| Noor Islamic Bank Wins ‘Best Launch of 2008’ at Inaugural Dubai Holding Awards
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 | 20 December, 2008 Noor Islamic Bank PJSC today announced it has won top honors at the inaugural Marketing - Dubai Holding Annual Award (MADHAA) for ‘Best Launch of the Year 2008’. Noor Islamic Bank PJSC today announced it has won top honors at the inaugural Marketing - Dubai Holding Annual Award (MADHAA) for ‘Best Launch of the Year 2008’.
The awards were received by Dr. Ahmed Al Janahi, Deputy Group CEO, Noor Islamic Bank and the bank’s marketing team at a gala ceremony held recently.
Noor Islamic Bank won the honour based on parameters ranging from the effectiveness of its pre-launch communication campaign and mass public awareness to the quality of perception the campaign generated and the level of credibility it achieved among the UAE population.
Hussain Al Qemzi, CEO, Noor Islamic Bank said: “We are extremely proud of this honor as it is a testament to how quickly Noor has become one of the most well known brands in the UAE banking industry. Noor has positioned itself right at the beginning as a modern banking institution with the finest business principles in the industry.
“This achievement is the result of a well coordinated and aggressive marketing campaign that started on the day of our launch and continues till today. I congratulate Walid Koubaa, Deputy Group CEO, Ramy El Zein, Vice President - Head of Marketing and their teams for their unflagging efforts.”
The MADHAA judging panel, which comprised independent, international marketing and advertising experts, also conferred the bank with bronze awards in the ‘Best Use of Digital’ and ‘Best Consumer Insight and Understanding’ categories.
Noor won the ‘Best Use of Digital’ bronze for its ability to use the web as part of its wider communications agenda. Noor’s ‘Shape Your Bank’ online initiative, which commenced prior to its launch, was seen to be highly effective, drawing direct over-the-web responses from hundreds of individuals who expressed their opinions on the kind of services they expected from the bank.
The bronze for ‘Best Consumer Insight and Understanding’ recognised the holistic and in-depth approach that Noor Islamic Bank adopted for creating an institution that would comprehensively cater to the financial needs of customers from a wide range of backgrounds, in a Shari’ah compliant way. The fact that one out of five account holders with Noor is a non-Muslim - a ratio that is one of the highest for any Islamic bank in the world - was adjudged to be a credible indicator of Noor’s ability to attract a multicultural customer base.
Receiving the awards, Dr. Ahmed Al Janahi stated: “The awards will further encourage us to intensify our marketing dialogue and serve the financial needs of diverse customers. It will also help us achieve our objective of becoming one of the world’s premier Islamic financial institutions.”
Launched in June 2008, MADHAA Awards seeks to recognise and reward marketing professionals within various Dubai Holding entities. It is designed to stimulate employees involved in marketing to implement campaigns that not only communicate information, but also give Dubai Holding a sustainable competitive advantage. MADHAA received a total of 106 submissions in its inaugural edition.
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| His Highness Sheikh Ahmed bin Saeed Al Maktoum Inaugurates Noor Islamic Bank’s Branch at Dubai Airport Terminal 3 |
| 30 November, 2008 His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and CEO of Emirates Group and Chairman of Noor Islamic Bank, today inaugurated Noor Islamic Bank’s new full service branch at Terminal 3 of Dubai International Airport. His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and CEO of Emirates Group and Chairman of Noor Islamic Bank, today inaugurated Noor Islamic Bank’s new full service branch at Terminal 3 of Dubai International Airport.
The opening ceremony was attended by Hussain Al Qemzi, CEO of Noor Islamic Bank, and senior officials from the bank.
The new branch is strategically located in departure area T3-08, which is expected to handle over 60 million passengers annually. Operational round the clock seven days a week, the full service branch will cater to passengers, retailers, visitors and airport staff.
Hussain Al Qemzi said: “The new full-fledged branch complements the overall offering of Terminal 3 at Dubai International Airport, marking a significant milestone in the expansion of the bank as part of our ongoing commitment to reach out to customers. Since our launch 11 months ago, we have gradually established a presence in both the consumer and corporate banking spheres. Our focus remains on providing convenient and premium banking services to our customers.”
Through its location at Terminal 3, Noor Islamic Bank will offer its complete range of Sharia’a-compliant solutions including the bank’s self-service facilities such as internet banking, phone banking, ATM, and cash and cheque deposit machines.
In May of this year, the bank’s main branch on Sheikh Zayed Road became the first in the Middle East to deliver round-the-clock services to its customers.
Noor Islamic Bank now has several full service locations, including two service centers in the Mall of Emirates and the Garhoud District. High net worth individuals have access to the exclusive Infinity lounge in most of Noor Islamic Bank branches.
Launched in January 2008, Noor Islamic Bank is on its way to becoming a global provider of Sharia'a compliant financial services and solutions, transforming the offering and experience of modern Islamic banking while catering to the needs of discerning consumers. The bank is rapidly expanding its network in the UAE and aims to increase the number of locations over the next year.
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| Noor Islamic Bank Offers Banking Services at Newly-opened Dubai Airport Terminal 3 |
| 15 October, 2008 Noor Islamic Bank PJSC announced today it will offer complete banking services through its branch at the newly-opened Terminal 3 of Dubai International Airport. Noor Islamic Bank PJSC announced today it will offer complete banking services through its branch at the newly-opened Terminal 3 of Dubai International Airport. The bank is rapidly expanding its network in the UAE and aims to increase the number of locations over the next year.
