Noor Islamic Bank
Noor Islamic Bank is a Shari’a compliant commercial bank established in 2007 in Dubai that began operations at the beginning of 2008. It is 25% owned by the government of Dubai and 25% owned by Sheikh Mohammed bin Rashid al-Maktoum, the ruler of Dubai. It was established with capital of 3.16 billion dirham ($860.3 million) (Reuters, 2008).
Products and Services
Noor Islamic Bank delivers a full range of banking, investing, financial and risk management products and services for its individual clients, small and medium sized businesses, corporations and government institutions, with an emphasis on unique and personalized services. Noor Islamic Bank’s products and services are governed by a Shari’a Board.
In March, 2010, Noor Islamic Bank launched Arabic enabled mobile internet banking service to provide 24 hour online banking services that accessed from any mobile phone with access to the internet.
Noor Islamic Bank has 17 locations across the UAE in the Emirates of Abu Dhabi, Dubai, Sharjah, and an overseas representative office in Tunis.
Noor Islamic Bank reported total deposits of 12.4 billion dirhams ($3.4 billion) and total assets of 21.8 billion dirhams ($5.9 billion) as of December 31, 2008. For 2008, its first year of operations, the bank reported profits of 511 million dirham ($139 million).
James Cordahi. "UPDATE 1-Dubai's Noor Islamic Bank starts, plans global buys," Reuters, January 6, 2008.