Noor Islamic Bank UAE
Noor Bank, Noor Islamic Bank (NIB) Tel 800-6667
Noor Bank (previously Noor Islamic Bank or Al Noor Islamic Bank, but not usually Nour Bank) opened its doors for business on 02 January 2008 with 10 branches throughout the UAE - 1 in Abu Dhabi and Al Ain, 6 in Dubai, and 2 in Sharjah. None in Ajman, Fujairah, Ras Al Khaimah, or Umm Al Quwain at the time of opening but NIB plan to open 10 more branches during 2008 in the UAE, and open more branches, or buy other banks, in the region. NIB was first announced in December 2007 and has about $1 billion of capital (AED 3.7 billion).
NIB intend to be the leading or largest (or both) Islamic Bank in the world by 2013. They're a little way behind Dubai Islamic Bank, which has been around since 1975 and at the end of 2007 had almost 50 branches, about AED 80 billion of assets, and close to AED 10 billion of capital. Noor Islamic Bank is 25% owned by Dubai Group, a subsidiary of Dubai Holding, and 25% owned by the Investment Corporation of Dubai.
Noor Bank rebranding and renaming
07 Jan 2014 - Noor Islamic Bank dropped the word Islamic from its name and rebranded itself as Noor Bank, however it remains an Islamic bank. Unknown if it wants to be less obvious about being an Islamic bank or if there was a different reason for changing its name.
- The press release said confusingly that In a strategic move aimed at underlining its local and international growth ambitions and broadening the appeal of its Islamic finance products and services to all communities in the UAE, Noor Islamic Bank has been renamed Noor Bank. The simplified name underlines that the bank is a values driven and principles based financial institution with shari’a compliance at the heart of its business decisions.
- Unclear how the new name underlines its Sharia compliance. People when first seeing the name are likely to think Noor Bank is not Sharia compliant along with other non-Islamic banks such as Bank of Sharjah (BOS), Commercial Bank of Dubai (CBD), HSBC, Standard Chartered, RAK Bank, etc.
- However, broadening the appeal of its Islamic finance products by avoidance of calling them Islamic kind of makes sense in a strange way, if they are targeting customers who prefer not to deal with Islamic financial products and banks. Although that sounds to us like trying to trick people and we didn't think Noor Bank would want to do that, so presumably we've misunderstood something about what they said.
- The National newspaper commented on the name change saying The move by Noor surprised some in the local banking industry. “Islamic banking is the coming thing, so it seems strange to drop that from the name. But it probably thinks its Sharia nature is well established enough by now,” said a rival banker, speaking on condition of anonymity (07 Jan 2013 - "Noor Bank rebrands and mulls an IPO").
- Other Islamic banks usually emphasis their Shariah compliance by calling themselves Islamic banks, for example Abu Dhabi Islamic Bank (ADIB), Emirates Islamic (Bank), Dubai Islamic Bank (DIB).
- However Noor Bank isn't the only bank to rename itself confusingly. Ajman Bank renamed itself from Ajman Islamic Bank soon after it was established but is still an Islamic bank. Hilal Bank is another Islamic bank and was sometimes referred to as Al Hilal Islamic Bank when first established. Dubai Bank is an Islamic Bank but understandably had a different name from Dubai Islamic Bank (DIB) as they are (or were) two different and independent banking groups.
- We are not aware of any non-Islamic bank that has the word Islamic in its name in an attempt to market themselves to Islamic communities. Sharjah Islamic Bank did the opposite and renamed itself from National Bank of Sharjah to make it clearer to customers that they are an Islamic bank.
- Noor Islamic Bank station on the Dubai Metro Red Line renamed as Noor Bank station.
Noor Islamic Bank contact details
- Noor Islamic Bank, Burj Square, Building No. 1, 8th Floor, Business Bay
PO Box 8822, Dubai, United Arab Emirates
- Tel +971-4-4268888, fax +971-4-3456789
- Toll-free 800-6667 (in the UAE)
NoorBank branch telephone numbers not available but some alternatives to the phone waiting system might be:
- Tel +971-4-4268787 also seen (marketing department?)
- Tel +971-4-4274343 (international phone banking) according to the UAE Yellow Pages but not confirmed if correct.
Noor Bank Tunisia representative office - 21 June 2008
Noor Bank opened its first overseas representative office in Tunis, capital of Tunisia. Country General Manager is Sadok Attia.
Noor Islamic Bank Maldives - 22 July 2008
Noor Maldives Islamic Bank is a joint venture between Noor Islamic Bank UAE and the Maldivian government, to establish an Islamic bank in the Maldives by the end of 2008, with head office in Male.
Noor Islamic Bank agreements and initiatives
- With Emirates Post to offer cheap accounts to low-paid workers (Jan 2008).
- With Marhaba Services to offer Airport 'Meet and Greet' services in Dubai, and access to the Marhaba lounge. For "distinguished customers", which might not be the same group as the low-paid workers they are offering cheap bank accounts to (Jan 2008).
- With Dubai Lands Department to offer escrow services for property purchases (Dec 2007).
- Infinity Lounge in some branches for exclusive customers with infinite wealth.
