Noor Islamic Bank has signed an agreement with flydubai, Dubai’s leading low-cost airline, to enable travellers to make payments through the bank’s multiple easy-to-use payment channels available throughout the UAE.

flydubai customers will be able to pay for their flight bookings at the designated Noor Islamic Bank branches during working hours, or 24 hours a day through the bank’s online banking system. Existing Noor Islamic Bank card customers can also redeem Noor Points for flydubai vouchers, which can be used to purchase flights and other ancillary products and services.

The new facility enhances the wide range of value-added transactional banking solutions which Noor Islamic Bank offers to corporate and non-corporate customers.

The agreement was signed by Hussain AlQemzi, CEO of Noor Islamic Bank and Ghaith Al Ghaith, CEO of flydubai, at the flydubai headquarters.

AlQemzi said: “We see this partnership as a key collaboration between two partners with promising growth goals. This partnership is yet another example of Noor Islamic Bank’s commitment to providing customized, Sharia compliant financial solutions to our corporate clients. We will continue to develop and strengthen our affiliation with flydubai on various other projects with an aim to achieve a long-term relationship.”

Commenting on the new agreement, flydubai CEO Al Ghaith said: “Convenient ways to book and pay for flights and continuously improving the passenger experience are some of flydubai’s ongoing aims. This new around-the-clock payment system from Noor Islamic Bank will bring us even closer to this goal while also allowing more people access to our everyday low fares through the voucher redemption system.

Noor Takaful, the Islamic insurance arm of Noor Investment Group, has been recognised at the Takaful Leadership Awards 2011 with the Best Marketing - Middle East award.

It is the second year in a row that Noor Takaful has been honoured with the award, which was presented during the International Takaful Summit 2011, held in London recently. The Takaful Leadership Awards recognise the achievements of companies and individuals that have made significant contributions and shown leadership in the fields of Takaful and Re-Takaful.

Since its launch in January 2009, Noor Takaful has committed itself to being at the forefront of the Takaful sector in the Middle East. This latest award recognises Noor Takaful’s contemporary approach to Islamic insurance which has seen it provide a series of innovative products and services for its customers, including the GCC’s first e-Takaful service providing instant quotes and online payment facilities. This approach has enabled Noor Takaful to have an immediate impact on the Takaful sector, securing a solid 12% share of the UAE Takaful market in just two years of operations.

Parvaiz Siddiq, Chief Executive Officer, Noor Takaful said: “As a two year old company it is a source of great pride for us to receive this award for the second year running. It is an independent assessment of how the Noor Takaful brand is perceived as an innovator and leader in the Takaful sector. We remain committed to ensuring our customers and business partners enjoy the highest levels of service and to meeting their expectations of the most effective and innovative solutions for their insurance needs.”

Noor Islamic Bank (NIB) recorded a net operating profit of AED 207 million for the first six months of 2011, on a revenue base of AED 386 million. Net profit for the period ending June 30th was AED 85 million. The bank remains adequately capitalized with a capital adequacy ratio of 18.36%.

His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of Noor Islamic Bank said: “Our robust performance in the first half of the year is a direct result of the strategic initiatives and business model realignment that we have been undertaking within the bank over the past 18 months. Our efforts to focus our expertise on niche business opportunities are reflected in our earnings momentum.

“We will maintain a prudent approach in our growth strategy. The bank’s capital adequacy ratio remains robust at 18.36%. We remain confident and positive about our future and are well positioned to continue to provide consistent performance, both financially and operationally, and to maximise opportunities as the economic situation improves.”

NIB’s improved results are underpinned by increased operating revenues and earnings stemming from the strategic consolidation drive adopted in 2010. Cost reductions were implemented with minimal impact on the bank’s overall business objectives and by continuingly exercising disciplined risk management practices, the bank was able to deliver strong financial results.

Hussain AlQemzi, Chief Executive Officer, Noor Islamic Bank and Group CEO Noor Investment Group said: “We have been able to realize strong operating results as a consequence of remaining focussed on executing against our stated strategy of playing to our strengths and leveraging on our areas of expertise, across the UAE and regionally. The past six months of this year have shown steady growth in our net revenues of AED 386 million, whilst simultaneously generating an improvement of 7% in our expense base against the same period last year.

“Against an operating loss of AED 9 million at the end of the first half of 2010, we have realized an operating profit of AED 207 million and a net profit of AED 85 million. We will continue to remain focussed on our fundamentals of capital and liquidity management whilst continuously identifying opportunities to optimize our costs in order to ensure we deliver sustainable results.

“Our deposit base has grown by 40% over same period in 2010, on a client base that has grown by 21%. We will continue to invest in our core franchise proposition through enhancing our transactional and institutional banking, trade finance and wealth management capabilities. Our geographic footprint continues to remain focussed on deepening our relationships with our clients in Abu Dhabi as well as extending the reach of our corporate advisory, capital market and structuring capabilities across the region,” AlQemzi added.

“On the retail side of our franchise, we are firmly committed towards continuing to invest in our sales and distribution strategy of enhancing our client experience by introducing more benefits to our products and more functionality across our customer touch points.”

In addition to its UAE based operations, NIB has executed mandates to lead manage multiple syndications valued at USD 1.1 billion in Turkey during the past 18 months. There is a pipeline of another USD 600 million, the latest of which is a $150 Million equivalent Dual-Currency Syndicated Murabaha Financing Facility for AlbarakaTürkKatılımBankası A.Ş. (“AlbarakaTürk”), one of Turkey’s leading Islamic banks.The facility was launched into general syndication on June 29, with banks from across the globe invited to participate. NIB is also active in GCC and MENA region markets.

Noor Islamic Bank, as Initial Mandated Lead Arranger and Book Runner with ABC Islamic Bank (E.C.), National Bank of Abu Dhabi PJSC and Standard Chartered Bank, has successfully closed a US$300-million dual currency Islamic structured Murabaha Syndicated Facility (the “Facility”) for Bank Asya, one of Turkey’s leading Islamic banks.

The announcement marks Noor Islamic Bank’s second successful transaction for Bank Asya and the third for a Turkish bank in the last 12 months.

Despite challenging and uncertain regional market conditions, the Facility was substantially oversubscribed reflecting the international financial community’s continuing confidence in the Turkish economy and banking sector. The Facility saw the participation of 26 international banks from across 19 different countries.

Hussain AlQemzi, CEO, Noor Islamic Bank and Group CEO, Noor Investment Group, said: “This is Noor Islamic Bank’s third successful joint syndication outside its local boundaries, which marks the strong endorsement of our international Shari’a compliant financial expertise. We will continue to seek strategic opportunities beyond the UAE and leverage our world class footprint and expertise in the Shari’a compliant finance sector.”

Noor Islamic Bank was previously ranked by Bloomberg as number one on the list of mandated Lead Arrangers in Islamic finance in the UAE and number three on the list of leading Islamic finance Book Runners in the UAE. Simultaneously, Noor was previously ranked number one by Thomson Reuters on the list of Islamic finance Lead Arrangers and Book Runners in the UAE.

Noor Investment Group (NIG), the Dubai-based Shari’a compliant financial solutions group, today announced Noor Islamic Bank has been awarded for ‘Best Business Product’ and Noor Takaful for ‘Best Insurance Product’ at this year’s edition of the Banker Middle East Product Awards.

Noor Islamic Bank’s Global Transaction Services unit was acknowledged for the outstanding results achieved by its latest service, the License Fee Collection facility for the Dubai Department of Economic Development. Noor Takaful was acknowledged for its online insurance products that proved popular across the country.

Hussain AlQemzi, CEO of Noor Islamic Bank and Group CEO of Noor Investment Group, said: “We are very honoured to have been acknowledged firstly by the nomination panel, and in turn, by our industry peers as the best providers of new business product and best insurance product for 2011. This underscores Noor Investment Group’s commitment to continuously aim high and provide our clients, both retail and corporate, with top-notch financial solutions.”

Dr. Ahmed Al-Janahi, Deputy Group CEO, Noor Investment Group and Managing Director, Noor Takaful said: “We are grateful for being recognized with these two awards, and are extremely pleased with our progress to date. We see these awards not as a pinnacle of achievement, but as a cornerstone of even greater things to come.”

Since the launch of the Noor brand in January 2008 with Noor Islamic Bank, followed by Noor Takaful in January 2009, the group has excelled in demonstrating its unique approach to providing contemporary Islamic finance solutions.

Noor Islamic Bank recently held a gala dinner for its ‘Infinity’ customers, the Bank’s privilege banking customer segment, as part of its third anniversary celebrations.

Hussain Al Qemzi, Group Chief Executive of Noor Investment Group and Noor Islamic Bank, welcomed the guests at the special evening that was held on the 20th of January at The Address Downtown Hotel. The event was also attended by representatives from the local banking scene, as well as employees, and media personnel.

