Noor Bank (formerly Noor Islamic Bank) was established in January 2008, in Dubai, United Arab Emirates. In 2018, the bank was ranked the 11th largest bank in the UAE in terms of asset size. Noor Bank is a full-service Shari’a-compliant bank, offering a range of products and services - in corporate and personal banking, wealth management,

Takaful Takaful (, sometimes translated as "solidarity" or mutual guarantee) Khan, ''What Is Wrong with Islamic Economics?'', 2013: p.403 is a co-operative system of reimbursement or repayment in case of loss, organized as an Islamic or ''sharia''-comp ...

(Islamic insurance), treasury and trading. It has presence across the country, at multiple locations in Abu Dhabi, Dubai, Sharjah and Al Ain.

History

Sheikh Mohammed bin Rashid Al Maktoum Sheikh Mohammed bin Rashid Al Maktoum (; born 15 July 1949) is an Emirati politician and royal who is the current ruler of Dubai, and serves as the vice president and prime minister of the UAE. Mohammed succeeded his brother Maktoum bin Rashid ...

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 In Islam, the ''ulama'' ( ; also spelled ''ulema''; ; singular ; feminine singular , plural ) are scholars of Islamic doctrine and law. They are considered the guardians, transmitters, and interpreters of religious knowledge in Islam. "Ulama ...

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 In accountancy, accounting and finance, earnings before interest and taxes (EBIT) is a measure of a firm's profit (accounting), profit that includes all incomes and expenses (operating and Non-operating income, non-operating) except interest expense ...

of US$56.4 million by the second quarter of 2011. Noor Bank partnered with

Emaar Properties Emaar Properties (or simply Emaar) is an Emirati real estate development company located in the United Arab Emirates. The two largest shareholders are Dubai ruler Mohammed bin Rashid Al Maktoum and the UAE's sovereign wealth fund Investment Corpor ...

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 Sultan Ahmed bin Sulayem (Arabic: ‏ ‏سلطان أحمد بن سليم, born 1955) is an Emiratis, Emirati businessman. He is the chairman and chief executive officer (CEO) of DP World and the chairman of the Ports, Customs & Free Zone Corpo ...

Dubai Islamic Bank The Dubai Islamic Bank (DIB) is an Islamic bank in Dubai, established in 1975 by Saeed Bin Ahmed Lootah. It is the first Islamic bank in the world to have incorporated the principles of Islam in all its practices and is the largest Islamic bank ...

officially acquired Noor Islamic Bank under the name

in December 2019.

References

{{reflist Banks established in 2008 Islamic banks of the United Arab Emirates Defunct banks of the United Arab Emirates