Noor Bank (formerly Known As Noor Islamic Bank) Was Established In January 2008 In Dubai, United Arab Emirates.
In 2018, The Bank Was Ranked As The 11th Largest Bank In The UAE By Asset Size.
Noor Bank Is A Bank Offering A Full Range Of Shariah Services, Offering A Range Of Products And Services - Corporate And Personal Banking, Wealth Management, Islamic Insurance, Treasury And Trading. It Has Branches Across The Country, Including Multiple Locations In Abu Dhabi, Dubai, Sharjah And Al Ain.
In Addition To The Board Of Directors, Noor Bank Is Overseen By The Shariah Supervisory Committee, A Team Of Academics Responsible For Overseeing And Ensuring Compliance With Shariah In All Legal Documents, Finances, Products, Services And Banking Matters.
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 The Shariah Committee, Which Is Mainly Composed Of Islamic Academics In The Fields Of Law And Finance. Noor Bank Is A Subsidiary Of Noor Investment Group Limited And A Sister Company Of Noor Islamic Insurance.
In May 2008, The Bank Opened Its First 24/7 Branch In The UAE. In November 2008, The Bank Opened A 24/7 Branch At Dubai Airport. In February 2009, The Bank Was Named To Bloomberg's List Of The Top 10 Fiduciary Lead Arrangers. That Year, Noor Bank Reported A Net Profit Of $139 Million For The Period Ended December 31, 2008. After Reporting An Operating Loss Of $2.50 Million In The First Half Of 2010, The Bank Achieved An Operating Profit Of $56.40 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 Aimed At Serving Small And Medium-sized Enterprises (SMEs). Noor Trade Consists Of Two Divisions, Commercial Banking And Emerging Enterprises.
On January 7, 2014, The Bank Removed "Islamic" From Its Name And Became "Noor Bank" As Part Of A Rebranding Effort. In The Same Year, The Bank Reported A Threefold Increase In Its Revenue.
As Of 2016, Sheikh Ahmed Bin Mohammad Bin Rashid Al Maktoum Is The Chairperson Of The Bank, And The Board Includes Sultan Ahmed Bin Sulayem.