The Noor Islamic Bank metro station was officially inaugurated earlier this month in the Al Quoz area on Sheikh Zayed Road to coincide with the bank’s third anniversary landmark. A celebration later in the day that invited the participation of all employees fittingly capped the bank’s presence on the Dubai Metro Red line.

Noor Investment Group Marks Anniversaries of Noor Islamic Bank and Noor Takaful

His Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Noor Investment Group, today inaugurated the new headquarters of Noor Takaful, located adjacent to the Noor Islamic Bank station on the Dubai Metro Red Line, on Sheikh Zayed Road, in the presence of a number of high-ranking officials and senior banking and finance industry representatives were also present.

The inauguration was part of the celebrations hosted by Noor Investment Group (NIG), the Dubai-based Shari’a compliant financial services group, to commemorate the third anniversary of Noor Islamic Bank and the second anniversary of its insurance arm Noor Takaful.

HH Sheikh Ahmed accompanied by Hussain AlQemzi, Group Chief Executive Officer of Noor Investment Group and Noor Islamic Bank, today went on a tour of the new Noor Takaful headquarters, and visited the Noor Islamic Bank Metro station in Al Quoz.

Anniversary celebration was held for the employees of Noor Investment Group in the afternoon.

HH Sheikh Ahmed said: “Over the last three years, the Noor brand has successfully made its mark in the Shari’a-compliant financial services industry, a sector that is still in its infancy. We believe the brand will contribute to the growth of this industry and remain in the forefront as a pioneer, offering unrivalled finance and insurance solutions.”

AlQemzi said: “We are excited to achieve another key milestone in our operations as a group. Individually, Noor Islamic Bank and Noor Takaful have made significant progress in their respective industries. The opening of the new state-of-the-art headquarters for Noor Takaful reflects our commitment to consolidate our status in the insurance industry. We will continue to provide services that match global standards to our clients in the region.”

Since the launch of the Noor brand in January 2008 with Noor Islamic Bank, the brand has been a pioneer in offering new Islamic finance solutions that have been well-received by the market. The group enhanced its leadership position with the launch of Noor Takaful in January 2009.

A unique series of credit cards that focus on the well-being of the cardholders, as well as offering thousands of dirhams of savings on a range of products, has been launched by Noor Islamic Bank.

The ‘FIT FOR LIFE’ credit cards are designed to meet the needs of individuals who not only wish to improve the health of their finances in 2011, but also want to live a healthier lifestyle.

Among the range of unusual benefits available to card holders is a complimentary access to selected golf clubs and fitness centres across the country, as well as a free iPhone 4 with every approved Gold / Platinum / Infinity credit card. Free valet parking services, buy one get one free offers at fine dining restaurants and discounts from Health Factory with home or office delivered meals, loyalty points with cash back options and access to Noortravel-desk services are also included.

John Chang, Head of Retail Banking at the bank said, “Our FIT FOR LIFE credit cards will help our clients adopt a healthier way of life, alongside a more responsible view to managing their finances.

“Our customers are telling us that they, now more than ever, have a desire to better understand and manage their financial situation. Our FIT FOR LIFE credit cards are a response to that wish. Although there is an annual fee, the value and savings offered far outweigh the cost and will help customers reduce their annual spending.”

Noor Takaful, the Islamic insurance arm of Noor Investment Group has been recognized at the Islamic Business & Finance Awards 2010 for Best Use of Technology.

The award comes as Noor Takaful successfully wraps up its second year of operations reflecting strong results. 2010 was a record breaking year for Noor Takaful’s state-of-the-art online platform, where valuable intelligence from virtual customer interactions, feedback and evolving customer trends were gathered and analysed electronically.

Since inception in January 2009, Noor Takaful has committed itself to being at the fore front of customer satisfaction, providing the most effective and innovative solutions to its current and prospective customers.

In 2009 Noor Takaful launched the GCC’s first e-Takaful service where instant quotes and online payments could happen at the click of a button. In 2010, the company integrated its systems with the Dubai Roads and Transport Authority (RTA) allowing for instant data synchronization. During the same year, the RTA appointed Noor Takaful as the only Islamic insurance ‘Trusted Agent’ firm, due to its advancements in use of technology and solid corporate governance, for drivers buying motor insurance, and for registering their vehicles in a hassle free process.

Commenting on the award, Dr. Ahmed Al Janahi, Managing Director, Noor Takaful, said, “We are extremely pleased to have won this prestigious award, which is an important endorsement for our investment in technologically-supported financial solutions. The Noor brand is slowly being recognized as the face of contemporary finance due to our unconventional approach to partnering with our customers.”

Parvaiz Siddiq, Chief Executive of Noor Takaful said, “It gives us great pleasure to receive this exceptional award. We believe that delivering products in an innovative and efficient way is what customers want and expect from us. Our ability to smoothly integrate technology with our financial products and solutions, underscores our best practice expertise. We remain committed to the customers and to the business, and will continue to invest in technology platforms and automated solutions that reduce inefficiencies and costs”.

Credit Cards Focus on Benefits of a FIT Lifestyle

A unique series of credit cards that focus on the well-being of their owners, as well as offering thousands of dirhams of savings on a range of products, has been launched by Noor Islamic Bank.

The ‘FIT FOR LIFE’ credit cards have been designed to meet the needs of individuals who not only wish to improve the health of their finances in 2011, but also want a healthier lifestyle.

Among the range of benefits available to card holders is free access to selected golf clubs and fitness centres across the country, as well as a free phone with every approved Gold / Platinum / Infinity credit card. Valet parking services, discounts at fine dining restaurants and on Health Factory home or office delivered meals, loyalty points with cash back options and access to Noor’s private travel-desk services are also included.

John Chang, Head of Retail Banking at the bank said, “Our FIT for Life credit cards will help our clients adopt a healthier way of life, alongside a more responsible view to managing their finances.

“Our customers are telling us that they, now more than never, have a desire to better understand and sort out their financial situation. Our FIT for Life credit cards are a response to that wish. Although there is an annual fee, the savings offered far outweigh the cost and will help customers reduce their annual spending.”

Ajman Bank and Noor Takaful, the Shari’a compliant insurance arm of Noor Investment Group, today signed a strategic partnership agreement for distribution of Noor Takaful’s products through Ajman Bank. The Islamic insurance products will be available to customers through the bank’s branches in Ajman and Sharjah, serving the Northern Emirates region, and its branches in Abu Dhabi and Dubai.

Mubashar H. Khokhar, CEO of Ajman Bank commented, “We are proud to be collaborating with one of the top takaful providers in the UAE. Ajman Bank has a reputation built on knowledgeable teams, a commitment to quality service, and a drive to deliver what customers want. In partnering with Noor Takaful today, we believe we are delivering on all fronts for our customers.”

Parvaiz Siddiq, CEO of Noor Takaful commented: “Noor Takaful is pleased to be partnering with Ajman Bank to support the auto and general takaful protection needs of its customers. Customers of the bank will have access to best in class Shari’a compliant insurance products supported by an excellent service infrastructure. Strong distribution capabilities combined with an attractive product offering is a compelling business proposition and one made possible by a partnership of two like-minded companies. We look forward to finding ways to develop this relationship further in the future.”

Noor Islamic Bank (NIB), in association with Gallup, one of the world leading experts in human capital and customer management consultancy, announced today the launch of the Leadership Excellence and Accelerated Development (LEAD) program, in support of its continued investment in its most valuable asset - its people.

LEAD, is a customized program, that sets the stage to drive higher levels of performance and growth. It is an integrated leadership program that brings the best of Gallup’s 70+ years of research and leadership development methodologies to NIB’s potential, next-generation leaders. The custom two-year program includes integrated learning modules that incorporate various Gallup propriety psychometric assessments, industry leading customer and employee research, hands-on coursework, individualized coaching sessions, and on the job assignments to bring maximum learning experiences to the participants.

Galal Kulaib, CEO, Noor Islamic Bank said: “This program is different from any other we have seen in the region. Gallup’s overall concept and design of the program is unique in that it allows our potential future leaders to drive growth through the application of human science and behavioral economics, whether it is directed at themselves, their team, or our valued customers.

"In our continued efforts to enhance the caliber of our human capital and Emiratisation initiatives, we have chosen to partner with Gallup to help us expand our leadership capacity and to continue with our mission of becoming the center of excellence for leadership development. We wanted a program that will pave the way towards a personal learning journey, as it also gives participants a personalized, scientific approach for taking total accountability for their own performance at work and in carving out their future at Noor.

“At the end of the day our aim is to drive profitability and be better prepared for changing future - especially in light of our expansionary goals. We aim to do this by giving our potential leadership unique learning tools that incorporate the elements of human psychology and other sciences and hopefully they will be better equipped to help pilot Noor towards excellence,” Kulaib added.

