these centers would be to offer commercial banking services to the tenants inclusive of;
Access to RMs who would provide consultancy services to the customers in relations to their business related queries.
An executive lobby designed to facilitate personal and Business banking requirement.
Availability of service personnel required to execute the documentation and transactions.
One window operations for the DAFZA tenants to conduct their banking & DAFZA related transactions & payments.
Banking Products and services that Noor Islamic Bank would be offering under this partnership would include: cash management services, asset financing, working capital finances, Islamic covered drawing, business finance, commercial mortgage finance, commercial vehicle financing, supply chain financing, trade services and treasury related products at competitive profit rates.
The small and medium enterprises segment is an important component of the UAE economy, fuelling the national GDP and representing more than 60 per cent of total businesses in the country. Small and medium sized enterprises are active in key sectors such as trade, construction, tourism, facility management, manufacturing, and professional services.
The bank’s SME unit has been working to create alliances with a number of government and semi-government agencies, targeted towards the development of an entrepreneurial culture in the country.
Headquartered in Dubai, Noor Islamic Bank aims to provide progressive, state-of-the-art, visionary banking services and the experience of Islamic banking to meet the needs of the discerning consumer.