Noor Islamic Bank branches
|Abu Dhabi||Al Mansoori Tower||Al Salam St||800-6667|
|Abu Dhabi||Al Khalifa||Khalifa Bin Zayed St||open 05 May 2009|
|Abu Dhabi||Khalidiyah||Khalidia||open 10 Nov 2009|
|Al Ain||Sheikha Woudaima Building||Industrial Rd|
|Dubai||Al Garhood / Al Garhoud||Opp. Emirates Aviation College, Zarouni Building||service center|
|Dubai||Al Mamzar||Hor Al Anz, next to Grand Station|
|Dubai||Bur Dubai||Burjaman roundabout, Mustafawi Al Hamriya Bldg|
|Dubai||DAFZ||Dubai Airport Free Zone||open 01 Feb 2010|
|Dubai||Dubai Airport||Terminal Three (T3-08)||open 24/7|
|Dubai||Dubai Marina||Al Fattan Marina Tower II (Al Marsa), JBR Walk||service center|
|Dubai||Dubai Media City||Al Thuraya Tower II|
|Dubai||Mall of the Emirates||First floor, entrance 1, east side (opening Aug 2008)||service center**|
|Dubai||Mall of the Emirates||second service center|
|Dubai||Sheikh Zayed Rd||Sheikh Ahmed Bin Saeed Al Maktoum Building||open 24/7*|
|Dubai||The Dubai Mall||Lower Ground Floor|
|Sharjah||Corniche / Al Buhairah||Al Majaz Tower, opp. Central Souq, Khaled Lagoon Corniche St|
|Sharjah||Al Rolla||Building No. 6, opposite Sharjah Port, Bank St|
|Tunisia||representative office||Hadrumete Street, 2 Mutuelleville, Tunis|
Noor Bank opening hours
- Full service branches and service centers open Saturday-Thursday, closed Fridays. Hours from 0800-1500.
- *Sheikh Zayed Road branch is open 24 hrs, 7 days per week but teller services only from 0800-1500 Sat-Thu.
- **MOTE service center open 7 days, 0900-2200 Sat-Wed, 0900-2300 Thu/Fri (opening date 05 August 2008).
Noor Bank ATM locations
Noor Islamic Bank branches have ATMs of course, there are additional ATMs located in (information from noorbank.com):
- Abu Dhabi Coop Society, Abu Dhabi
- Abu Dhabi Shopping Mall / Abu Dhabi Mall, Abu Dhabi
- Al Khalidiya Mall, Abu Dhabi
- Al Muhari Center (Al Muhairy Center), Abu Dhabi
- Alsofah Tower? Jumeirah, Dubai (Noor Bank info, unknown which tower they mean)
- Bin Sougat Center, Rashidiya, Dubai
- Burj Square? Sheikh Zayed Road, Dubai
- Choithram's Karama, Dubai
- Choithram's Al Nasr Square, Deira, Dubai
- Choithram's Khalidiya (Khalediya), Abu Dhabi
- Deira City Center, Dubai (ground floor and food court area)
- Dubai International Financial Center (DIFC), Building 4, Dubai
- Dubai Festival City, Garhood, Dubai
- Dubai Healthcare City, Dubai
- Dubai Healthcare City, AACSH Building, Dubai
- Emaar Business Park, Dubai
- Emirates Group, DNATA, Port Saeed, Dubai
- Emarat Petrol Station, near Shindagha Carrefour, Dubai
- Grand City Mall, Al Quoz, Dubai
- Greens Community Centre, The Greens, Dubai
- LuLu Centre, Al Barsha, Dubai
- Mall of the Emirates (VIP Entrance, Food Court area), Dubai
- Manal Centre, Naif Road, Deira, Dubai
- Reef Mall, Deira, Dubai
- Souk Dukkan Al Manzil, Business Bay, Dubai
- Spring Supermarket, Satwa, Dubai
- The Village, Jumeirah Beach Road, Dubai
- Times Square Center, Al Barsha, Dubai
People at Noor Islamic Bank
- Shaikh Ahmad Bin Saeed Al Maktoum - Chairman Noor Islamic Bank.
- Hussain Al Qemzi - Group CEO of NIB.
- Ahsan Ali - SME & Wealth Management Banking Head.
- On 23 November 2010, Bloomberg reported that the CEO, Hussain Al Qemzi, said the bank had let go "Thirty something" employees a few weeks ago.
Noor Islamic Bank merger
- 17 Oct 2010 - Noor Islamic Bank issued a statement contradicting a newspaper report from a few days earlier, saying "Noor Islamic Bank categorically denies the market rumours about any potential acquisition of, or merger with any financial institution," which many of the more cynical observers of business in the UAE will interpret as confirmation that there is some substance to the rumours.
- 13 Oct 2010 - Emirates 24-7 newspaper reported that Noor Islamic Bank might merge with two other UAE Islamic banks - Emirates Islamic Bank (a subsidiary of Emirates NBD) and Dubai Bank, quoting an anonymous source who said "As far as we understand, there is a proposal to merge the three Islamic banks, who will then bail out Amlak," (Amlak is a UAE based mortgage finance company that developed financial troubles in 2008 or so, along with most of the rest of the world).
Noor Bank IPO
Contradictory reports on 07 Jan 2014 about a possible IPO.
- 07 Jan 2014 - He, however, ruled out plans for an initial public offering. Referring to Hussian Al Qemzi [sic], CEO of Noor Bank (Emirates 24-7, "Noor Islamic Bank rebrands as Noor Bank").
- 07 Jan 2014 - Regarding a market flotation, Mr Al Qemzi said: "We don’t have any need for new money now, but this [an IPO] is something we will look forward to and contemplate in the next few years. This rebranding will help that exercise" (The National, "Noor Bank rebrands and mulls an IPO").
And a few years earlier when Noor Islamic Bank was established, an IPO plan was in the pipeline ...
- 20 Aug 2008 (Gulf News interview with Hussain Al Qamzi, NIB Group CEO): "We are not at the moment a publicly-listed company. ... I am tasked with taking this bank public in a few years."
Noor Islamic Bank financial results
|Year||Net Profit||Revenue||Assets||Deposits||Operating Expenses|
|2008||AED 511m||AED 21.8bn||AED 12.4bn||AED 533m|
Last update Tuesday 28-Jan-2014
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