The LEAD program is designed to be intensive and becomes more demanding as the leader progresses and their capacity expands. The program begins with the concept of enhancing “self awareness” and a journey of knowing one’s own unique strengths and how to leverage it in the work place. The remainder of the program follows Gallup’s constructs of great leadership which include mastery of self, team, enterprise and marketplace. To make the journey relevant and exciting for the participants, the program also incorporates custom themes from Dubai’s economic journey in the early days of trading and pearl diving to today’s diversified economy. The program concludes with a three year personalized career development program that is based on ambitions, performance and the leader’s inherent talent, as measured by Gallup.

Katayoun Rezaiamiri, Associate Partner in charge of developing Gallup’s business in the UAE said: “A key challenge for organizations in the region is finding the right program to help nationals and non-nationals who are identified with having leadership potential make the leap to becoming successful in leadership positions.

“We have created the LEAD Program with Noor to provide that solid bridge between potential and outcomes. We have taken what we know about world’s best leaders and the best of Gallup learning modules of behavioral economics and devised a customized program that acts as springboard for building leadership capacity and fueling performance.”

Noor Islamic Bank today reinforced its innovative Personal Banking portfolio, with the launch of the first of its kind Shari’a compliant benefit driven Account Package ‘ADDVANTAGE’. Convenience, flexibility, generous rewards and real value-for-money are the main benefits offered by this package.

John Chang, Head of Consumer Banking, Noor Islamic Bank - UAE, said: “ADDVANTAGE is the perfect solution for the comfortable mid-level executives and managers on the lookout for simple, convenient and personalized banking. ADDVANTAGE customers are automatically entitled to personalized service, extended banking hours, preferential pricing and rates and fast and easy transactions.”

ADDVANTAGE customers save on charges as they are not tied to a minimum balance requirement. In addition, they also get preferential terms on credit cards and personal finance, giving them even more savings.

For greater convenience, ADDVANTAGE comes with a pre-approved Shari’a compliant overdraft (Islamic Covered Drawing) of one month salary, and up to AED 5,000 will be profit free.

Customers can also choose to upgrade ADDVANTAGE, and in addition to all the basic features, also get the convenience of a dedicated relationship manager who will be the customers’ one point-of-contact for all dealings with the bank.

The opening of an account and transferring of salary will automatically generate bonus points. The reward points awarded can be redeemed for cash vouchers at shopping malls and free flights. Customers will also get points on their credit card spend, which they can combine with the points earned on the account.

Noor Islamic Bank continues to lead the Personal Banking market in providing innovative solutions including the UAE’s only fully operational mobile internet banking experience in the Arabic language. The bank’s unique website is Arabic, English and French enabled.

Noor Islamic Bank and Noor Takaful, leaders in online financial services and owners of ShapeYourCountry.com, the social media online forum, today announced the long awaited list of winners in their photography competition.

Since its launch on 7 January, ShapeYourCountry.com has proved to be a phenomenal hit with UAE-based photographers, attracting more than 1000 photographs and over 50,000 votes.

The jury panel for the contest, which closed on 18 February, included Khalil Abdul Wahid, Manager of Visual Arts, Dubai Culture and Arts Authority; Dariush Zandi, Founder, Total Arts Gallery; Nayla Al Khaja, D-SEVEN Motion Pictures, and Mhic Chambers, UAE-based freelance photographer. Assisting in the judging process and representing both the Bank and Takaful arm was long time photography enthusiast, James McPherson Head of Business Risk and Reiview.

Evaluated on the basis of originality, creativity and depth, Mr. Joel Olonan won the top prize worth photograph; Mr. Noushas Pallikkal received the second place prize worth AED7,550 , while Mr. Kareem C Hamza was awarded the third place prize worth AED5,250.

The contest, which captures pictures of the UAE’s uniqueness, is in line with ShapeYourCountry’s (SYC) mission to link communities living within the UAE, irrespective of nationality, age or economic status, as well as Emiratis residing abroad. The country-wide competition also aimed to shape participants’ preferences for their preferred financial institution.

Hussain Al Qemzi, Group Chief Executive, Noor Investment Group and Noor Islamic Bank, said: “We would like to congratulate the winners on a job well done. We also thank all the other contestants and the judges for helping us make the first phase of the forum a huge success”.

“This photo competition has paved the way for us to embark on our journey towards establishing a first of its kind online forum by a regional financial institution. It will provide a vehicle for people to voice their preferences and views on how the financial industry, at large, should develop and what services need to be provided.”

ShapeYourCountry.com is aimed at broadening the scope of outreach by Noor Investment Group to create an entirely new model for customer and public service best practices, as well as peer and investor relations. The forum will also serve as a thought-provoking platform for shaping and enhancing industry perceptions.

The launch and adoption of the online medium is in line with Noor’s core values centered around innovation and part of a comprehensive strategy on bringing to market the next generation of products and services that would be considered mandatory for banks of the future.

Launched in January 2008, Noor Islamic Bank has earned a solid reputation for performance, premium service and customer care and augmented its electronic banking network to cover more than 84 ATMs across the UAE.

In addition, the bank also provides round-the-clock accessibility and convenience to its clients through its branch located at the Dubai International Airport Terminal 3, its self service facilities of Internet banking, phone banking, SMS as well as electronic cash and cheque deposit services.

Noor Takaful was launched in January 2009, following Noor Investment Group’s realization of untapped opportunities for insurance and takaful products in the GCC region and beyond. Noor Takaful Family PJSC and Noor Takaful General PJSC have a combined paid-up capital of AED150 million. Both offer a comprehensive suite of general and family takaful coverage for individuals, businesses and corporate clients. The insurer aims to eventually expand the reach of these operations to cover the Middle East and North African region.

Noor Islamic Bank has signed an agreement with Dubai’s Real Estate Regulatory Agency (RERA) to offer escrow services based on the new RERA requirements introduced recently.

Galal Kulaib, CEO, Noor Islamic Bank-UAE, and Marwan Bin Ghalita, CEO, RERA, signed the agreement at the RERA headquarters.

Marwan Bin Ghalita commended Noor Islamic Bank’s profound commitment to complying with RERA’s initiatives.

Launched in January 2008, Noor Islamic Bank has earned a solid reputation for performance, premium service and customer care and augmented its self-service banking network to cover more than 84 ATMs, across the UAE.

In addition, the bank also provides round-the-clock accessibility and convenience to its clients through its branch located at the Dubai International Airport Terminal 3, its self-service facilities of internet banking, phone banking, SMS as well as automated cash and cheque deposit services.

Noor Islamic Bank today hosted a delegation of 44 Executive MBA students from Haub Business School - Saint Joseph University from Pittsburgh, as part of the bank’s efforts to boost global awareness on Islamic banking and finance.

The graduates were given a comprehensive presentation on the world of Shari’a compliant banking and finance by the bank’s Shari’a team.

Launched in January 2008, Noor Islamic Bank has earned a solid reputation for performance, premium service and customer care and augmented its self-service banking network to cover more than 84 ATMs, across the UAE.

In addition, the bank also provides round-the-clock accessibility and convenience to its clients through its branch located at the Dubai International Airport Terminal 3, its self-service facilities of Internet Banking, Phone Banking, SMS as well as automated cash and cheque deposit services.

Noor Islamic Bank today announced the launch of the UAE’s first Arabic enabled mobile internet banking service, as part of the bank’s ground breaking focus on innovative online communications to meet customer demand for convenient, bank-in-your-palm, 24 hour banking services. The new service can be accessed from any make, or type, of mobile phone with access to the internet.

A key differentiating factor of this service, from other existing ones in the market, is the direct hassle-free interface with which the customer can hook onto the Noor site. Customers don’t have to either bookmark the portal or even download and install applications onto their designated mobile phone, to align itself with the site. The intelligent Noor web site will automatically detect the nature of the device logging in, and will simply adapt to the user’s requirements, push the appropriate page to fit the unique screen size, and accommodate the mobile customer.

The service, available in Arabic and English, will enable Noor Islamic Bank customers to check their bank account and credit card balances, transfer funds between their Noor Islamic Bank accounts and pay off credit card balances, in Arabic, as well as in English. Additional services will be announced in the coming months.

Hussain Al Qemzi, Group Chief Executive Officer, Noor Investment Group and Noor Islamic Bank said: “With the economy slowly showing signs of emerging out of the tough times witnessed over the last 12 months, now is a unique opportunity for banks to sharpen their focus on implementing mobile financial services solutions that enhance their banking experience.

“This requires a dramatic shift in emphasis from simply enabling basic transactions through cell phones and other mobile devices to adopting the more holistic, enterprise-wide mobile banking services strategy that we are implementing.

“For future generations, mobile internet banking will be the accepted and preferred method of personal banking. For many young people today mobile banking is becoming a key criterion for where they choose to bank. With the launch of the world’s first Arabic enabled mobile internet banking service, Noor Islamic Bank is again demonstrating its leadership in the provision of innovative, technology centric, personalized banking products.”

Although there are no official figures on the number of people utilising online or mobile banking services in the UAE, it is estimated that the number of mobile phone subscribers in 2009 was 10 million, representing 200% of the population.

