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Noor Bank

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Noor Bank
FormerlyNoor Islamic Bank
Company typePrivate
IndustryBanking, Financial services
Founded2008
Headquarters
Dubai
,
United Arab Emirates
Key people
  • Hussain Al Qemzi (CEO)
  • Ahmed Kalim (COO)
  • Ahmed Aljanahi(Deputy CEO)
Total assetsIncreaseDh39,464,466,000 (2015[1])
Total equityIncreaseDh3,512,600,000 (2015[1])
ParentNoor Investment Group
Websitewww.noorbank.com

Noor Bank (formerly Noor Islamic Bank) was established in January 2008 in Dubai - United Arab Emirates. Noor Bank is owned by Noor Investment Group (94.9%), Emirates Investment Authority (5%), and by individuals and corporations in the UAE (0.1%).[2] Its network of branches spans the UAE in the emirates of Abu Dhabi, Al Ain, Dubai, and Sharjah.[3][4] Noor Bank was named ‘Best New Islamic Bank’ by the International Islamic Finance Forum in 2008 and the ‘Best New Bank’ at the Bankers Middle East Industry Awards in 2009.[5]

The bank 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.[6][3][7]

History

Sheikh Mohammed bin Rashid Al Maktoum opened Noor Bank to the public on January 7, 2008.[8] 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.[9][3] Noor Bank is a subsidiary of Noor Investment Group LLC and a sister company of Noor Takaful.[6][10][4]

In May 2008, the bank launched the first 24-hour, seven-days-a-week branch in the UAE.[11] In November 2008, the bank opened a 24/7 branch at the Dubai Airport.[12] In February 2009, the bank was ranked in the top ten mandated lead arrangers list by Bloomberg.[13] That year, Noor Bank posted a net profit of US$ 139 million for the period ended December 31, 2008. 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.[14] Noor Bank partnered with Emaar Properties in 2013 to provide mortgages to non-UAE residents.[15]

In 2013, Noor Bank launched Noor Trade, a division of the bank directed at servicing small and medium enterprises (SMEs). Noor Trade is composed of two divisions, Business Banking and Emerging Corporates.[16]

On 7 January 2014, the bank dropped 'Islamic' from its name, becoming 'Noor Bank' as part of a rebranding effort.[17][18] That same year, the bank reported that its income had tripled.[19]

As of 2016, Sheikh Ahmed Bin Mohammad Bin Rashid Al Maktoum is the bank's chairman, and the board of directors includes Sultan Ahmed bin Sulayem.[20]

Awards

Award Year Award By Award Title
2008 Thomson Reuters Ranked First on the list of Islamic Finance Book Runners and Lead Arrangers[13]
2008 Bloomberg Ranked First: Shari’a compliant Lead Arranger of 2008, Ranked Third: Leading Islamic Finance Book Runners[13]
2009 Newsweek (Arabic) Excellence Award: Top 20 Corporate Performers in the UAE – 2008[21]
2010 Islamic Business & Finance Awards Best Use of Technology[22]
2011 BMEPA 2011 – Banker Middle East 2011 Product Awards Best New Business Product & Best Insurance Product[23]
2014 Thomson Reuters Governance, Risk and Compliance Awards Chief Compliance Officer Award, Prashant Anand
2015 Global Finance Magazine Most Innovative Financial Institution[24]
2015 2015 Islamic Business Awards Most Socially Responsible Bank[25]
2015 CEO Middle East Awards Hussain Al Qemzi named Islamic Banking CEO of the Year[26]

References

  1. ^ a b "Noor Bank Directors' Report" (PDF). Noor Bank. 31 December 2015. Retrieved 23 September 2016.
  2. ^ "About Us". Noor Bank. Retrieved 23 September 2016.
  3. ^ a b c "Noor Islamic Bank: Services, Banks & Financial Services". The Dubai Mall. Retrieved 14 March 2013.
  4. ^ 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.
  5. ^ "Noor Islamic Bank wins 'Best New Bank' at Banker Middle East Industry Awards 2009". AMEInfo. Retrieved 14 March 2013.
  6. ^ a b "Dubai-Based Investors Plan $1Bn Islamic Bank". The Peninsula (Qatar). Retrieved 14 March 2013.
  7. ^ "Company Overview of Noor Bank PJSC". Bloomberg. Retrieved 23 September 2016.
  8. ^ "Mohammed Opens Dubai's Noor Islamic Bank". Retrieved 14 March 2013.
  9. ^ Husain, Shakir. "Two New Islamic Banks in '07". Gulf News (UAE). Retrieved 14 March 2013.
  10. ^ "Noor Islamic May Spend $2 Bln on Single Buy". Reuters. Retrieved 14 March 2013.
  11. ^ "Noor Islamic Bank First in Middle East to Operate Round-The-Clock Branch". Zawya. Retrieved 14 March 2013.
  12. ^ "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.
  13. ^ a b c "Noor Islamic Bank Emerges Top UAE Lead Arranger for 2008". Khaleej Times. Retrieved 14 March 2013.
  14. ^ "Noor Islamic Bank Posts AED 85 Million Net Profit for the Period Ending June 30th". Albawaba Business. Retrieved 14 March 2013.
  15. ^ Hunger, Gregor Stuart (4 June 2013). "Noor to Offer Non-UAE Resident Mortgages for Emaar's Property Projects". The National. Retrieved 23 September 2016.
  16. ^ Das Augustine, Babu (15 February 2015). "Noor Trade To Expand its Network and Double its Team This Year". Gulf News Banking. Retrieved 23 September 2016.
  17. ^ "Noor Islamic rebranded to extend market reach". Khaleej Times. Retrieved 8 January 2014.
  18. ^ Kane, Frank (7 January 2014). "Noor Bank Rebrands and Mulls an IPO". The National. Retrieved 23 September 2016.
  19. ^ Kassem, Mahmoud (31 March 2014). "Noor Bank Profit Triples as Sharia Lender Rides Economic Recovery". The National. Retrieved 23 September 2016.
  20. ^ "Board of Directors". Noor Bank. Retrieved 23 September 2016.
  21. ^ "Noor Islamic Bank Ranked among UAE's Top 20 Performers by Newsweek (Arabic)". Arabian Business. Retrieved 14 March 2013.
  22. ^ "Islamic Business & Finance Awards 2010: UAE Walks Away with 11 Awards". Central Bank of Malaysia. Retrieved 14 March 2013.
  23. ^ "NIB, NT bag awards at BMEPA 2011". The Gulf Today. 2011-04-03. Retrieved 2011-04-26.
  24. ^ "Noor Bank Named 'Most Innovative' Islamic Financial Institution by Global Finance Magazine". WAM. 6 May 2015. Retrieved 23 September 2016.
  25. ^ "Noor Bank Declared 'Most Socially Responsible Bank'". AMEinfo. December 14, 2015. Retrieved 23 September 2016.
  26. ^ "Hussain Al Qemzi and Noor Bank win at EMEA Finance Middle East Banking Awards". Albawaba. 29 February 2016. Retrieved 23 September 2016.
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