The new branch is strategically located in departure area T3-08, which is expected to handle over 60 million passengers annually. Operational round the clock seven days a week, the location will offer services to passengers, retailers and airport staff.
Hussain Al Qemzi, CEO, Noor Islamic Bank said: “The opening of our branch at Dubai International Airport marks a significant milestone in the expansion of the bank. We are confident that we will continue to grow over the coming years, to realise our vision of being a global Islamic bank.
“Over the last 10 months, our customer base has grown steadily, increasing the need to match their expectations by providing premium banking services at their convenience. Our new location will allow us to deliver on this promise by catering to our existing customer base, and servicing the passengers using the airport facilities.”
Through its location at Terminal 3, Noor Islamic Bank will offer its complete range of Sharia’a-compliant services to all customer segments.
Visitors to the airport will be able to open an account, applying for auto finance, personal finance, credit cards, and other services. Passengers can also avail the bank’s self-service facilities such as internet banking, phone banking, ATM, and cash and cheque deposit machines.
This is the second Noor Islamic Bank location to offer 24-hour banking. In May of this year, the bank’s main branch on Sheikh Zayed Road became the first in the Middle East to deliver round-the-clock services to its customers.
Noor Islamic Bank now has 10 full service locations, including two service centers in the Mall of Emirates and the Garhoud district. High net worth individuals have access to the exclusive Infinity lounge in most of Noor Islamic Bank Branches.
Launched in January 2008, Noor Islamic Bank is on its way to becoming a global provider of Sharia'a compliant financial services and solutions, transforming the offering and experience of modern Islamic banking while catering to the needs of discerning consumers.
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| Credit Crunch has Made Financing Challenging but not Impossible, Says Noor Islamic Bank Executive |
| 09 October, 2008 Despite the recent global financial turmoil caused by credit crunch, investor confidence remains guardedly positive, announced Noor Islamic Bank. Despite the recent global financial turmoil caused by credit crunch, investor confidence remains guardedly positive, announced Noor Islamic Bank.
The comments were made by Eric Stoclet, Group Executive Director of Noor Islamic Bank, during a panel discussion titled “Where has all the liquidity gone” at the International Real Estate Investment and Development Conference held on the penultimate day of Cityscape Dubai 2008, one of the largest real estate sector events worldwide.
According to Stoclet, the UAE has developed rapidly with tourism and financial services remaining its key focus. It is estimated that the financing requirements for these projects will be around AED50 billion for 2009.
He said: “Raising this financing has become more challenging as loan to value ratios rise higher and equity takes a bigger piece of the puzzle. As a result of the changing nature of the credit markets, a number of projects will not meet investors’ return criteria and may not attract enough financing.”
Pointing out that no market can stay immune from the crisis currently embroiling the world, Stocklet commented: “There is no cheap money out there anymore. In the medium term, development financing will be difficult, particularly for speculative projects. Securing property financing will also be more challenging than in the past and will remain conditioned on cash flow coverage, with much less importance given to loan to value ratios.”
Panelists at the Cityscape Dubai conference also examined the GCC real estate market, citing the launch of DIFC’s Real Estate Fund as a positive step for reinforcing investor confidence. Stoclet added the GCC markets are at different phases of development, with high level occupancy across all product types.
The International Real Estate Investment and Development Conference, Cityscape Dubai’s main conference, brought together world-class speakers and leading regional industry experts for three days of dedicated discussions and analysis of macro-economic conditions of the real estate industry.
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| Noor Islamic Bank Partners with EDC to Provide Cutting-Edge Payroll Solutions |
| 13 September, 2008 Noor Islamic Bank PJSC today announced it has signed a Memorandum of Understanding (MoU) with the Electronic Documents Centre (EDC), a subsidiary of Emirates Post Holding Group, to offer complete and customised payroll solutions to UAE-based companies. Noor Islamic Bank PJSC today announced it has signed a Memorandum of Understanding (MoU) with the Electronic Documents Centre (EDC), a subsidiary of Emirates Post Holding Group, to offer complete and customised payroll solutions to UAE-based companies.
Noor Islamic Bank’s Payroll Account is designed to serve the needs of businesses and employees, by offering them comprehensive payroll management services. The inherent cost-effective features of the service will enable managements to reduce time-consuming procedures, while mitigating the risk associated with handling cash transactions.
Fatma Mansour, Head of Consumer Banking, Noor Islamic Bank, said: “We are pleased to partner with Electronic Documents Centre to offer solutions for managing the expectations of both businesses and individuals. We are committed to providing our customers with the best banking facilities in the industry.
“We believe this alliance will empower Noor Islamic Bank to deliver superior value to its payroll customers in terms of overall operational efficiency. By partnering with EDC, we will also take advantage of its expertise and cutting-edge technology provided under the highest security standards essential for such operations.”
Abdulla Al Hammadi, COO, Electronic Documents Centre, said: “We at EDC are honored to add yet another prestigious organization such as NIB to our list of valid business partners, we foresee a very bright future for NIB, and are pleased to be partners in their success story.
“Our strict and certified security systems in both the logical and the physical areas, have proven records of insuring information safety in all of its formats, and our highly ranked card and document printing technologies presented in the top notch printing machines, insures our valid partners the best quality of products which they would be proud in presenting to their customers.”
