Noor Bank

Last updated
Noor Bank
FormerlyNoor Islamic Bank
Company typePrivate
Industry Banking, Financial services
Founded2008
Headquarters
Dubai
,
United Arab Emirates
Key people
  • John Iossifidis (CEO)
  • Mahendra Gursahani (COO)
Total assets Increase2.svgDh50,719,198,000 (2018 [1] )
Total equity Increase2.svgDh6,010,827,000 (2018 [1] )
Parent Noor Investment Group
Website www.noorbank.com

Noor Bank (formerly Noor Islamic Bank) was established in January 2008, in Dubai, United Arab Emirates.

In 2018, the bank was ranked the 11th largest bank in the UAE in terms of asset size.

Noor Bank is a full-service Shari’a-compliant bank, offering a range of products and services - in corporate and personal banking, wealth management, Takaful (Islamic insurance), treasury and trading. It has presence across the country, at multiple locations in Abu Dhabi, Dubai, Sharjah and Al Ain.

In addition to the Board of Directors, Noor Bank is also supervised by a Shari’a Supervisory Committee, and a team of scholars oversee and ensure Islamic compliance on all legal documentations, financial, products, services and banking matters.

History

Sheikh Mohammed bin Rashid Al Maktoum opened Noor Bank to the public on January 7, 2008. [2] The bank's products and services are governed by a Shari’a Board, composed primarily of Islamic scholars from the fields of law and finance. [3] [4] Noor Bank is a subsidiary of Noor Investment Group LLC and a sister company of Noor Takaful. [5] [6] [7]

In May 2008, the bank launched the first 24-hour, seven-days-a-week branch in the UAE. [8] In November 2008, the bank opened a 24/7 branch at the Dubai Airport. [9] In February 2009, the bank was ranked in the top ten mandated lead arrangers list by Bloomberg. [10] That year, Noor Bank posted a net profit of US$139 million for the period ended December 31, 2008. After reporting an operating loss of US$2.5 million in the first half of 2010, the bank realized an operating profit of US$56.4 million by the second quarter of 2011. [11] Noor Bank partnered with Emaar Properties in 2013 to provide mortgages to non-UAE residents. [12]

In 2013, Noor Bank launched Noor Trade, a division of the bank directed at servicing small and medium enterprises (SMEs). Noor Trade is composed of two divisions, Business Banking and Emerging Corporates. [13]

On 7 January 2014, the bank dropped 'Islamic' from its name, becoming 'Noor Bank' as part of a rebranding effort. [14] [15] That same year, the bank reported that its income had tripled. [16]

As of 2016, Sheikh Ahmed Bin Mohammad Bin Rashid Al Maktoum is the bank's chairman, and the board of directors includes Sultan Ahmed bin Sulayem. [17]

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References

  1. 1 2 "Noor Bank Directors' Report" (PDF). Noor Bank. 31 December 2015. Retrieved 23 September 2016.
  2. ↑ "Mohammed Opens Dubai's Noor Islamic Bank" . Retrieved 14 March 2013.
  3. ↑ Husain, Shakir. "Two New Islamic Banks in '07". Gulf News (UAE). Retrieved 14 March 2013.
  4. ↑ "Noor Islamic Bank: Services, Banks & Financial Services". The Dubai Mall. Retrieved 14 March 2013.
  5. ↑ "Dubai-Based Investors Plan $1Bn Islamic Bank". The Peninsula (Qatar). Retrieved 14 March 2013.
  6. ↑ "Noor Islamic May Spend $2 Bln on Single Buy". Reuters. Retrieved 14 March 2013.
  7. ↑ "Noor's Al Qemzi Named CEO of the Year- Best Islamic Bank at the CEO ME Awards 2010". Al Bawaba . Retrieved 14 March 2013.
  8. ↑ "Noor Islamic Bank First in Middle East to Operate Round-The-Clock Branch". Zawya. Retrieved 14 March 2013.
  9. ↑ "His Highness Sheikh Ahmed bin Saeed Al Maktoum Inaugurates Noor Islamic Bank's Branch at Dubai Airport Terminal 3". Arabian Business. Retrieved 14 March 2013.
  10. ↑ "Noor Islamic Bank Emerges Top UAE Lead Arranger for 2008". Khaleej Times. Retrieved 14 March 2013.
  11. ↑ "Noor Islamic Bank Posts AED 85 Million Net Profit for the Period Ending June 30th". Albawaba Business. Retrieved 14 March 2013.
  12. ↑ Hunger, Gregor Stuart (4 June 2013). "Noor to Offer Non-UAE Resident Mortgages for Emaar's Property Projects". The National. Retrieved 23 September 2016.
  13. ↑ Das Augustine, Babu (15 February 2015). "Noor Trade To Expand its Network and Double its Team This Year". Gulf News Banking. Retrieved 23 September 2016.
  14. ↑ "Noor Islamic rebranded to extend market reach". Khaleej Times. Retrieved 8 January 2014.
  15. ↑ Kane, Frank (7 January 2014). "Noor Bank Rebrands and Mulls an IPO". The National. Retrieved 23 September 2016.
  16. ↑ Kassem, Mahmoud (31 March 2014). "Noor Bank Profit Triples as Sharia Lender Rides Economic Recovery". The National. Retrieved 23 September 2016.
  17. ↑ "Board of Directors". Noor Bank. Retrieved 23 September 2016.
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