Founded by the Al Maktoum family which is ruling Dubai, Noor Islamic Bank is one of the youngest banks of Dubai founded in 2008 just in the Middle of the financial crisis yet Noor Islamic Bank has proved to be successful having branches in all the big cities of the United Arab Emirates.
Noor Islamic Bank as its name says works according to Sharia Islamic laws offering all sorts of Islamic Banking services for everyone. Apart from being a bank, they also have a very developed insurance company called Takaful dealing with dozens of all different insurance types. Noor Islamic Bank also offers Auto, Home and Personal finance services, banking opportunities through the internet, mobile phone together with SMS banking and Phone banking possibilities. The basic capital of Noor Islamic Bank is about a million US Dollars (AED 3.7 billion). All banking services are audited and controlled by the leading Sharia board who decides the exact operations in the case of each account and new application. The bank offers various services for both individuals and businesses. The Noor Islamic Bank is owned 25% by the Dubai Holding and another 25% by the Investment Corporation of Dubai, needless to say both these corporation enjoy the dominant ownership of the ruling family of Dubai.
Noor Islamic Bank was specifically founded in order to come closer to take over personalised banking with a lot more unique services, based on clients’ needs. The basic target of Noor Islamic Bank is to grow out to become the biggest and most important Islamic Banks of the United Arab Emirates by 2013 and with its dynamic growth and good quality services, it is more than possible that they will make their goal come true. After setting foot in the United Arab Emirates Noor Islamic Bank has opened its first abroad branch in Tunis, Tunisia and has opened its first joint venture bank in the Maldives, in cooperation with the government of Maldives, in Male where it’s the first Islamic bank.
Noor Islamic Bank would also like to get closer to diverse groups of people and in affiliation with Dubai Post it offers cheap account opening and handling option for those lower paid workers who had previously faced several hardships not being able to normally operate neither to open their own bank account. In the same time, the bank also wishes to create more priority or VIP services such as its Marbaba (Welcome) Services offering wealthy clients welcoming and free transfers from the International Airport of Dubai. There has been a long-time rumour that Noor is to merge with Emirates Islamic Bank and Dubai Bank in the near future.
Among its Personal Account services, we can underline normal accounts, Advantage accounts (for more exclusive clients), Finance solutions, Banca Takaful (long haul saving plans combined with insurance services), Credit card services and the VIP Infinity Wealth Management services. As for the corporate services of the bank, they offer global cash management and trade services. The Treasury offers several corporate packages and Financial Institutions plan echoes the will of Noor Islamic Bank to cooperate with other banks, in compliance of the Islamic laws.