Meanwhile, a 2009 White Paper entitled How to Achieve a Compelling ROI from Mobile Financial Services, issued by Fiserv, the leading global provider of information management and electronic commerce systems for the financial services industry, said that by 2011 the number of mobile phone subscribers that use their devices to conduct mobile banking and payments is expected to reach 150 million globally. And by 2025 mobile will surpass all delivery channels to become the most heavily used way to interact with financial institutions.

This unique offering is in line with the pioneering spirit of Noor Investment Group, and follows the earlier launches of the 1st 24/7 branch in the UAE by Noor Islamic Bank, and the 1st online takaful offering by Noor Takaful in the region.

As part of its online strategy, Noor Islamic Bank recently launched its ShapeYourCountry.com website. The website is aimed at broadening the scope of outreach by Noor Investment Group to create an entirely new model for customer and public service best practices, as well as peer and investor relations. ShapeYourCountry.com will also serve as a thought provoking platform for shaping and enhancing industry perceptions.

And to compliment, the launch of its industry leading Arabic enabled mobile internet banking service, Noor has also launched its enhanced tri-lingual website with advanced features. The website and suite of online banking offerings now come in English, Arabic and French.

Launched in January 2008, Noor Islamic Bank has earned a solid reputation for performance, premium service and customer care and augmented its self-service banking network to cover more than 84 ATMs, across the UAE.

In addition, the bank also provides round-the-clock accessibility and convenience to its clients through its branch located at the Dubai International Airport Terminal 3, its self-service facilities of Internet Banking, Phone Banking, SMS as well as automated cash and cheque deposit services.

Noor Islamic Bank and Noor Takaful, leaders in online financial services and owners of Shapeyourcountry.com, the social media online forum, have issued a last call to photographers in the United Arab Emirates to upload images of the UAE to the web site in order to stand a chance of winning prizes worth AED 29,300. Since its launch on January 7, 2010 Shapeyourcountry.com has proved to be a big hit with UAE-based photographers, attracting 550 photographs and over 50,000 votes. Many more entries are expected before the contest closes on 18 February, 2010, as UAE residents and citizens participate by uploading authentic images of the UAE which they have taken, to www.shapeyourcountry.com Noor Islamic Bank and Noor Takaful have put together a list of four renowned photography, arts and culture, landscape, broadcast production and environment experts, to judge the photography competition. The judging panel includes: Khalil Abdul Wahid, Manager of Visual Arts, Dubai Culture and Arts Authority; Dariush Zandi, Founder, Total Arts

Gallery, Nayla Al Khaja, D-SEVEN Motion Pictures, and Mhic Chambers, UAE-based freelance photographer. Also taking part in the judging process and representing Noor Islamic Bank and Noor Takaful, will be long time photography enthusiast, James McPherson, Noor Islamic Bank. Judging will take place in the week following the competition’s closure on February 18, with the winners announced shortly afterwards. The panel of judges will review the entries based on specific criteria and then choose the first, second and third prize winners. The winner will receive a prize worth AED 16,500; second place winner will be awarded a prize worth AED 7,550 and third place will receive a prize worth AED 5,250. The contest, which seeks to capture pictures of the UAE’s uniqueness, is in line with ShapeYourCountry’s (SYC) mission to link communities living within the UAE, irrespective of nationality, age and economic status, as well as Emirati’s residing abroad, and to shape preferences for their preferred financial institution. Launched in January 2008, Noor Islamic Bank has earned a solid reputation for performance, premium service and customer care and augmented its electronic banking network to cover more than 84 ATMs across the UAE. Noor Takaful was launched in January 2009, following Noor Investment Group’s realization of untapped opportunities for insurance and takaful products in the GCC region and beyond. Noor Takaful Family PJSC and Noor Takaful General PJSC have a combined paid-up capital of AED150 million. They offer a comprehensive suite of general and family takaful coverage for

individuals, businesses and corporate clients. The insurer aims to eventually expand the reach of these operations to cover the Middle East and North African region.

Noor Islamic Bank today opened its 1st specialist corporate standalone branch, strategically located at the Dubai Airport Free Zone Authority.

From DAFZA, one of the fastest growing free zones in the region and home to over 1300 companies, the new Noor Islamic Bank corporate branch will aim to serve as a vital component for every corporation’s financial needs, in and around the Free Zone.

The branch was officially inaugurated today by His Highness Sheikh Ahmed bin Saeed Al Maktoum, and President of the Dubai Civil Aviation, Chairman and CEO of Emirates Group and and Chairman of Noor Islamic Bank. He was escorted by Hussain Al Qemzi, Group Chief Executive, Noor Islamic Bank and Noor Investment Group.

The NIB DAFZA branch will provide a comprehensive range of Sharia’a compliant products and services to Corporate and Small and Medium Sized Enterprise (SME) customers, including Cash Management Covering, Letters of Credit and Guarantees, Corporate Finance Solutions and Corporate Deposit Solutions.

HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Noor Islamic Bank said, “We are delighted to open our first exclusive corporate branch at DAFZA. With this specialist branch, we will be able to leverage our unique experience and understanding of the Islamic banking sector for the benefit of businesses in the country and continue the successful expansion of our customer base. We aim to bring our unique and trusted experience of the banking sector to our current and prospective clients”.

Hussain Al Qemzi, Group Chief Executive, Noor Islamic Bank and Noor Investment Group said, “DAFZA is a dynamic business zone that serves the regional interests of hundreds of world class businesses based there. Through our new and dedicated corporate branch, we look forward to partnering with public and private corporations everywhere, providing them with unrivaled banking solutions that suit their unique set of requirements and objectives.”

Noor Islamic Bank has earned a solid reputation for performance, premium service and customer care, and has developed an impressive track record of structuring and executing Sharia’a compliant debt market transactions by lead-managing and bookrunning more than USD 16 billion in syndicated financing and sukuk mandates. Amongst the honors are Top Islamic Loans mandated lead arranger 2008, FreeCreditCard deal of the year 2008, structured finance deal of the year 2008 and Islamic Finance Deal of the year 2009.

Noor Investment Group’s Noor Islamic Bank and Noor Takaful, today announced the creation of a new social media online forum – shapeyourcountry.com - with the aim of connecting people living within the UAE across nationalities, age and economic status, as well as Emirati’s residing abroad.

The launch and adoption of this medium is in line with Noor’s core values centered around innovation and part of a comprehensive strategy on bringing to market the next generation of products and services that would be considered mandatory for Bank’s of the future. The unveiling of this strategy on the 7th of January marks Noor Islamic Bank’s second anniversary and Noor Takaful’s successful completion of its first year.

In addition to providing links to Noor Islamic Bank’s and Noor Takaful’s portfolio of offerings and services, the forum will, for the first time, give people the opportunity to share their views on living and working in the UAE through the interactive web site. It will also provide a vehicle for people to voice their preferences and views on how Noor Islamic Bank and Noor Takaful should develop and what services both organizations should provide. This new initiative is aimed at broadening the scope of outreach by Noor Investment Group to create an entirely new model for customer and public service best practices, as well as peer and investor relations. shapeyourcountry.com will also serve as a thought provoking platform for shaping and enhancing industry perceptions.

Hussain Al Qemzi, Group CEO, Noor Islamic Bank and Noor Investment Group said: “Social media represents a crucial and underutilized channel for engaging public communities and to initiate thought provoking dialogues amongst industry leaders”. “To successfully adapt to international trends, we need to make use of crucial intelligence from many new sources beyond company and media supplied data. By stimulating social exchanges of information and opinions, we can tap into a highly relevant and contextual channel to provide valuable insights which can be channeled directly to improve services and ultimately increase client satisfaction”.

shapeyourcountry.com will initially launch with a photography competition, inviting people to take pictures highlighting the UAE’s unique characteristics and to upload them to the website. A panel of judges will review the entries based on specific criteria and then choose the first, second and third prize winners. The winner will receive a prize worth AED 16,500, second place winner will be awarded a prize worth AED 7,550 and third place will receive a prize worth AED 5,250.

Launched in January 2008, Noor Islamic Bank has earned a solid reputation for performance, premium service and customer care and augmented its electronic banking network to cover more than 84 ATMs across the UAE.

In addition, the bank also provides round-the-clock accessibility and convenience to its clients through its branch located at the Dubai International Airport Terminal 3, its self service facilities of Internet banking, phone banking, SMS as well as electronic cash and cheque deposit services.

Noor Takaful was launched in January 2009, following Noor Investment Group’s realization of untapped opportunities for insurance and takaful products in the GCC region and beyond. Noor Takaful Family PJSC and Noor Takaful General PJSC have a combined paid-up capital of AED150 million. They offer a comprehensive suite of general and family takaful coverage for individuals, businesses and corporate clients. The insurer aims to eventually expand the reach of these operations to cover the Middle East and North African region.

