Financial Institutions

Noor Islamic Bank’s Financial Institutions Team (FI) is actively involved in establishing and expanding relationships with other financial institutions. It continues to expand trade, correspondent, cash management, and treasury arrangements. FI acts as the origination arm for our relationships in the financial industry.

In addition to catering to a complete set of trade and cash management products, FI at Noor Islamic Bank is actively involved in structured trade transactions with other financial institutions.

Financial Institutions Products

Letters of Credit (LC) Confirmation

A standard trade product to cater to the needs of UAE based exporters who do not have relationships with Financial Institutions in foreign countries.

By confirming the LC, Noor Islamic Bank assumes responsibility to make payment to the Exporter against the LC subject to acceptance by the issuing bank.

Back to Back LC Issuance

LCs are opened by Noor Islamic Bank against Master LCs received from other Financial Institutions. Terms and conditions of re-issued LCs may vary or be same as the Master LC received from other bank.

Back-to-Back LC Financing

This innovative product is an extension of Back to Back LC Issuance that facilitates our local exporters by providing them quick liquidity while they export on usance basis.

Noor Islamic Bank issues a Sight LC in favour of the beneficiary against a Usance Master LC and disburses funds to the beneficiary on sight basis as soon as confirmation on the Master LC is received.

Issuance of Guarantee against Counter-guarantee

Guarantees are issued in favour of local counterparties against counter-guarantees issued by Foreign Financial Institutions with whom Noor Islamic Bank has a relationship. These guarantees include, but are not limited to Advance Payment Guarantees, Bid Bonds, Performance Bonds and other guarantees to various government and non-government organizations.

Risk Participation Agreement

Noor Islamic Bank routinely participates in trade transactions with other Financial Institutions. Noor Islamic Bank has created a Shari’a compliant Risk Participation Agreement that facilitates this option.

NOSTRO Accounts

Clearing and cash management services to our relationship banks by opening their NOSTRO accounts on attractive terms and conditions including but not limited to payment of profit on idle balances (terms and conditions apply).

Syndication Origination

Engage NIB’s award winning Debt Capital Markets team in arranging syndicated transactions under various innovative Islamic structures.