As part of the agreement, companies which enrol for Noor Islamic Bank’s payroll solutions will also be eligible for additional benefits on preferential terms. At the same time, Noor Islamic Bank will ensure the timely delivery of salaries to employees who can also access its vast range of consumer banking facilities.
Established in 2002, Electronic Documents Centre is a pioneer and market leader in providing comprehensive and personalised smart card solutions to government and private financial institutions in the region. Its production facility in Dubai, certified by Visa and MasterCard, is one of the most advanced and largest in the GCC.
Launched in January 2008, Noor Islamic Bank is on its way to becoming a global provider of Sharia'a compliant financial services solutions, transforming the offering and experience of modern Islamic banking while catering to the needs of discerning consumers. The bank currently has 10 locations around the UAE as well as several electronic banking facilities.
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| Noor Islamic Bank Organises Blood Donation Campaign |
| 01 September, 2008 Noor Islamic Bank PJSC today announced it had organised an in-house blood donation campaign as part of its endeavour to contribute to the well-being of the community in the UAE. Noor Islamic Bank PJSC today announced it had organised an in-house blood donation campaign as part of its endeavour to contribute to the well-being of the community in the UAE.
The campaign is in aid of Thalassemia patients, and will contribute to support the UAE’s programme of eradicating the disease in the country by 2012.
The one-day event was held on August 28th, 2008 at the headquarters of Noor Islamic Bank PJSC in Emaar Burj Square, Building 1. The blood was donated to the central blood bank of the Department of Health and Medical Services (DOHMS)
Hussain Al Qemzi, CEO, Noor Islamic Bank PJSC, said: “Our heart goes out to the plight of Thalassemia patients in the UAE, whose survival is linked to receiving donated blood, and to their families. We are hopeful that through this drive, more people will grow aware of this chronic medical condition, and become motivated to participate in the UAE’s fight against this condition by becoming regular donors themselves.”
Thalassemia is an inherited blood disorder which limits the patient’s ability to produce enough haemoglobin in the blood. Children born with Thalassemia usually develop symptoms of severe anaemia within their first year. Blood transfusion is a vital aspect in the treatment of Thalassemia. According to the World Health Organisation, one in 16 Emiratis are affected by the disease and require multiple blood transfusions.
Prospective marriage partners are advised to undergo a simple and inexpensive blood test called Hemoglobin Electrophoresis at hospitals across the UAE. This test can help determine whether any of them are carriers of the Thalassemia gene, which can trigger the disease in their future offspring.
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| Noor Islamic Bank to Provide Consumer Banking Services at Mall of the Emirates
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| 04 August, 2008 Noor Islamic Bank PJSC announced today that it will offer complete consumer banking solutions through its state-of-the-art ‘Meet us at MOE’ service centre located at Mall of the Emirates. Noor Islamic Bank PJSC announced today that it will offer complete consumer banking solutions through its state-of-the-art ‘Meet us at MOE’ service centre located at Mall of the Emirates. This is the bank’s first service centre, with plans to launch more by the end of the year.
The Noor Islamic Bank service centre at the Mall of the Emirates is strategically located on the East Side (Entrance 1) of the First Floor. Functional seven days with extended timings during the weekend, the service centre will cater to the needs of existing customers as well as shoppers and retailers.
It will be manned by dedicated customer service representatives to provide information about the bank’s complete range of sharia’a compliant consumer banking solutions including opening an account, applying for an auto finance, personal finance, credit cards and other products and services.
Customers can also use the bank’s self-service facilities such as internet banking, phone banking, ATM, and cash and cheque deposit machines to make deposits to their accounts as well as pay credit card bills.
Hussain Al Qemzi, CEO, Noor Islamic Bank, said: “We are delighted to launch our first service centre at the Mall of the Emirates, a vital landmark and social destination in Dubai. Malls are an integral part of the social fabric in Dubai, and have become favourite evening and weekend destinations. Through the launch of our service centre, we are enhancing the banking experience for our customers and providing them more convenience and ease in doing business with us.”
The service centre will be open from 9am to 10pm on weekdays, and from 9am to 11pm on weekends.
Launched in January, 2008, Noor Islamic Bank is on its way to becoming a global provider of sharia'a compliant financial services solutions, transforming the offering and experience of modern Islamic banking while catering to the needs of modern consumers. The bank currently has 10 locations around the UAE as well as several electronic banking facilities.
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| Noor Islamic Bank Signs Membership Agreement with Emcredit for Credit Information Services |
| 30 July, 2008 Noor Islamic Bank PJSC today announced it has entered into a membership agreement with Emcredit, the UAE’s first private credit information services company. Noor Islamic Bank PJSC today announced it has entered into a membership agreement with Emcredit, the UAE’s first private credit information services company.
As a full member of Emcredit, Noor Islamic Bank will gain access to detailed and comprehensive credit information and cheque honouring reports. The privilege will enable the bank to make informed lending decisions and customise products and services based on customers’ credit history.
Fatma Mansour, Head of Consumer Banking, Noor Islamic Bank said: “In a dynamic credit market as the UAE, gaining deep insight into the financial background and repayment capabilities of existing and potential customers will significantly support our growth strategy. Partnering with Emcredit places us in an advantageous position to gain a clearer perspective about our customers to better serve their financing needs.”