– shapeyourcountry.com - with the aim of connecting people living within the UAE across nationalities, age and economic status, as well as Emirati’s residing abroad. The launch and adoption of this medium is in line with Noor’s core values centered around innovation and part of a comprehensive strategy on bringing to market the next generation of products and services that would be considered mandatory for Bank’s of the future. The unveiling of this strategy on the 7th of January marks Noor Islamic Bank’s second anniversary and Noor Takaful’s successful completion of its first year. In addition to providing links to Noor Islamic Bank’s and Noor Takaful’s portfolio of offerings and services, the forum will, for the first time, give people the opportunity to share their views on living and working in the UAE through the interactive web site. It will also provide a vehicle for people to voice their preferences and views on how Noor Islamic Bank and Noor Takaful should develop and what services both organizations should provide. This new initiative is aimed at broadening the scope of outreach by Noor Investment Group to create an entirely new model for customer and public service best practices, as well as peer and investor relations. shapeyourcountry.com will also serve as a thought provoking platform for shaping and enhancing industry perceptions. Hussain Al Qemzi, Group CEO, Noor Islamic Bank and Noor Investment Group said: “Social media represents a crucial and underutilized channel for engaging public communities and to initiate thought provoking dialogues amongst industry leaders”. “To successfully adapt to international trends, we need to make use of crucial intelligence from many new sources beyond company and media supplied data. By stimulating social exchanges of information and opinions, we can tap into a highly relevant and contextual channel to provide valuable insights which can be channeled directly to improve services and ultimately increase client satisfaction”. shapeyourcountry.com will initially launch with a photography competition, inviting people to take pictures highlighting the UAE’s unique characteristics and to upload them to the website. A panel of judges will review the entries based on specific criteria and then choose the first, second and third prize winners. The winner will receive a prize worth AED 16,500, second place winner will be awarded a prize worth AED 7,550 and third place will receive a prize worth AED 5,250. Launched in January 2008, Noor Islamic Bank has earned a solid reputation for performance, premium service and customer care and augmented its electronic banking network to cover more than 84 ATMs across the UAE. In addition, the bank also provides round-the-clock accessibility and convenience to its clients through its branch located at the Dubai International Airport Terminal 3, its self service facilities of Internet banking, phone banking, SMS as well as electronic cash and cheque deposit services.

Noor Takaful was launched in January 2009, following Noor Investment Group’s realization of untapped opportunities for insurance and takaful products in the GCC region and beyond. Noor Takaful Family PJSC and Noor Takaful General PJSC have a combined paid-up capital of AED150 million. They offer a comprehensive suite of general and family takaful coverage for individuals, businesses and corporate clients. The insurer aims to eventually expand the reach of these operations to cover the Middle East and North African region.

Noor Islamic Bank PJSC today announced it has enhanced its existing innovative ‘Payroll Solution’ to support the federal government’s decree on Wage Protection System (WPS) that was launched earlier this year as a joint initiative by the Ministry of Labour and the UAE Central Bank.

The bank’s convenient end-to-end electronic payroll solution assures companies and workers in the UAE efficient financial management procedures and the on-time transfer of salaries.

Noor Islamic Bank has also announced comprehensive banking services for low income employees, qualifying them to hold multi-feature individual accounts with flexible minimum balance requirements, international debit cards that are accepted at more than 22 million locations worldwide, and competitive remittance services.

Noor Islamic Bank’s WPS payroll solution falls under the bank’s Global Transaction Services (GTS) suite of offerings for corporate entities. The bank has successfully implemented various Cash Management and Trade solutions that are fully Sharia’a-compliant and add value across the entire working capital cycle of corporations operating in multiple sectors.

Galal Kulaib, CEO, Noor Islamic Bank, said: “The government’s latest initiative is aimed at further safeguarding employees’ financial rights and reducing wage-related disputes. Noor Islamic Bank is well positioned to provide end-to-end account services beyond the parameters of the WPS regulation, taking into account the different needs of both the employee and the employer.”

Noor Islamic Bank account holders will also be able to access their funds through the bank’s growing distribution network, country-wide ATM locations, as well as SMS and online channels. The bank additionally provides round-the-clock accessibility and convenience to its clients through a 24-7 branch, self-service facilities of Internet banking, phone banking, SMS, as well as electronic cash and cheque deposit services.

Islamic finance is playing an important role in the economic recovery due to its adherence to ethical principles of finance, according to Hussain Al Qemzi, Group CEO of Noor Islamic Bank and Noor Investment Group.

The comments reflect a shift in the way Islamic finance is being positioned in a post-recession global financial system. According to Al Qemzi, when systems fail people start looking for alternatives and Islamic finance with its ethical approach can fill that gap.

Al Qemzi said: “Ethical financial practices, such as those followed by Islamic banks, could contribute to the world’s financial framework. For the development of a new financial structure, where a reversal to ethics can lend a humanist touch, we don’t need Islamic finance and conventional finance to co-exist, but rather we need one ethical financial model.”

Al Qemzi emphasized that it is in the best interest of the global financial system to start examining ethical means of investing, risk sharing, and regulatory framework that rewards financial institutions for the moral value that they bring to society.

At the ‘Leaders in Dubai Forum’ which concluded recently, Al Qemzi, along with other top executives and entrepreneurs from the GCC, tackled the vital need for transparency and consistency in communicating corporate messages to the public. The forum witnessed prominent lectures and discussions by renowned speakers such as David Plouffe, Presidential Campaign Manager for US President Barack Obama, who advocated the incomparable power of human connection in shaping an effective organizational culture.

With regards to the growth of Islamic finance globally, Al Qemzi said: “Even though the Islamic retail banking industry is at a nascent stage when compared to the conventional banking model, Sharia’a-compliant products have the capability of not only competing with more conventional products but surpassing them in the post crisis world, as customers seek more ethical and risk adverse solutions to their financial needs.”

Hussain Al Qemzi is a noted speaker on Islamic finance and the region’s banking sector. In a recent contribution to the Leaders’ analytical handbook for the G20 Pittsburgh Summit 2009, he advocated the development of a new comprehensive financial system based on ethical principles such as those found in Islamic finance.

Recently, he was engaged in a lively discussion with a panel of authoritative C-level executives from the region at the World Islamic Retail Banking Conference which took place in October, where they tackled the expansion of regional Islamic banks globally, and reflected on the resilience of Islamic banks during the current crisis. During the address, he highlighted the challenges facing globalization of Islamic finance including economies of scale and capitalization.

Noor Islamic Bank was established in 2007 with a vision to ultimately grow into an international Islamic bank. The bank remains committed to this vision and focuses on promoting ethical practices in the financial community.

Noor Islamic Bank today announced the launch of a fully operational branch in the Al Khalidiyah district of Abu Dhabi.

The new branch was officially inaugurated by His Highness Sheikh Nahyan bin Mubarak Al Nahyan, UAE Minister for Higher Education and Scientific Research, and His Highness Dr. Sheikh Sultan bin Khalifa bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council.

Hussain Al Qemzi, Group CEO of Noor Investment Group and Noor Islamic Bank, was present at the inauguration of the new branch, the third in the capital. Galal Kulaib, CEO of Noor Islamic Bank.

The new branch in Al Khalidiyah will offer a broad range of banking solutions to meet the growing needs of individual, small and medium businesses, as well as its corporate clients.

Hussain Al Qemzi and Galal Kulaib escorted their Highnesses around the new Al Khalidiyah branch premises on an exclusive tour, and briefed them on the various departments, processes and procedures that will facilitate the best banking ambience for customers. The tour concluded with His Highness Sheikh Nahyan and His Highness Dr. Sheikh Sultan bin Khalifa opening their accounts at the branch, thereby becoming its first customers.

Hussain Al Qemzi said: “The opening of our third branch in Abu Dhabi is testament to Noor’s strength as a full-fledged financial institution with the capability to offer a wide range of premium services. We remain committed to our customers and have a proven track record in serving the community throughout the country.

“We remain on course, progressing in our ambitious growth plans and we are confident our exclusive services will reach a wider geographical area to benefit diverse range of clients.”

The new branch in Abu Dhabi takes Noor Islamic Bank’s presence to 18 different locations across the UAE – 11 in Dubai, four in Abu Dhabi, one in Al Ain and two in Sharjah.

Launched in January 2008, Noor has earned a solid reputation for performance, premium service and customer care, and augmented its electronic banking network to cover more than 84 ATMs across the UAE. In addition, the bank also provides round-the-clock accessibility and convenience to its clients through its self service facilities of Internet banking, phone banking, SMS as well as electronic cash and cheque deposit services.

Noor Islamic Bank PJSC will feature prominently at an international Islamic banking conference scheduled for later this year, which will discuss the opportunities for global expansion available to Islamic banks, particularly in the retail banking sector.

Noor Islamic Bank is a Platinum sponsor of the World Islamic Retail Banking Conference, which will be held in Dubai from 12-14 October 2009. There is also a marked shift occurring on the global business landscape, with Shari’ah compliant banking services increasingly becoming part of the banking mainstream.

