Noor Bank

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Noor Bank
Industry Banking
Founded 2008
Headquarters Dubai
Parent Noor Investment Group
Website noorbank.com

Noor Bank (formerly Noor Islamic Bank) was established in January 2008, in Dubai - United Arab Emirates. Noor Bank is owned 94.9% by Noor Investment Group, 5% by Emirates Investment Authority, and 0.1% by individuals and corporations in the UAE.[1]

The bank was re-branded to Noor Bank on January 7, 2014 removing the 'Islamic' from the name.[2] The bank has a paid-up capital of $1 billion,[3] and houses a range of banking, investing and financial and risk management products and services for individuals, small and medium-sized businesses, corporations, and government institutions.[4][3]

The bank’s products and services are governed by a Shari’a Board, composed primarily of Islamic scholars from the fields of law and finance.[5][3] Noor Bank is a subsidiary of Noor Investment Group LLC and a sister company of Noor Takaful.[4][6][7]

The bank launched and continues to operate the first 24-hour, seven-days-a-week branch in the UAE.[8] Its network of branches spans the UAE in the emirates of Abu Dhabi, Al Ain, Dubai, and Sharjah.[3][7] Noor Bank was named the ‘Best New Bank’ at the Bankers Middle East Industry Awards in 2009, and ‘Best New Islamic Bank’ by the International Islamic Finance Forum in 2008.[9] After reporting an operating loss of US$ 2.5 million in the first half of 2010, the bank realized an operating profit of US$ 56.4 million by the second quarter of 2011.[10]

Sheikh Ahmed Bin Mohammad Bin Rashid Al Maktoum is the bank's chairman, and the board of directors include Sultan Ahmed bin Sulayem and Mohammed Alabbar.[11]

Sheikh Mohammed bin Rashid Al Maktoum opened Noor Bank to the public on January 7, 2008.[12]

Significant Events:

  • May 2008: Noor Islamic Bank opened the UAE’s first 24/7 branch, at Sheikh Zayed Road, Dubai[8]
  • June 2008: Noor Islamic Bank opened its first overseas office in Tunis, Tunisia[13]
  • November 2008: Noor Islamic Bank opened a 24/7 branch at Dubai International Airport, Terminal 3[14]
  • December 2008: Noor Islamic Bank secured the Dubai Holding MADHAA Award for ‘Best Launch of 2008’[15]
  • February 2009: Bloomberg rated Noor Islamic Bank in the UAE’s top ten mandated Lead Arrangers list[16]
  • April 2009: Noor Islamic Bank posted a net profit of US$ 139 million for the period ended December 31, 2008. The bank also reported total assets of US$ 5.9 billion and total deposits of US$ 3.4 billion
  • January 2014: Noor Islamic Bank re-brands to Noor Bank[2]

Awards[edit]

Award Year Award By Award Title
2011 BMEPA 2011 – Banker Middle East 2011 Product Awards Best New Business Product & Best Insurance Product[17]
2010 CEO Middle East Awards Hussain AlQemzi, CEO of the Year Award (Best Islamic)[18]
2010 Islamic Business & Finance Awards Best Use of Technology[19]
2009 Banker Middle East Industry Awards 2009 Best New Bank
2009 Newsweek (Arabic) Excellence Award: Top 20 Corporate Performers in the UAE – 2008[20]
2009 Islamic Finance News, Kuala Lumpur Structured Finance Deal of the Year, UAE Deal of the Year, Best Tawarruq Deal of the Year[21]
2008 International Islamic Finance Forum (2008) Best New Islamic Bank
2008 MADHAA (Marketing – Dubai Holding Annual Awards) Best Launch of the Year 2008, Bronze for ‘Best Use of Digital’,[15] Bronze for ‘Best Consumer Insight & Understanding
2008 Bloomberg Ranked First: Shari’a compliant Lead Arranger of 2008, Ranked Third: Leading Islamic Finance Book Runners[16]
2008 Thomson Reuters Ranked First on the list of Islamic Finance Book Runners and Lead Arrangers[16]

External links[edit]

References[edit]

  1. ^ http://www.noorbank.com/english/info/who-we-are
  2. ^ a b "Noor Islamic rebranded to extend market reach". Khaleej Times. Retrieved 8 January 2014. 
  3. ^ a b c d "Noor Islamic Bank: Services, Banks & Financial Services". The Dubai Mall. Retrieved 14 March 2013. 
  4. ^ a b "Dubai-Based Investors Plan $1Bn Islamic Bank". The Peninsula (Qatar). Retrieved 14 March 2013. 
  5. ^ Husain, Shakir. "Two New Islamic Banks in '07". Gulf News (UAE). Retrieved 14 March 2013. 
  6. ^ "Noor Islamic May Spend $2 Bln on Single Buy". Reuters. Retrieved 14 March 2013. 
  7. ^ a b "Noor's Al Qemzi Named CEO of the Year- Best Islamic Bank at the CEO ME Awards 2010". Al Bawaba. Retrieved 14 March 2013. 
  8. ^ a b "Noor Islamic Bank First in Middle East to Operate Round-The-Clock Branch". Zawya. Retrieved 14 March 2013. 
  9. ^ "Noor Islamic Bank wins 'Best New Bank' at Banker Middle East Industry Awards 2009". AMEInfo. Retrieved 14 March 2013. 
  10. ^ "Noor Islamic Bank Posts AED 85 Million Net Profit for the Period Ending June 30th". Albawaba Business. Retrieved 14 March 2013. 
  11. ^ "Board of Directors". Noor Islamic Bank. Retrieved 14 March 2013. 
  12. ^ "Mohammed Opens Dubai's Noor Islamic Bank". Retrieved 14 March 2013. 
  13. ^ "Noor Islamic Bank sets up Tunisia operation". AFB. Retrieved 14 March 2013. 
  14. ^ "His Highness Sheikh Ahmed bin Saeed Al Maktoum Inaugurates Noor Islamic Bank’s Branch at Dubai Airport Terminal 3". Arabian Business. Retrieved 14 March 2013. 
  15. ^ a b "Noor Islamic Bank Wins 'Best Launch of 2008' at Inaugural Dubai Holding Awards". Retrieved 14 March 2013. 
  16. ^ a b c "Noor Islamic Bank Emerges Top UAE Lead Arranger for 2008". Khaleej Times. Retrieved 14 March 2013. 
  17. ^ "NIB, NT bag awards at BMEPA 2011". The Gulf Today. 2011-04-03. Retrieved 2011-04-26. 
  18. ^ "Noor's AlQemzi Named CEO of the Year- Best Islamic Bank at the CEO ME Awards 2010". Al Bawaba. 2010-09-22. Retrieved 14 March 2013. 
  19. ^ "Islamic Business & Finance Awards 2010: UAE Walks Away with 11 Awards". Central Bank of Malaysia. Retrieved 14 March 2013. 
  20. ^ "Noor Islamic Bank Ranked among UAE’s Top 20 Performers by Newsweek (Arabic)". Arabian Business. Retrieved 14 March 2013. 
  21. ^ "Noor Islamic Bank wins three awards from Islamic Finance News". AMEInfo. Retrieved 14 March 2013.