Ali Ibrahim, Managing Director of Emcredit said: “Noor Islamic Bank is a fine example of an early adopter of industry best practices, and we are very happy to support their assessment processes with comprehensive credit information services. For developed economies, credit bureaus are essential for financial sector stability and for banks around the world, credit reporting has become a strong foundation for their credit and risk management decisions. They are also applying credit information analytics into new product development, such as customising solutions for those with exceptional credit histories. Simply put, credit information opens up new avenues for organic client growth and increased profitability.”
Noor Islamic Bank will also have real-time access to credit records via a fully secure online system. The credit reports are generated based on data from private and public sources, including relevant information from government departments in the UAE.
Launched in January, 2008, Noor Islamic Bank offers a comprehensive range of financial solutions including consumer banking, corporate banking, investment banking, services for small and medium enterprises, and Noor Infinity, the bank’s wealth management service.
Emcredit is headquartered in the Dubai International Financial Centre and was created to support UAE-based financial institutions with effective risk management solutions. Emcredit is governed by DIFC’s Data Protection Law, which demands complete confidentiality and the security of Emcredit’s credit information database.
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| Noor Islamic Bank and Strategic Partners to Establish the Maldives’ First Islamic Bank by the end of 2008 |
| 22 July, 2008 Noor Islamic Bank PJSC announced today that it has entered into a joint venture to establish the first Islamic bank in the Republic of the Maldives. Noor Islamic Bank PJSC announced today that it has entered into a joint venture to establish the first Islamic bank in the Republic of the Maldives. The new entity, to be named Noor Maldives Islamic Bank, will be a joint venture between Noor Islamic Bank, the Ministry of Finance and Treasury of the Republic of Maldives and the Investment Corporation for Development of the Private Sector, an affiliate of the Islamic Development Bank.
The agreement was signed in Maldives by Dr. Ahmed Al Janahi, Deputy Group CEO, Noor Islamic Bank, Hon. Wasim Ibrahim, Minister of Finance and Treasure, Republic of Maldives, and Basel Haj-Issa, Director of the Unit Investment Fund, Islamic Corporation for the Development of the Private Sector.
The agreement marks Noor Islamic Bank’s second international expansion initiative in rapid succession, following its establishment of an overseas representative office in Tunisia last month. The bank’s vision is to be the leading global Islamic bank and it aims to establish its presence on three continents over the next five years.
Commenting on the occasion, Hussain Al Qemzi, CEO, Noor Islamic Bank said: “This landmark agreement marks an important phase in the development of Noor Islamic Bank, taking its value proposition beyond domestic borders. With its largely Muslim domestic population, Maldives provides attractive growth opportunities for Islamic banking and for Noor.
“We are honoured to have been invited by the Government of the Maldives to partner with them in establishing the island’s first Islamic bank, and to embark on our first venture with the ICD, an affiliate of the Islamic Development Bank. By leveraging the strength of each of the partners, I am confident that this move will further pave the way for the development of the country’s financial sector.”
Noor Islamic Bank will lead the establishment and be responsible for managing the operations of the new bank under a management contract. Noor Maldives Islamic Bank will initially focus on consumer and corporate banking, as well as business solutions for small and medium enterprises. The bank is expected to be operational by the end of 2008 and will be headquartered in the capital Malé. The new bank will have an authorised capital of US $100 million and a paid up capital of US $10 million.
The economy of the Maldives has seen double digit growth over the last two years, fuelled mainly by the tourism sector. Maldives enjoys the highest GDP per capita of approximately US $4,600 among South Asian countries. The country’s banking sector has also been growing gradually and the total liquidity in the banking system accelerated from 12 percent in 2005 to 21 percent in 2006.
“This is an important milestone in the development of the Maldivian financial sector. Our joint venture partners represent leaders in their respective fields, and we look forward to collaborating with them to launch and grow Noor Maldives Islamic Bank”, said Hon. Qasim Ibrahim, Minister of Finance and Treasury of the Republic of Maldives.
At the signing ceremony, Basel Haj-Issa, Director of the Unit Investment Fund of the Islamic Corporation for the Development of the Private Sector said ”The Islamic Development Bank, through its private sector arm the ICD, is committed to developing and promoting private sector Islamic banking in each of its member countries. We are pleased to participate in this opportunity to offer Islamic financial services to the population of the Maldives, and are committed to ensuring the success of this venture.”
Launched in January, 2008, Noor Islamic Bank is on its way to becoming a global player in Islamic financial services, transforming the offering and experience of modern Islamic banking while catering to the needs of modern consumers
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| Noor Islamic Bank Signs MoU with Abu Dhabi’s ALDAR Properties and Sorouh Real Estate
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| 10 July, 2008 Noor Islamic Bank PJSC (NIB) today announced that it has entered into a financing agreement with ALDAR Properties and Sorouh Real Estate, two of Abu Dhabi’s largest developers, to provide up to a maximum of 90 per cent financing for their residential developments. Noor Islamic Bank PJSC (NIB) today announced that it has entered into a financing agreement with ALDAR Properties and Sorouh Real Estate, two of Abu Dhabi’s largest developers, to provide up to a maximum of 90 per cent financing for their residential developments.
Noor Islamic Bank is one of the few Dubai based banks to be on the approved panel of these developers which are renowned for their role in transforming the UAE’s capital into becoming an economic, tourism and cultural hub.
NIB will provide home financing for completed properties as well as for those which are under construction.