Hussain Al Qemzi, Group CEO, Noor Islamic Bank, said: “In the wake of the global economic downturn, Sharia’a compliant financial services are increasingly becoming a part of the financial mainstream. The three-day conference of top industry leaders will seek to consolidate and accelerate the multi-dimensional growth of Sharia’a compliant financial services related products and services across the globe, particularly in the retail sector which is being equally driven by a strong demand by consumers for basic and innovative products and enhanced levels of service and convenience.”

Hussain Al Qemzi will deliver a special keynote address to kick start one of the most important panels of the conference, The CEO Panel: ‘International Expansion of Regional Islamic Banks’, which will include discussions on global trends in Islamic banking, capitalizing on opportunities due to the meltdown, Islamic mortgages and retail asset management.

The conference is being endorsed by the Dubai Chamber of Commerce, ISRA (International Shari’ah Research Academy) and supported by the Islamic Finance Council, UK, the Swiss Islamic Banking and Finance Association, the Bahrain Association of Banks and Arab News of Saudi Arabia. Over two hundred delegates, including CEOs and Heads of Islamic and Conventional Retail Banking from around the world, are expected to attend.

Launched in January 2008, Noor Islamic Bank has earned a solid reputation for performance, premium service and customer care. As one of its core priorities, it has augmented its electronic banking network to cover more than 84 ATMs and 16 locations across the UAE.

In addition, the Bank also provides round-the-clock accessibility and convenience to its clients through a 24x7 branch, self service facilities of Internet banking, phone banking, SMS, as well as electronic cash and cheque deposit services.

Noor Islamic Bank (NIB) is pleased to announce the introduction of its ‘Do Good, Get Rewarded’ Campaign in-line with the Ramadan spirit of charity and generosity. This drive, through banking transactions, will offer customers an opportunity to participate in humanitarian activities, whereby an amount of AED 100 will instantly be donated by Noor Islamic Bank on behalf of customers to charity, with the opening of new accounts, approval of personal finance, home finance, car finance and credit/ debit cards.

In addition to this, new and existing customers are entitled to discounts on banking transactions when applying for any consumer product.

As part of its ongoing drive to innovate, Noor Islamic Bank is making the most of this opportunity to assist customers in their drive to raise funds for humanitarian aid, during the holy month. It also reflects the bank’s ongoing social responsibility agenda and its profound commitment to ethics and community-related programmes.

Since its inception, the bank has successfully earned a solid reputation for performance, premium service and customer care. As one of its core priorities, it has augmented its electronic banking network to cover more than 84 ATMs and 16 locations across the UAE.

In addition, the bank also provides round-the-clock accessibility and convenience to its clients through a 24-7 branch, self service facilities of Internet banking, phone banking, SMS, as well as electronic cash and cheque deposit services.

Noor Islamic Bank PJSC has announced the launch of foreign currency exchange (FX) services at its Dubai Airport Terminal 3 branch for the additional convenience of passengers and tourists.

The bank will provide ‘buy and sell’ services at market rates for all major GCC and international currencies, including the UAE dirham, Saudi riyal, Kuwaiti dinar, US dollar, euro, British pound and the Japanese yen. Cross border instant money transfer or bank transfer to over 170 countries can be made from these counters at very affordable charges in addition to encashment of travellers’ cheques.

Conveniently located in the departure area of Dubai International Airport Terminal 3 (T3-08), the Noor Islamic Bank branch is operational 24/7. The full service branch also provides a range of banking services to passengers, retailers, visitors and airport staff. Customized forex solutions for corporate clients are also available at the branch.

Galal Kulaib, CEO of Noor Islamic Bank, said: “We are pleased to offer foreign exchange services at the Terminal-3 branch, which caters to millions of visitors from around the world. We have been rapidly expanding our product and service offerings over the past 12 months, and our latest initiative will meet a significant proportion of requests that we receive from our existing customers, travellers and the airport staff.”

He added: “Following our introduction of the UAE’s first round the clock retail banking branch in May this year, the addition of foreign currency exchange (FX) services at our Dubai International Airport Terminal 3 branch is testament to our commitment to providing customers with unrivalled products and services, at the right locations.”

As part of its continued commitment to deliver customer-specific services, Noor Islamic Bank aims to roll out forex service across other branches within the next few months.

Launched in January 2008, Noor Islamic Bank is one of the leading banks in the UAE. Earning a solid reputation for performance, service and customer care, the bank was voted one of the UAE’s top 20 performers in 2008 by the Newsweek magazine (Arabic edition).

Noor Islamic Bank PJSC today announced that its ‘Win and Win’ deposit promotion got even bigger with the grand prize winner walking away with a new apartment in October.

Launched in March, the campaign targets existing as well as new customers, and has been very well received so far.

The first phase of the campaign, which ran from March to May, included weekly draws that offered Toyota vehicles as prizes and a BMW vehicle as the monthly grand prize. The second phase of the campaign features weekly vehicle prize draws and the new apartment in Dubai as the grand prize.

Galal Kulaib, CEO, Noor Islamic Bank, said: “The Win and Win deposit promotion has received widespread acceptance and truly proved to be a win-win proposition. This campaign brings two-layered benefits to our clients: not only do their deposits earn competitive profit rates, but also a chance to win a brand new car every week. and a brand new apartment in October.”

In order to be eligible to participate in the Win-and-Win draw, customers need to either make a minimum deposit of AED5,000 in a savings, dual savings or savings plus account, or a deposit of AED25,000 into a term deposit account, or a deposit of AED250,000 into an investment account.

Each deposit will earn separate entries into the weekly draw, and is also eligible for the final grand draw in October. The number of entries will depend on the value of the deposit, giving customers the opportunity to have multiply entries in each week’s draw.

Existing term deposit holders with a minimum monthly balance of AED25,000 or an existing investment deposit account of minimum AED250,000 balance are also eligible for the promotion.

The promotion is available through Noor Islamic Bank’s retail distribution network in Abu Dhabi, Dubai, and Sharjah.

Launched in January 2008, Noor Islamic Bank has earned a solid reputation for performance, premium service and customer care. As one of its core priorities, it has augmented its electronic banking network to cover more than 84 ATMs and 16 locations across the UAE.

In addition, the bank also provides round-the-clock accessibility and convenience to its clients through a 24-7 branch, self service facilities of Internet banking, phone banking, SMS, as well as electronic cash and cheque deposit services.

Noor Islamic Bank PJSC today announced it continues to operate from a position of strength and is well capitalized to fund its future growth and expansion plans.

The bank also announced its shareholders and board of directors had approved the proposed conversion of the 2008 UAE Government - Ministry of Finance deposits into Tier-2 Capital to further strengthen the bank's balance sheet.

The conversion option was offered to all UAE banks as part of the Ministry of Finance’s original AED50 billion deposit injection and does not result in any issuance of equity shares to the Ministry of Finance.

The bank will achieve a capital adequacy ratio (CAR) in excess of 20 per cent, up from 15.92 per cent as reported on 31 December 2008, and well above the current minimum UAE Central Bank requirement of 10 per cent.

Tier-1 capital includes equity capital and disclosed reserves, while Tier-2 capital refers to secondary capital that includes undisclosed reserves, general loss reserves, and subordinated term debt.

Hussain Al Qemzi, Group CEO, Noor Islamic Bank, said: “For the past 18 months, Noor Islamic Bank has leveraged its reputation for delivering on its commitments. The strong first year helped us establish our business and demonstrated our capability as a significant contributor to the region’s banking sector.

“The conversion of government deposits into Tier-2 capital places the bank in a strong position to weather the challenging economic environment. With our capital adequacy ratio more than double the minimum Central Bank requirement, we are well poised to continue further expansion and investment within the UAE. We are also able to deploy our capital to good use by taking advantage of favourable market conditions for reasonable and attractive growth opportunities internationally.”

Noor Islamic Bank posted a net profit of AED511 million on completing its first year of operations. Total assets reached AED21.8 billion and total deposits touched AED12.4 billion for the year ended 31 December, 2008.

Launched in January 2008, Noor Islamic Bank has earned a solid reputation for performance, premium service and customer care. As one of its core priorities, it has augmented its electronic banking network to cover more than 84 ATMs and 16 locations across the UAE.

In addition, the Bank also provides round-the-clock accessibility and convenience to its clients through a 24x7 branch, self service facilities of Internet banking, phone banking, SMS, as well as electronic cash and cheque deposit services.

Noor Islamic Bank PJSC today announced it has been awarded the ‘Best New Bank’ award at the annual Banker Middle East Industry Awards 2009.

Dr. Ahmed Al Janahi of Noor Islamic Bank received the award at a gala ceremony held in Bahrain on June 10, 2009.

Hussain Al Qemzi, Group CEO of Noor Islamic Bank, said: “We are honoured with the recognition accorded to us by our peers and the industry at large. This award reflects the exceptional work of the Bank’s team, which has worked collaboratively to establish an institution that aims to reshape Islamic finance for future generations.”

