Noor Bank (formerly Noor Islamic Bank) was established in January 2008, in Dubai - United Arab Emirates.
Among the youngest banks in the country, Noor Bank has achieved significant growth in the past 10 years. Today, in 2018, as we continue to grow, we are ranked the 11th largest bank in the UAE in terms of asset size.
Noor Bank is a full-service Shari’a-compliant bank, offering a comprehensive range of products and services - in corporate and personal banking, wealth management, Takaful (Islamic insurance), treasury and trading. We have a presence across the country, at multiple locations in Abu Dhabi, Dubai, Sharjah and Al Ain.
Noor Bank is committed to bringing to customers creative, innovative and responsible products and services, most of which are tailored to suit their specific business and personal needs. Our efforts to provide professional services and build lasting relationships continue to win us new customers, including individuals, investors, institutions, companies and governments across all operations.
In addition to the esteemed Board of Directors, Noor Bank is also supervised by a Shari’a Supervisory Committee, and a team of reputed scholars oversee and ensure Islamic compliance on all legal documentations, financial, products, services and banking matters.
Noor Bank is rated “A-” IDR with a stable outlook by Fitch Ratings.
The Bank was established with an initial paid up capital of AED 3 billion. The Bank is one of only two banks in the UAE to be given special exemption by the UAE Federal Cabinet to continue to operate as a private entity, rather than listing its shares on a public stock exchange immediately upon incorporation as required under UAE Banking Law No. 10 of 1980.
The Bank was established in 2007 under the specific instruction of the Government of Dubai, with the shareholders and the Board of Directors also selected and nominated directly by the Government of Dubai. The Government of Dubai, members of the Ruling Family of Dubai and a select group of Government of Dubai nominated UAE nationals own 88.3 per cent. of the Bank's shares in aggregate.
The remaining shares are owned by a member of Abu Dhabi Ruling Family, the Government of the United Arab Emirates, acting through Emirates Investment Authority (EIA), and an employee stock ownership trust.
The Crown Prince of Dubai HH Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, owns 25.89 per cent. of the Bank. HH Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum is also the Chairman of the Dubai Executive Council.
The Government of Dubai, acting through Investment Corporation of Dubai (ICD), owns 22.85 per cent. of the Bank. ICD, chaired by the Ruler of Dubai, is the principal investment arm of the Government of Dubai and was established in May 2006 by decree (11) of 2006 under a mandate to consolidate and manage the Government of Dubai’s portfolio of commercial companies and investments. It also provides strategic oversight by developing and implementing investment strategy and corporate governance policies with an objective to maximise stakeholder value, for the long-term benefit of the Emirate.
The Government of the United Arab Emirates acting through EIA, owns 4.42 per cent. of the Bank. EIA was established by Emiri decree in November 2007 and is the only Sovereign Wealth Fund of the Federal Government of the United Arab Emirates. Chaired by HH Sheikh Mansour Bin Zayed Al Nahyan, EIA is dedicated to delivering sustained financial gains for the UAE.
No shareholder, other than the ones listed above, owns more than 5 per cent of the Bank's shares.
In order to recognise and retain key employees, an employee stock ownership trust was introduced in 2013. The employee stock ownership trust constitutes less than 5 per cent. of the Bank's share capital.
To be recognised as the world’s best contemporary Shari’a compliant bank
Empowering people to deliver outstanding customer experiences
To make a difference for the better
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