Hussain Al Qemzi, Group CEO, Noor Islamic Bank, said: “We aim to offer our customers the best in terms of service and value for money, and are delighted to enter into these agreements to expand our service footprint particularly in Abu Dhabi and generally across the UAE.
“We are particularly proud to partner with ALDAR Properties and Sorouh, who collectively represent the biggest and best developments in the nation’s capital. By offering our customers a wide choice of properties to choose from, we are cementing our role as a major provider of Shariah-compliant finance solutions.”
“ALDAR is pleased with this agreement with Noor Islamic Bank. We aim to offer purchasers of our integrated developments a prospective plan that ensures potential customers are provided financing options that suit their individual needs. ALDAR’s sustainable projects are well sought after and it is of paramount importance that we pair our developments with the right home financing institution,” commented Ronald Stephen Barrott, CEO ALDAR Properties.
Galal Kulaib, CEO – Abu Dhabi, Noor Islamic Bank said: “Abu Dhabi represents a new opportunity for the bank as demand in the capital’s real estate sector accelerates. Our agreements with both ALDAR and Sorouh will offer value added and flexible Shari’ah-compliant financing options designed to maximise the experience of purchasing their new home.”
In a short span of time, Noor Islamic Bank has entered into home financing agreements with more than 13 developers across the UAE. The new arrangement with Abu Dhabi developers will offer one of the most attractive home finance arrangements available in the UAE, extending distinctive value added benefits including competitive profit rates and processing fees, as well as a simplified application process.
Launched in January, 2008, Noor Islamic Bank is on its way to becoming a global player in Islamic investment, transforming the offering and experience of modern Islamic banking while catering to the needs of modern consumers.
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| Noor Islamic Bank Opens First Overseas Representative Office in Tunisia |
| 21 June, 2008 Noor Islamic Bank PJSC (NIB) today announced the opening of a representative office in Tunisia to offer banking services in the North African countries, making it the bank’s first overseas operation. Noor Islamic Bank PJSC (NIB) today announced the opening of a representative office in Tunisia to offer banking services in the North African countries, making it the bank’s first overseas operation.
The regional office is located on Hadrumete Street, 2 Mutuelleville in the capital Tunis. It will focus mainly on investment and corporate banking, and will also channel investment opportunities from the GCC into North Africa, including Egypt, Libya, Algeria, Morocco, Tunisia and Mauritania.
Hussain Al Qemzi, Group CEO, Noor Islamic Bank and Noor Investment Group, said: “The UAE is investing billions of dollars in Tunisia and North Africa as part of its commitment to drive economic growth in the Arab world. We would like to build on this legacy and sustain the synergy with the Tunisian government and institutions, and the North African region.
“Noor Islamic Bank will leverage its in-depth understanding of the North African market and the MENA region to seek strategic opportunities and consolidate its status as one of the largest Islamic banking institutions. Our presence through the representative office will ensure steady regional expansion and enhance our reputation as a niche financial solutions provider.”
The Tunisian economy has been growing at a steady rate and the Government of Tunis predicts an average growth rate of 6.3 percent over the next decade. As the largest Arab investor in Tunisia and the North Africa region, the UAE’s investments in the country have exceeded AED 81 billion (US$ 22 billion).
Two-way trade between the GCC and North Africa has risen significantly in recent years. Noor Islamic Bank’s representative office will act as a stimulant to the growing trade ties between the UAE and Tunisia. In addition, it will also look into further investment opportunities that will augment the Bank’s returns while focusing on Islamic finance.
Leading NIB’s operations in Tunisia is Sadok Attia, a veteran banker with over 31 years of experience in Africa and the Middle East.
Attia, the bank’s Country General Manager UAE and CEO, North Africa, said: “North Africa is an attractive growth market for investment, and the bank will serve as a facilitator to major transactions, while offering project financing in the North African region. Through our office in Tunis, we will be in a position to capitalise on human talent available in the country and participate in the growth of the financial services sector in the region.”
Launched in January, 2008, Noor Islamic Bank offers a comprehensive range of financial solutions including consumer banking, corporate banking, investment banking, services for small and medium enterprises, and Noor Infinity, the bank’s wealth management service.
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| Noor Islamic Bank and Ras Al Khaimah Chamber of Commerce Sign MoU to Promote Islamic Financial Services in the Emirate |
| 17 May, 2008 Noor Islamic Bank PJSC (NIB) and Ras Al Khaimah Chamber of Commerce and Industry (RCCI) have signed a Memorandum of Understanding (MoU) to establish a strategic partnership through offering Shari’ah-compliant services to RCCI’s users and foster the growth of small and medium entrepreneurs (SME) in the emirate. Noor Islamic Bank PJSC (NIB) and Ras Al Khaimah Chamber of Commerce and Industry (RCCI) have signed a Memorandum of Understanding (MoU) to establish a strategic partnership through offering Shari’ah-compliant services to RCCI’s users and foster the growth of small and medium entrepreneurs (SME) in the emirate.
Under the terms of the agreement, the bank will provide RCCI members with specific Islamic financial solutions focusing on working capital, cash flow management, business analysis, strategic and operational support, reviewing and validating assumption for business plans.
Commenting on the strategic alliance between the banks and Ras Al Khaimah, XXX , Noor Islamic Bank said: “We are delighted to partner with Ras Al Khaimah Chamber of Commerce and Industry, it gives us the opportunity to expand our banking network within the United Arab Emirates. Through this initiative, we will be assisting RCCI in indentifying business plans to foster the growth of the economy in Ras Al Khaimah. We will also focus on extending our support to small and medium enterprises through offering easy finance that comply with the Islamic Shari’ah to new start-ups.”