Organised annually by Banker Middle East magazine, local, regional and foreign financial institutions operating in the Middle East region are eligible for nomination. The winners are selected by an expert panel of judges from rating agencies, consultancies, card schemes, solution providers and banks.

Launched in January 2008, Noor Islamic Bank has earned a solid reputation for performance, premium service and customer care. As one of its core priorities, it has augmented its electronic banking network to cover more than 84 ATMs and 16 locations across the UAE.

In addition, the bank also provides round-the-clock accessibility and convenience to its clients through a 24x7 branch, self service facilities of Internet banking, phone banking, SMS, as well as electronic cash and cheque deposit services.

Noor Islamic Bank PJSC today announced an alliance with UAE Exchange, one of the leading exchange houses in the Middle East, offering an additional card payment option for its card customers in the UAE.

Customers of Noor Islamic Bank cards will now be able to make their monthly payments at any of the 77 branches of UAE Exchange located across the country.

The service comes in addition to the other five easy payment options that include cash and cheque deposit machines, standing instructions, phone banking for Noor account holders, direct mail, and the bank’s 16 locations in the UAE.

Galal Kulaib, CEO, Noor Islamic Bank, said: “In forming an alliance with the UAE Exchange, Noor Islamic Bank has successfully expanded its ambit of services for the comfort of its card customers. The UAE Exchange is renowned for its secure network of strategically located branches, most of which function throughout the week and for extended hours. We are confident our customers will welcome this facility that comes as part of our commitment to continue providing enhanced services for our rapidly growing clientele.”

Launched in January 2008, Noor Islamic Bank has earned a solid reputation for performance, premium service and customer care. As one of its core priorities, it has augmented its electronic banking network to cover more than 84 ATMs across the UAE.

In addition, the Bank also provides round-the-clock accessibility and convenience to its clients through its self service facilities of Internet banking, phone banking, SMS, as well as electronic cash and cheque deposit services.

Headquartered in Abu Dhabi, UAE Exchange was established in 1980 and is the leading global remittance brand with operations spread across five continents of the world and a strong network of over 426 direct offices across the globe.

Noor Islamic Bank PJSC held its first grand draw for the ‘Win-Win’ Deposits campaign launched last month, awarding a BMW 3-series as a monthly top prize. This is in addition to the three Toyota Yaris awarded already as part of the weekly draw. The winner of the BMW grand prize also received free comprehensive motor coverage from Noor Takaful.

Noor Islamic Bank has launched an extensive campaign to reward customers that place deposits with the bank. To avail this offer, customers need to make a minimum deposit of AED 5,000 in Savings, Dual Savings or Savings Plus accounts.

Term Deposit holders with a minimum monthly balance of AED25,000 or an Investment Deposit account of minimum AED250,000 are also eligible for the promotion. The Bank is also offering up to 7 percent anticipated profit rate on Investment Deposits*.

Galal Kulaib, CEO, Noor Islamic Bank said: “The deposit campaign is part of our strategy to provide our valued customers the right products and tools to help them earn enhanced returns on their funds deposited with us. This campaign is geared towards offering customers dual benefits, competitive anticipated profit rates and an opportunity to win a brand new car every week.”

As part of the free motor coverage value package provided by Noor Takaful, the monthly grand prize winner can avail of 24 hour road side assistance, agency repairs, and coverage extension to Oman. Noor Takaful also offers its customers multi-policy discounts and flexible takaful benefits to meet individual coverage needs.

Noor Islamic Bank’s promotion initiative is extended to new and existing customers that open savings and investment deposit accounts with the bank. Each deposit will earn entries into the draw.

The promotion is available through Noor Islamic Bank branches, service centres, and all electronic distribution networks in Abu Dhabi, Dubai, and Sharjah.

With 14 locations across the UAE, Noor Islamic Bank plans to expand its network with six more full service branches over the next few months, taking the total number to 20 by year-end.

Launched in January 2008, Noor Islamic Bank has earned a solid reputation for performance, premium service and customer care and augmented its electronic banking network to cover more than 84 ATMs across the UAE.

In addition, the bank also provides round-the-clock accessibility and convenience to its clients through its self service facilities of Internet banking, phone banking, SMS as well as electronic cash and cheque deposit services.

His Highness Sheikh Nahyan bin Mubarak Al Nahyan, UAE Minister for Higher Education and Scientific Research, today inaugurated Noor Islamic Bank’s second full service branch in Abu Dhabi on Khalifa bin Zayed Street.

Hussain Al Qemzi, Group CEO of Noor Islamic Bank, and senior officials from the bank attended the opening ceremony.

Through its Al Khalifa branch, Noor Islamic Bank will offer a broad range of banking solutions to meet the growing needs of individual, small and medium businesses, as well as its corporate clients.

Hussain Al Qemzi said: “The second branch in Abu Dhabi marks another milestone in our development as we expand our presence across the UAE. Our focus this year remains on consolidating our business within the UAE and identifying unique growth opportunities presented within our local economy.

“The addition to our network will ensure enhanced convenience to our clients while banking with us. We have ambitious plans for the UAE market and are confident of achieving our targets by year-end.”

With 14 locations across the UAE, Noor Islamic Bank plans to expand its network with six more full service branches over the next few months, taking the total number to 20 by the year-end.

Launched in January 2008, Noor Islamic Bank has earned a solid reputation for performance, premium service and customer care, and augmented its electronic banking network to cover more than 84 ATMs across the UAE.

In addition, the bank also provides round-the-clock accessibility and convenience to its clients through its self service facilities of Internet banking, phone banking, SMS as well as electronic cash and cheque deposit services.

Noor Islamic Bank PJSC today announced that it has posted a net profit of AED 511 million for the period ended 31 December 2008. The bank achieved this net profit in its first full period of operations and is on solid footing for continued growth.

The bank also reported total assets of AED 21.8 billion and total deposits of AED 12.4 billion. The bank expects prudent growth in assets during the current year with greater emphasis on enhancing margins while ensuring strong focus on risk management fundamentals.

Operating expenses for the period, including initial set-up costs, amounted to AED 780 million. This includes AED 247 million for the period prior to commencement of operations.

The bank generated net income from investments of AED 231 million after distribution to investment account holders, including banks and other financial institutions. Over 9 per cent of total income derived from fees amounting to AED 144 million.

H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Noor Islamic Bank said: “Noor Islamic Bank has been established to offer world class financial services products coupled with service levels on par with the world’s leading banks. In its first period of operations, the bank’s performance has been underlined by strong financial results, significant organizational developments and unrivalled business success.

“In 2009, the bank will continue to diversify its revenue stream and customer base, whilst continuously enhancing its existing platform for sustained growth and value creation thereby contributing towards the development of the UAE’s economy.”

Hussain Al Qemzi, Group CEO of Noor Islamic Bank, said: “Despite the global economic crisis, the Bank successfully registered solid financial performance in its first year of operations. We have made substantial progress to grow our balance sheet and expand our presence across the UAE. We remain confident of maintaining positive revenue growth from our banking operations.

“The current economic situation remains a major challenge as we adapt our business model to the evolving market scenario. We have implemented decisive action plans to grow our business in the UAE and maintain sustainable growth over the next 12 months.”

Noor Islamic Bank has a paid-up capital of AED 3 billion and maintains capital ratios of 15.92 per cent well above the minimum Central Bank requirement of 10 per cent.

Noor Islamic Bank has steadily grown its presence since commencement of operations, opening branches in 14 locations across the emirates of Abu Dhabi, Dubai and Sharjah. The electronic banking network stands at more than 84 ATMs spread across the UAE with plans to grow this number to provide convenience and accessibility to its customers.

The bank is also a major participant in debt and capital market transactions, leading more than 12 global transactions with an aggregate volume of over US$ 16 billion.

In recognition of its strong financial performance, Noor Islamic Bank has received numerous awards and recognitions and was honored by several globally renowned organizations including International Islamic Finance Forum, Bloomberg, Thomson Reuters, Newsweek magazine and Islamic Finance News.

Noor Islamic Bank PJSC today announced it has expanded the scope of its second Blood Donation Drive to include donors from the public as part of a country-wide programme to raise awareness on Thalassemia.

Staff and visitors will donate blood from 9.00am to 2:30pm at the Bank’s headquarters in Emaar Square, Building-1 on 29 April. The campaign, to be held with the support of Dubai Department of Health and Medical Services, is part of the initiative to support the UAE’s programme of eradicating the disease in the country by 2012.

Hussain Al Qemzi, Group CEO, Noor Islamic Bank, said: “Thalassemia is a serious blood disorder that affects one in 16 Emiratis each year. It is a condition that is not confined to the sufferer alone, but affects the entire family as well. At Noor Islamic Bank, we are committed to playing our role in not only raising awareness about this genetic condition, but also lending our support by donating blood to organizations that help patients and their families.”

The blood donation drive is part of the Bank’s corporate social responsibility programme that supports community needs including special needs, breast cancer and charity initiatives.

