FCI is delighted to welcome Noor Bank as its new Member in UAE

Thursday 8 March 2018

FCI is delighted to welcome Noor Bank PJSC as its new Associate Member in United Arab Emirates.

Noor Bank PJSC (further - Noor Bank) began its operations, in Dubai, in 2008, as Noor Islamic Bank. It has branches across Dubai, Abu Dhabi, Sharjah and Al Ain, and is a leading Islamic bank of Dubai, delivering a broad range of innovative Shari’a compliant financial products and services in the UAE. All of its operations are governed by the Shari’a Supervisory Board, comprising leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters.

Since its inception, Noor Bank has differentiated itself from the crowd by providing excellent service that puts the customer first. Noor Bank focuses on providing unique and personalised services – in Personal and Corporate Banking, Priority Banking, Treasury, and Wholesale Banking.

The corporate shareholders of the Bank are The Office of the Crown Prince of Dubai (25.73%), the Investment Corporation of Dubai (22.71%) and the Emirates Investment Authority (4.7%).  The remaining shares are beneficially held by individuals who each own less than 5% of Noor Bank.

Noor Bank’s Global Transaction Services (GTS) team also provides a comprehensive range of cash management, trade and factoring solutions, such as payments, receivables management, liquidity and investments solutions, as well as online banking and reconciliation. The Bank’s expertise is exemplified by introducing a number of innovative ‘industry first’ transaction banking solutions for Corporate, SME and FI clients.

This includes Noor Bank becoming the first Islamic bank to develop and implement an innovative DMCC Tradeflow solution in the UAE, for online commodity Murabaha settlements. The Bank is also one of very few banks in the UAE to provide Islamic Factoring - offering clients immediate liquidity facility on unpaid invoices through a factoring software system that has been modified to comply to Shari’a principles. Additionally, Noor Bank also recently partnered with Euler Hermes, to receive trade credit insurance (TCI) – offering the Bank’s clients with credit protection against buyer defaults.

The Bank’s GTS team has also been recognised with a host of awards, most recently being awarded the ‘Best Trade Finance Product in UAE’ Award from The Asian Banker Middle East & Africa Country Awards 2017 – as well as the ‘Innovator in Islamic Finance 2017 - Process Innovation’ award from Global Finance respectively.

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