The Ras Al Khaimah Chamber of Commerce and Industry (RCCI) became effective from Jan 1, 2008 under the mandate of boosting the economy of Ras Al Khaimah.
The RCCI is empowered to strike deals, memorandum of understandings and cooperate with Arab and foreign chambers of commerce, as well as, sign agreements with foreign countries to set up permanent exhibitions in the emirate under its supervision.
Yusuf Obaid Al Nuaimi, President of RCCI said: “Our strategic alliance with Noor Islamic Banks is fundamental; the bank is growing rapidly and this represents a potential growth for our members’ businesses as well through the Islamic financial solution offered by NIB.”
“RCCI will promote Noor Islamic Bank as a preferred financial services provider to our users, the small and medium enterprises in particular. Our objective is to build the emirate’s future.”
Noor Islamic Bank is a full service Shari’ah-compliant bank, with an emphasis on quality and personalised service. It will offer total relationship management, providing customised solutions for retail and corporate customers, as well as small and medium enterprises.
Launched in January, 2008, Noor Islamic Bank is well on its way to becoming a global icon, transforming the offering and experience of modern Islamic banking to meet the needs of today’s consumers.
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| Noor Islamic Bank First in Middle East to Operate Round-The-Clock Branch |
| 04 May, 2008 Noor Islamic Bank PJSC (NIB) today announced its main branch on Sheikh Zayed Road has gone operational 24 hours, seven days a week, making it the first bank in the Middle East banking industry to deliver round-the-clock services to its customers. Noor Islamic Bank PJSC (NIB) today announced its main branch on Sheikh Zayed Road has gone operational 24 hours, seven days a week, making it the first bank in the Middle East banking industry to deliver round-the-clock services to its customers.
Personal banking services will simultaneously be provided by all departments of the bank. The decision came in response to NIB’s rapidly growing customer base, reflecting the bank’s commitment to place customers as its top priority.
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, inaugurated Noor Islamic Bank’s Sheikh Zayed Road branch on 7 January this year.
Hussain Al Qemzi, Group CEO, Noor Islamic Bank, said: “Providing customers with premier services is our foremost priority. Our initiative to offer round-the-clock facilities at our main branch will make it easier for customers to access banking services at all hours. This will specifically benefit those who often find themselves short strapped for time through the week.
“We are proud to announce our customer base has registered significant growth within just a few months of our launch. Inspired by this response, we are pursuing an aggressive growth strategy and aim to rapidly expand our footprint throughout the UAE and beyond. Opening our main branch 24/7 will help us come closer to our loyal customers, and offer exceptional services that they deserve.”
Besides dedicating a 24/7 operational branch, NIB is also delivering round-the-clock services in telephone banking, internet banking and automatic teller machines across the UAE to ensure optimum customer satisfaction.
Launched in January, 2008, Noor Islamic Bank is well on its way to becoming a global icon, transforming the offering and experience of modern Islamic banking to meet the needs of today’s consumers.
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| Noor Investment Group Establishes Joint Venture with India’s Adventity
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| 25 March, 2008 Noor Investment Group LLC has entered into a joint venture with leading business process outsourcing (BPO) company, Adventity BPO India Pvt. Ltd. Noor Investment Group LLC has entered into a joint venture with leading business process outsourcing (BPO) company, Adventity BPO India Pvt. Ltd.
The joint venture will provide BPO services including, transaction processing, knowledge process outsourcing and call centre management services. The joint venture will primarily offer its services in the GCC, Middle East and North Africa region, as well as Pakistan.
Through the joint venture, Noor Investment Group will be able to leverage on Adventity’s expertise in process management in the financial services sector including assets and liabilities, card products, insurance, fund administration, customer relationship management, settlement and reconciliation, advisory services and analytics.
Hussain Al Qemzi, Group CEO, Noor Investment Group said: “Noor Investment Group has been working with Adventity in the last few months in a consulting and BPO capacity.
“Based on our experience to date, we believe that there exists an opportunity to build a world class BPO company to service blue chip companies across the MENA region. This view is shared by Adventity and its Board of Directors, who view MENA as their primary growth market over the next several years.”
This joint venture marks the first major investment by Adventity in Dubai and will involve the establishment of a dedicated delivery centre in the region. The aim of the joint venture is to address the growing need for state of the art outsourcing solutions for the financial services industry.
The joint venture will also offer clients the ability to leverage Adventity’s recruiting and training pool in India.
Commenting on the occasion Kumar Subramanian, CEO of Adventity, said, “Our partnership with Noor Investment Group further strengthens our strong position in the Middle East North Africa region. This region has been of prime importance to Adventity and our new relationship offers us an ideal opportunity to further our investments in the Middle East and bring significant value and solutions to our customers globally. We are delighted to have been chosen by Noor Investment Group as a partner for the Middle East.”
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| Noor Islamic Bank Enhances Value Proposition for SME Customers |
| 04 March, 2008 Noor Islamic Bank PJSC (NIB) today announced it has signed up two more service vendors to increase the value proposition for its small and medium enterprise (SME) customers. Noor Islamic Bank PJSC (NIB) today announced it has signed up two more service vendors to increase the value proposition for its small and medium enterprise (SME) customers. The agreements with Lamya Real Estate (Innovations Group Mortgage Consultants) and Derby Marketing follow a series of alliances with key governmental and private sector organisations.