The Blood Donation Centre in Al Wasl Hospital will receive the blood. The Centre performs various humanitarian duties such as providing blood for several Thalassemia children who are in constant need of transfusion every three to four weeks. The donations will also be used by cardiology patients who have undergone open heart surgeries, those suffering from leukemia and patients with other blood disorders.

Thalassemia is a genetic blood condition that is inherited by children from their parents. The condition 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.

Noor Islamic Bank PJSC today announced it has been ranked among the top 20 corporate performers in the UAE for 2008 by Newsweek - Arabic edition, as part of the magazine’s inaugural Award of Excellence Programme.

His Highness Sheikh Hasher bin Maktoum Al Maktoum, Director-General of Dubai Department of Information, presented the award to Dr. Ahmed Al Janahi, Deputy Group CEO of Noor Islamic Bank, at a gala award ceremony held on 31 March in Dubai.

Commenting on the award, Hussain Al Qemzi, Group CEO of Noor Islamic Bank said: “As a relatively new bank, our inclusion in the UAE’s top 20 corporate performers is a testament to the Noor team’s capabilities and achievements over the past 12 months. We are honoured to receive Newsweek’s first Excellence Award and remain committed to building on our success and to continue delivering excellence to our clients.”

In the run up to the Award of Excellence Programme, Newsweek’s Arabic edition had conducted an extensive research and study of the top corporates in the UAE. Winners, selected from different sectors including finance, media, airline, education, hospitality, real estate and property, and general trading, were identified based on merit by a team of Newsweek senior correspondents and the Newsweek editorial board.

Noor Islamic Bank has notched up unprecedented success in its first year of operations, receiving prestigious awards and recognitions from global organizations and publications including the International Islamic Finance Forum, Bloomberg, Thomson Reuters and Islamic Finance News.

Noor Islamic Bank PJSC today announced it will leverage the platform offered by the Careers Show 2009 to attract young UAE national students and graduates keen on pursuing a career in the banking and finance sector.

Careers Show 2009 will take place from 29th to 31st March at the Dubai International Convention and Exhibition Centre. The Noor Islamic Bank stand will be located in Hall 4 (A4-1), and host senior officials to provide career consultancy and highlight the bank’s work-placements for exhibition visitors.

Noor Islamic Bank’s initiative comes as part of its aggressive agenda to increase the national component of its human capital base and evolve as an employer of choice for talented nationals looking to start their careers in the financial services sector. Currently, UAE nationals comprise around 27% of the bank’s overall workforce.

Hussain Al Qemzi, Group CEO, Noor Islamic Bank said: “The UAE has grown rapidly over the past few years, creating immense career opportunities for today’s youth. The Bank is committed to seeking the immense talent our country has to offer, and providing nationals an opportunity for a career within the financial services industry. We believe this exhibition is the right platform to attract young, bright minds that will become the leaders of tomorrow.”

The bank also offers internship opportunities for university students, giving trainees a chance to apply their academic learning in the workplace, while gaining valuable practical experience that will assist them in their future careers.

Careers UAE is a high-caliber event that enables talented UAE nationals in all fields to meet directly with recruiters and hiring managers from top-tier organizations. The event is designed to expose job seekers to various training and career opportunities, networking possibilities, and career leads from companies across all sectors.

Noor Islamic Bank PJSC today announced it is a Gold Sponsor of Al Khaleej National School’s Big Day celebrations, as part of its corporate social responsibility mandate to support community events.

The one-day event to be held on the school grounds on 26 March will include cultural activities, entertainment, games and refreshments for the entire family. More than 2,000 parents and students are expected to attend the event.

Hussain Al Qemzi, Group CEO of Noor Islamic Bank, said: “Our support for the Big Day at Al Khaleej National School is in line with the Bank’s commitment to the society, and our belief that institutions should play a more prominent role in community activities. Our initiative will also attract the interest of students in their formative years, and help build a credible image in their minds as our future customers.”

Noor Islamic Bank has been at the forefront of several corporate social responsibility initiatives in the past. In August 2008, the Bank organised an in-house blood donation campaign in aid of Thalassemia patients, and contributed to supporting the UAE’s programme of eradicating the disease by 2012.

In 2007, the Bank participated in the Breast Cancer Awareness Day through mobilising the participation of over 200 staff members in a walkathon at Bur Juman Centre.

Noor Islamic Bank PJSC today announced it won three awards from Islamic Finance News (IFN) for various capital market transactions arranged and jointly led by the bank’s corporate and investment banking group in 2008. Kuala Lumpur-based Islamic Finance News is a leading provider of news on the global Islamic finance sector.

The three prestigious awards – ‘Structured Finance Deal of the Year’ and ‘UAE Deal of the Year’, and the ‘Best Tawarruq Deal of the Year’ – were presented at a gala ceremony held on 3rd March at the Grand Hyatt Hotel in Dubai.

Noor Islamic Bank received the ‘Best Tawarruq Deal of the Year 2008’ award from Islamic Finance News for the US$1.5 billion syndicated multi-currency, three-year commodity Murabaha facility for Dubai Financial Group, which was closed with solid oversubscription amid challenging market conditions. Noor Islamic Bank structured the deal, and led the underwriting consortium in addition to acting as the sole Sharia’a advisor and investment agent for the facility.

Noor Islamic Bank also won the ‘Structured Finance Deal of the Year 2008’ and ‘UAE Deal of the Year 2008’ awards for its contribution to the US$1.1billion Sukuk Al Mudarabah for Sun Finance. The deal represents the equivalent of a receivables securitization without actually selling debt.

Hussain Al Qemzi, Group CEO, Noor Islamic Bank, said: “We are extremely honored to be acknowledged by Islamic Finance News and our industry peers through these awards. The bank arranged and participated in local and regional opportunities for financing. The awards are testament to our commitment in providing incomparable banking services to corporates and consumers alike.”

Considered the most transparent and competitive awards in Islamic finance, the Islamic Finance News Awards have stringent voting policies. Corporates and banks are not allowed to vote for themselves, and only corporate email addresses are accepted. This year nearly 2,500 leading practitioners and participants in the industry cast their votes for selecting the winners.

Noor Islamic Bank notched up unprecedented success in its first year of operations, receiving multiple awards and league table recognition for its contribution to the global Islamic capital markets. In a record-breaking first year, Noor Islamic Bank has jointly led more than 12 debt capital market transactions ranging across various Islamic offerings such as securitization, financing syndications and Sukuk with an aggregate volume of over USD 16 billion and syndicated to a diverse investor base of over 100 institutions globally.

The Bank topped the 2008 Bloomberg list of Sharia’a compliant lead arrangers in the world, and ranked third on the list of leading global Islamic finance book runners. Thomson Reuters also recognized the Bank’s credentials in its 2008 league tables with Noor Islamic Bank taking the top slot in the Islamic bookrunner and arranger categories, surpassing much larger and more established institutions.

Noor Islamic Bank PJSC today announced it has topped the 2008 Bloomberg list of leading Sharia’a compliant Lead Arrangers in the UAE and ranked third on the list of leading Islamic finance Book Runners in the country in its first year of operation.

The ratings were based on the total volume of funds underwritten by 24 banking institutions in the UAE which provided Sharia’a-compliant finance to the business sector in 2008.

As the number one mandated Lead Arranger in Islamic finance, Noor Islamic Bank had arranged 10.4 percent of the total financing in 2008. In addition, Noor Islamic Bank was ranked third by Bloomberg in the category of leading Islamic finance Book Runners, accounting for 10.9 percent of the total volume transacted.

Hussain Al Qemzi, CEO, Noor Islamic Bank, said: “The highly impressive Bloomberg rankings signify the recognition of the inherent strength and capabilities of Noor Islamic Bank. These rankings assume even more significance, because these milestones were achieved in the very first year of operation, demonstrating our commitment to excel as a leading Islamic financial institution.”

Bloomberg’s operations include financial software, newswire and data services. The company also provides financial software tools such as analytics and equity trading platform, data services and news to financial companies and organizations around the world through its well known Bloomberg Terminal. Bloomberg has grown to include a global news service, including television, radio, the Internet and publications. Its news service provides definitive coverage of companies, markets, industries, economies and governments.

With 11 full fledged service branches, and two electronic banking service centers, Noor Islamic Bank offers a complete range of Sharia’a-compliant solutions. High net worth individuals have access to the exclusive Infinity lounge in most of Noor Islamic Bank branches.

In December 2008, Noor Islamic Bank also garnered top honors at the inaugural Dubai Holding Awards in the categories of ‘Best Launch of 2008’, ‘Best Use of Digital’ and ‘Best Consumer Insight and Understanding’.

Launched in January 2008, Noor Islamic Bank is on its way to becoming an international provider of Sharia’a compliant financial services and solutions, transforming the offering and experience of modern Islamic banking.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.”

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.

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.

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.

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.

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.

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.

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.