Noor Islamic Bank was established in 2008 in Dubai, and is a Shari’a-compliant commercial bank, with 50% owned by the Dubai government and 5% owned by the Emirates Investment Authority. The remaining 45% is by held high net worth individuals in the United Arab Emirates (UAE). The bank has a paid-up capital of $1 billion, and houses a full range of banking, investing and other financial and risk management products and services for individuals, small and medium-sized businesses, corporations, and government institutions. The bank’s products and services are governed by a Shari’a Board, composed primarily of leading Islamic scholars from the fields of law and finance. Noor Islamic Bank is a subsidiary of Noor Investment Group LLC and a sister company of Noor Takaful.
The bank launched and continues to operate the first 24-hour, seven-days-a-week branch in the UAE. Its network of branches spans the UAE in the emirates of Abu Dhabi, Al Ain, Dubai, and Sharjah. Noor Islamic Bank was named the ‘Best New Bank’ at the Bankers Middle East Industry Awards in 2009, and ‘Best New Islamic Bank’ by the International Islamic Finance Forum in 2008. After reporting an operating loss of US$ 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.
H.H. Sheikh Ahmed Bin Mohammad Bin Rashid Al Maktoum is the bank's chairman, and the board of directors include Mr. Sultan Ahmed bin Sulayem and Mr. Mohammed Alabbar.
UAE Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum opened Noor Islamic Bank to the public on January 7, 2008.
- May 2008: Noor Islamic Bank opened the UAE’s first 24/7 branch, at Sheikh Zayed Road, Dubai
- June 2008: Noor Islamic Bank opened its first overseas office in Tunis, Tunisia
- November 2008: Noor Islamic Bank opened a 24/7 branch at Dubai International Airport, Terminal 3
- December 2008: Noor Islamic Bank secured the Dubai Holding MADHAA Award for ‘Best Launch of 2008’
- February 2009: Bloomberg rated Noor Islamic Bank in the UAE’s top ten mandated Lead Arrangers list
- 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
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