Noor Islamic Bank
Encyclopedia
Noor Islamic Bank was established in 2006 in Dubai
, and is a Shari’a compliant commercial bank
, owned by Emirates Investment Authority and Noor Investment Group LLC. It has a paid-up capital of USD 1 billion. The bank houses a full range of banking, investing and other financial and risk management products and services for its individual clients, small and medium sized businesses, corporations and government institutions. The bank’s products and services are governed by a Shari’a Board, comprising leading Islamic scholars with experience and expertise in legal, financial and banking-related matters. Noor Islamic Bank is a subsidiary of Noor Investment Group and sister company of Noor Takaful
.
The bank launched and operates the first 24-hour, seven days a week, branch in the UAE. Its network of branches spans the UAE in the emirates of Abu Dhabi
, Dubai
, Sharjah. The Bank also has an overseas representative office in Tunis
, Tunisia
.
Noor Islamic Bank was named the ‘Best New Bank’ at the Bankers Middle East Industry Awards 2009, and ‘Best New Islamic Bank by the International Islamic Finance Forum 2008.
H.H. Sheikh Ahmed bin Saeed Al Maktoum is the bank's chairman, and the board of directors includes Mr. Sultan Ahmed Bin Sulayem
.
Dubai
Dubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
, and is a Shari’a compliant commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
, owned by Emirates Investment Authority and Noor Investment Group LLC. It has a paid-up capital of USD 1 billion. The bank houses a full range of banking, investing and other financial and risk management products and services for its individual clients, small and medium sized businesses, corporations and government institutions. The bank’s products and services are governed by a Shari’a Board, comprising leading Islamic scholars with experience and expertise in legal, financial and banking-related matters. Noor Islamic Bank is a subsidiary of Noor Investment Group and sister company of Noor Takaful
Noor Takaful
Noor Takaful was officially launched and opened to the public on 7 January 2009 in Dubai as a Shari’a compliant insurance company to support the growing needs of the UAE and the GCC economies. The company offers a range of personal and commercial insurance products with an emphasis on...
.
The bank launched and operates the first 24-hour, seven days a week, branch in the UAE. Its network of branches spans the UAE in the emirates of Abu Dhabi
Abu Dhabi
Abu Dhabi , literally Father of Gazelle, is the capital and the second largest city of the United Arab Emirates in terms of population and the largest of the seven member emirates of the United Arab Emirates. Abu Dhabi lies on a T-shaped island jutting into the Persian Gulf from the central western...
, Dubai
Dubai
Dubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
, Sharjah. The Bank also has an overseas representative office in Tunis
Tunis
Tunis is the capital of both the Tunisian Republic and the Tunis Governorate. It is Tunisia's largest city, with a population of 728,453 as of 2004; the greater metropolitan area holds some 2,412,500 inhabitants....
, Tunisia
Tunisia
Tunisia , officially the Tunisian RepublicThe long name of Tunisia in other languages used in the country is: , is the northernmost country in Africa. It is a Maghreb country and is bordered by Algeria to the west, Libya to the southeast, and the Mediterranean Sea to the north and east. Its area...
.
Noor Islamic Bank was named the ‘Best New Bank’ at the Bankers Middle East Industry Awards 2009, and ‘Best New Islamic Bank by the International Islamic Finance Forum 2008.
H.H. Sheikh Ahmed bin Saeed Al Maktoum is the bank's chairman, and the board of directors includes Mr. Sultan Ahmed Bin Sulayem
Sultan Ahmed bin Sulayem
Sultan Ahmed bin Sulayem is the chairman of Dubai World, a diversified holding company based in the United Arab Emirates and owned by the government of Dubai.-Family background:...
.
Milestones
- January 2008: Noor Islamic Bank launches to the public
- May 2008: Noor Islamic Bank opens the UAE’s first 24x7 branch, at Sheikh Zayed RoadSheikh Zayed RoadE 11 is a highway in the United Arab Emirates. The longest road in the UAE, E 11 streches from Al Silah in the Emirate of Abu Dhabi and ends in Ras Al Khaimah emirate at the Oman border, running roughly parallel to UAE's coastline along the Persian Gulf...
, DubaiDubaiDubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
. - June 2008: Noor Islamic Bank opens its first overseas office in TunisTunisTunis is the capital of both the Tunisian Republic and the Tunis Governorate. It is Tunisia's largest city, with a population of 728,453 as of 2004; the greater metropolitan area holds some 2,412,500 inhabitants....
, TunisiaTunisiaTunisia , officially the Tunisian RepublicThe long name of Tunisia in other languages used in the country is: , is the northernmost country in Africa. It is a Maghreb country and is bordered by Algeria to the west, Libya to the southeast, and the Mediterranean Sea to the north and east. Its area... - November 2008: Noor Islamic Bank opens a 24x7 branch at Dubai International AirportDubai International AirportDubai International Airport is an international airport serving Dubai, the largest city of the United Arab Emirates. It is a major aviation hub in the Middle East, and is the main airport of Dubai. It is situated in the Al Garhoud district, southeast of Dubai...
, Terminal 3 - December 2008: Noor Islamic Bank secures the Dubai HoldingDubai HoldingDubai Holding is a holding company that belongs to the Government of Dubai . It manages and controls 20 companies, which operate in real estate, hospitality, finance, healthcare, energy, research, education, entertainment, media, internet, tourism and biotechnology...
MADHAA Award for ‘Best Launch of 2008’ - February 2009: BloombergBloomberg L.P.Bloomberg L.P. is an American privately held financial software, media, and data company. Bloomberg makes up one third of the $16 billion global financial data market with estimated revenue of $6.9 billion. Bloomberg L.P...
rates Noor Islamic Bank among the UAE’s top ten mandated Lead Arrangers list - April 2009: Noor Islamic Bank posted a net profit of AED 511 million for the period ended December 31, 2008. The bank also reported total assets of AED 21.8 billion and total deposits of AED 12.4 billion.
Awards
| Award Year | Award By | Award Title |
|---|---|---|
| 2011 | BMEPA 2011 – Banker Middle East 2011 Product Awards | Best New Business Product & Best Insurance Product |
| 2010 | CEO Middle East Awards | Hussain AlQemzi, CEO of the Year Award (Best Islamic) |
| 2010 | Islamic Business & Finance Awards | Best use of technology |
| 2009 | Banker Middle East Industry Awards 2009 | Best New Bank |
| 2009 | Newsweek Newsweek Newsweek is an American weekly news magazine published in New York City. It is distributed throughout the United States and internationally. It is the second-largest news weekly magazine in the U.S., having trailed Time in circulation and advertising revenue for most of its existence... (Arabic) |
Excellence Award: Top 20 Corporate Performers in the UAE – 2008 |
| 2009 | Islamic Finance News, Kuala Lumpur | Structured Finance Deal of the Year, UAE Deal of the Year, Best Tawarruq Deal of the Year |
| 2008 | International Islamic Finance Forum (2008) | Best New Islamic Bank |
| 2008 | MADHAA (Marketing – Dubai Holding Annual Awards) | Best Launch of the Year 2008, Bronze for ‘Best Use of Digital’, Bronze for ‘Best Consumer Insight & Understanding |
| 2008 | Bloomberg Bloomberg L.P. Bloomberg L.P. is an American privately held financial software, media, and data company. Bloomberg makes up one third of the $16 billion global financial data market with estimated revenue of $6.9 billion. Bloomberg L.P... |
Ranked First: Shari’ah compliant Lead Arranger of 2008, Ranked Third: Leading Islamic Finance Book Runners |
| 2008 | Thomson Reuters Thomson Reuters Thomson Reuters Corporation is a provider of information for the world's businesses and professionals and is created by the Thomson Corporation's purchase of Reuters Group on 17 April 2008. Thomson Reuters is headquartered at 3 Times Square, New York City, USA... |
Ranked First on the list of Islamic finance Book Runners and Lead Arrangers |