Formerly called Noor Islamic Bank Total equity Dh3,512,600,000 (2015) Parent organization Noor Investment Group LLC | Type Private Founded 2008 | |
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Key people Hussain Al Qemzi (CEO)Ahmed Kalim (COO)Ahmed Aljanahi(Deputy CEO) Total assets Dh39,464,466,000 (2015) Profiles | ||
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%). Its network of branches spans the UAE in the emirates of Abu Dhabi, Al Ain, Dubai, and Sharjah. 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.
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.
History
Sheikh Mohammed bin Rashid Al Maktoum opened Noor Bank to the public on January 7, 2008. 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. Noor Bank is a subsidiary of Noor Investment Group LLC and a sister company of Noor Takaful.
In May 2008, the bank launched the first 24-hour, seven-days-a-week branch in the UAE. In November 2008, the bank opened a 24/7 branch at the Dubai Airport. In February 2009, the bank was ranked in the top ten mandated lead arrangers list by Bloomberg. 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. Noor Bank partnered with Emaar Properties in 2013 to provide mortgages to non-UAE residents.
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.
On 7 January 2014, the bank dropped 'Islamic' from its name, becoming 'Noor Bank' as part of a rebranding effort. That same year, the bank reported that its income had tripled.
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.