Bank Basic InformationName
and
BackgroundNoor Bank was founded in 2008 and is headquartered in Dubai, United Arab Emirates. As an Islamic bank, Noor Bank operates in accordance with Shariah principles and provides Shariah-compliant financial products and services. The bank is backed by the Dubai government and was majorly owned by the Dubai Investment Group in its early years. In 2020, Noor Bank was acquired by Dubai Islamic Bank as a wholly owned subsidiary, and as a result, Noor Bank's original official website is no longer operating independently, and all related services and information are now integrated into the official website of Dubai Islamic Bank: https://www.dib.ae。
Noor
Bank operates primarily in the UAE and provides retail banking, corporate banking, wealth management and Islamic financial services. Prior to the acquisition, Noor Bank had a number of branches and ATM networks in the UAE, covering the entire country.
Regulation &
ComplianceAs a bank in the UAE, Noor Bank is regulated by the Central Bank of the UAE. The bank adheres to all applicable banking regulations and Islamic finance guidelines. Following the acquisition by Dubai Islamic Bank, Noor Bank's business and compliance framework was integrated into the parent company's system.
Financial HealthPrior
to the acquisition, Noor Bank was in a sound financial position, with its capital adequacy ratio in line with regulatory requirements, its non-performing loan ratio remaining within a manageable range, and its liquidity coverage ratio meeting its daily operating needs. Following the acquisition, its financial data was consolidated into the financial statements of the Islamic Bank of Dubai.
Deposits &
LoansNoor
Bank offers a variety of Shariah-compliant deposit products, including demand accounts, time deposits (Mudarabah) and high-yield savings accounts. These products typically do not offer a fixed interest rate and are based on a profit-sharing model.
LoansIn
terms of loans, Noor Bank offers home finance (Ijara and Murabaha), car finance and personal finance products, all of which follow Islamic finance principles and avoid interest charges in the traditional sense. Loan products often come with flexible repayment options to suit the needs of the customer.
List of common fees
Account Management Fee: Depending on the account type, some accounts may be exempt from the management fee.
Transfer fees: Domestic transfers are usually free of charge, but cross-border transfers may incur a fee.
ATM Interbank Withdrawal Fee: Withdrawals at Noor Bank ATMs are free, fees may apply when using other bank ATMs.
Hidden Fee Alert: Some accounts may have a minimum balance requirement that may be charged if it is not met.
Digital Service Experience
APP and online banking
Noor Bank provides a full-featured mobile banking application and online banking services, supporting account management, transfer, bill payment and other functions. Prior to the acquisition, customers were generally positive about its digital services.
Technological
innovationNoor Bank is committed to digital transformation, launching AI customer service, robo-advisors, and open banking APIs to improve customer experience and service efficiency. ICBC Assistant
Customer Service Quality
Service
ChannelNoor Bank provides multi-channel customer service, including phone support, online chat, and social media interaction, with some services providing 24/7 support.
Complaint HandlingThe
Bank has a dedicated customer complaint handling mechanism in place, and is committed to resolving customer issues within a reasonable time and continuously improving the quality of its services.
Multilingual Support
Noor Bank offers multilingual services, including Arabic and English, to meet the needs of different customer groups.
Safety and Security
MeasuresFunds SecurityCustomer
deposits are regulated and safeguarded by the Central Bank of the United Arab Emirates, and Noor Bank uses advanced anti-fraud technology and a real-time transaction monitoring system to ensure the safety of funds.
Data
SecurityNoor Bank attaches great importance to data security and adopts an information security management system of international standards to ensure the confidentiality and integrity of customer information.
Featured Services & Differentiated
SegmentsNoor
Bank offers account products designed for students and seniors, waiving some fees and launching ESG-compliant green financial products to support sustainable development.
High Net Worth ServicesThe
Bank has a private banking division that provides customized wealth management and investment solutions to high-net-worth clients.
