Noor Bank

Noor Bank
Formerly called
Noor Islamic Bank
Private
Industry Banking, Financial services
Founded 2008
Headquarters Dubai, United Arab Emirates
Key people
  • Hussain Al Qemzi (CEO)
  • Ahmed Kalim (COO)
  • Ahmed Aljanahi(Deputy CEO)
Total assets IncreaseDh39,464,466,000 (2015[1])
Total equity IncreaseDh3,512,600,000 (2015[1])
Parent Noor Investment Group
Website www.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. 1 2 "Noor Bank Directors' Report" (PDF). Noor Bank. 31 December 2015. Retrieved 23 September 2016.
  2. "About Us". Noor Bank. Retrieved 23 September 2016.
  3. 1 2 3 "Noor Islamic Bank: Services, Banks & Financial Services". The Dubai Mall. Retrieved 14 March 2013.
  4. 1 2 "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. 1 2 "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. 1 2 3 "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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