In line with the agreement with Lamya Real Estate, NIB will offer Shariah-compliant mortgage financing for commercial and industrial real estate, as well as purchase of bulk residential properties for employee accommodation or rental yields. Lamya Real Estate will solicit customers and perform initial screening on behalf of the bank, including document validation and bank policy compliance.
Under the terms of the second agreement with Derby Marketing, Noor Islamic Bank will set up a ‘Noor Business Courier Service’ for its SME customers, offering them preferred rates on local and international courier services. Derby will also provide document and cash pick up and drop off services in Dubai, Sharjah and Abu Dhabi through messengers supported by a call centre.
Hussain Al Qemzi, Group CEO, Noor Islamic Bank said: “Our objective is to offer top of the range services to all our customers, including the SME sector. The agreements with Lamya Real Estate and Derby Marketing underscore our commitment to the entire client-base.
“Small and medium enterprises are important contributors to the UAE economy as they help develop national entrepreneurial spirit in our young people. As a UAE-based banking institution, we are proud to lend our support in breeding a new class of entrepreneurs.”
Noor Islamic Bank opened its doors for business on 7 January. Since then it has cemented several alliances with private and public sector institutions to provide value added services to the SME sector.
Noor Islamic Bank provides a range of products and services for the SME sector, including 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.
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| Noor Islamic Bank Signs MoU with Sheikh Mohammed Bin Rashid Establishment for Young Business Leaders |
| 12 February, 2008 Noor Islamic Bank PJSC (‘Noor'), today announced it has entered into an agreement with Sheikh Mohammed Bin Rashid Establishment for Young Business Leaders (SME) to build on mutual expertise and foster the growth of small and medium sized enterprises in the region. Noor Islamic Bank PJSC (‘Noor'), today announced it has entered into an agreement with Sheikh Mohammed Bin Rashid Establishment for Young Business Leaders (SME) to build on mutual expertise and foster the growth of small and medium sized enterprises in the region.
The Memorandum of Understanding (MoU), articulating cooperation between the two entities, was signed by Hussain Al Qemzi, Group CEO of Noor Islamic Bank, and Abdul Baset Al Janahi, CEO of SME.
Under the agreement, Noor Islamic Bank will be granted preferred financial services provider status by SME to provide its members with specific Islamic finance solutions, including access to Shari’ah-compliant working capital and cash flow management, business analysis on specific industry segments, strategic and operational support, as well as reviewing and validating assumptions for business plans.
In exchange, SME will facilitate Noor Islamic Bank to identify vendors and organise training workshops and seminars. It will also help Noor review and validate assumptions for business plans to drive the growth of small and medium sized enterprises in the region. Both organisations will provide multi dimensional levels of consultancy and advisory services bureau function to the targeted SME audience.
Hussain Al Qemzi said: “This partnership will encourage young business leaders aspiring to enter the highly competitive private sector. The preferential Islamic financial services offered by Noor Islamic Bank to SME member companies will help minimise the overheads and operational costs of members’ start up companies, and eventually empower national entrepreneurs.”
Abdul Baset Al Janahi said: “SME was established to promote and encourage the national entrepreneurial spirit by serving as a catalyst to economic growth. The agreement with Noor Islamic underlines our efforts to achieve this goal by empowering small and start up companies through collaboration with leading national organizations.”
Noor Islamic Bank has a dedicated SME banking unit that has forged several alliances with key governmental and private sector organisations to create products and services focused on the specific needs of small and medium businesses.
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| Noor Islamic Bank Strikes Alliance with a Morison Menon - Leading Advisory Firm |
| 03 February, 2008 Noor Islamic Bank PJSC (NIB) and Morison Menon Chartered Accountants (MMCA) have forged an alliance to provide convenient and streamlined customer services. Noor Islamic Bank PJSC (NIB) and Morison Menon Chartered Accountants (MMCA) have forged an alliance to provide convenient and streamlined customer services.
The alliance is part of a series of customer-driven initiatives introduced by the bank as part of its value proposition for commercial and small and medium enterprise (SME) customers.
Under the agreement, Noor Islamic Bank will offer financial products and services at preferred rates to Morison Menon Group’s clients. Morison Menon Group shall also recommend clients to consider Noor Islamic Bank as their Banking Partner.
Hussain Al Qemzi, Group CEO, Noor Islamic Bank, said: “Through strategic alliances, we continuously work towards providing our customers with greater convenience and access to specialised services. As a Sharia’h-compliant bank, we have adopted a holistic approach to offer investment and financial solutions for all customer segments. Our agreement with Morison Menon Group will complement this strategy.”
The reciprocal partnership between Noor Islamic Bank and MMG will cover three main areas – consulting, financing, and management systems. Providing SMEs with rapid access to enhanced services, the alliance will provide a greater competitive edge and increased capacity for future growth and expansion.
Raju Menon, Managing Partner, MMCA said: “Being a multi-functional group of professional firms offering a wide range of services for such as Audit, Feasibility Studies and Business Plans, Valuations and Due Diligence, Property Related Services and IT Consultancy Services, Noor Islamic Bank can look upon us as truly an one-stop solution for evaluating any financing requirement which is put forth to them by their customers and our clients.
“Our skills, experience and expertise in the above fields would definitely add a lot of value to the over all objectives of the bank with respect to SME’s funding and also increase the confidence of the bank in financing projects and customers who are introduced through this process.”
Potential Noor Islamic Bank SME customers will have access to consultancy services offered by MMG, including profiling and rating exercises, which are currently being undertaken in conjunction with government departments and agencies.
The alliance will work together to finance real estate and other projects, with MUC conducting the market research and feasibility analysis, structuring the financing requirements for the project and conducting due diligence of the project and its promoters, whereas Noor Islamic Bank shall evaluate and finance the project.
Noor Islamic Bank has a dedicated SME banking unit to create products and services focussed on the specific needs of small and medium businesses. The unit has forged several alliances with key governmental and private sector organisations.
Al Qemzi said: “As trade increases, we are witnessing healthy growth in the region’s SME sector. Currently, SMEs represent 60 per cent of the total businesses in the UAE, and this figure is increasing. It is our aim to work with SMEs and help them develop into bigger businesses.”
Morison Menon Group is part of the Morison International Network, a worldwide group of Accountants, professional business advisors and Legal Consultants, founded in the UK. Morison Menon Group has 10 offices across the Middle East, including UAE, Oman, Qatar and Iran.
Headquartered in Dubai, Noor Islamic Bank provides progressive, state-of-the-art visionary banking services and a holistic experience of Islamic banking to meet the needs of today’s discerning consumer.
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| Noor Islamic Bank Hosts Graduate Students from Top US Business Schools |
| 23 January, 2008 Noor Islamic Bank (‘NIB’) recently hosted a delegation of 23 MBA students from top US business schools as part of the bank’s community outreach programme to attract global talent. Noor Islamic Bank (‘NIB’) recently hosted a delegation of 23 MBA students from top US business schools as part of the bank’s community outreach programme to attract global talent.
The graduate students represented the Wharton School of Business, University of Pennsylvania; Sloan School of Management, Massachusetts Institute of Technology (MIT); McIntire School of Commerce, University of Virginia, and the Haas School of Business, University of California at Berkeley.
Outlining the bank’s vision, values and aspirations, Hussain Al Qemzi, Group CEO, Noor Islamic Bank said: “These students represent the best business and management programmes in the US, and have the ability to grow into key decision-makers in multinational corporations. The event was a great opportunity to foster relationships with potential global industry leaders.”
To mark their forthcoming graduation, Noor Islamic Bank presented the MBA students with special NIB mementos featuring the Ka’aba compass.
Headquartered in Dubai, Noor Islamic Bank is a full service Shari’ah-compliant bank, with an emphasis on quality and personalised service. It offers total relationship management, providing customised solutions for retail and corporate clients, as well as for small and medium enterprises.
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| Noor Islamic Bank to Offer Financial Services at Dubai Airport Free Zone |
| 21 January, 2008 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. 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 and DAFZA related transactions and 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.
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| Emirates Post and Noor Islamic Bank sign MOU to Offer Financial Services for Low Income Segment |
| 20 January, 2008 Noor Islamic Bank PJSC (“Noor”) and Emirates Post Holding Group have signed a Memorandum of Understanding (MoU) to establish a company that will offer banking services to the low income segment of the UAE population. Noor Islamic Bank PJSC (“Noor”) and Emirates Post Holding Group have signed a Memorandum of Understanding (MoU) to establish a company that will offer banking services to the low income segment of the UAE population.
The new venture is in line with recent Federal Government initiatives aimed at the low income segment, and will develop specific products and services to cater to their needs.
The company will provide Sharia-compliant financial services, targeted at the low income and unbanked sectors of the population. It will leverage Noor Islamic Bank’s expertise in the provision of Sharia-compliant financial services and Emirates Post’s country-wide reach and brand reputation to offer a comprehensive basket of financial services.
Announcing the launch at a press conference, Mr. Abdulla Al Daboos, President of Emirates Post Holding Group, said: “The creation of the joint venture is in line with our vision of expanding into financial services, following the establishment of the holding group through Federal Law No. 14, 2007. We have selected Noor Islamic Bank to be our partner because of its unique ability to develop innovative, bespoke Sharia-compliant banking solutions for the target market.”
“This is just one of the many new ventures envisioned by Emirates Post Holding Group, as we pursue our goal of becoming a major player in the field of financial services,” Mr. Al Daboos added.
Launched two weeks ago, Noor Islamic Bank has already established strategic partnerships with public sector institutions as well as the private sector. It is fast developing a reputation for being a modern, innovative and progressive Islamic financial institution, reflecting the core values of the UAE.
Mr. Hussain Al Qemzi, Group CEO, Noor Islamic Bank, said: “Noor is firmly committed to supporting UAE’s strategic goals and this initiative is in keeping with the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum.
“We are honored with the confidence that Emirates Post has put in us. The venture will leverage Noor Islamic Bank’s expertise to offer a wide variety of Sharia-compliant financial services and will provide Noor Islamic Bank the opportunity to provide value-added services to all of our population that build and transform UAE.”
The proposed activities of the joint venture will include debit cards, Islamic insurance, credit cards, micro-financing, salary payments, remittances and currency exchange.
Photo Caption: Abdulla Al Daboos, President of Emirates Post Holding Group and Hussain Al Qemzi, Group CEO, Noor Islamic Bank, after signing the MoU.
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| Noor Islamic Bank Set to Transform Region’s Islamic Finance Landscape |
| 06 January, 2008 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.
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.
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