Noor Islamic Bank was established in the year 2008 in Dubai. It is a full service bank delivering the broadest range of products for its customers, with an emphasis on unique and personalized services. Noor Islamic Bank’s products and services are governed by a Shari’a Board, comprising of leading Islamic scholars with extensive experience and expertise in legal, financial and bankingrelated matters. Noor Islamic Bank has locations across the UAE in the Emirates of Abu Dhabi, Al Ain, Dubai and Sharjah. 50% of the bank is owned by the Dubai government and 5% is owned by the E mirates Investment Authority. The remaining 45% is held by high net worth individuals in the U nited Arab Emirates (UAE). The bank has a paid-up capital of $1 billion, and houses a full range of banking, investing and other financial and risk management products and services for individuals, small and medium-sized businesses, corporations, and government institutions. The bank is a subsidiary of Noor Investment Group LLC and a sister company of Noor Takaful.
Blaze to Brilliance
In 2008 the bank registered significant growth within just a few months of their launch. Inspired by this response, they pursued an aggressive growth strategy and aimed at rapid expansion of their footprints throughout the UAE and beyond. In the same year the bank had announced that it would offer complete banking services through its new branch at the newly-opened
Terminal 3 of Dubai International Airport. They finally opened their 24/7 bank branch which helped them come closer to their loyal customers, and offer exceptional services that they deserve. With this venture, they rapidly expanded their network in the UAE with aims to increase the number of locations every year. Thus, the opening of the bank at the Airport terminal marked
a significant milestone in the expansion of the bank resulting into steady growth of their customer base. In the same year, the bank took their big expansion plans a step forward by opening branches in Tunisia and Maldives. After Tunisia, the bank’s second international expansion happened in Maldives to establish the Maldives’ First Islamic Bank. With its largely Muslim domestic population, Maldives
generated attractive growth opportunities for Islamic banking and for Noor. As a part of its growth plans, the Noor Islamic Bank featured at the World Islamic Retail Banking Conference 2009 in Dubai that discussed the opportunities for global expansion available to Islamic banks, particularly in the retail banking sector. In a dynamic credit market as the UAE, the bank believes that gaining deep insight into the financial background and repayment capabilities of existing and potential customers would significantly support their growth strategy. To support their belief, they entered into a partnership with Emcredit which is UAE’s first private credit information services company & placed themselves in an advantageous position to gain a clearer perspective about their customers to serve their financing needs in a better way.
The Noor Islamic Bank is known as a bank that is modern, forward looking and innovative. In the year 2008, the bank opened UAE’s first 24/7 branch, at Sheikh Zayed Road, Dubai instilling faith & goodwill in the minds of the consumers by understanding the exigency of money needs that might arise anytime for its customers. The ‘Bank of the Future’ program is a remarkable and unique initiative that has enabled the bank’s customers to shape their banking experience with the bank because this initiative has helped the bank to know the customer’s expectations from the brands. Through their creative campaign called ‘Shape Your Bank’ they tried to understand their customers preferences for a bank. The ideas that were received through this campaign guided them to move ahead in conducting their business.
Engagement that Enthralls
As a part of its promotional activities, Noor Islamic Bank had been the Platinum sponsor of the World Islamic Retail Banking Conference which was held in Dubai in October 2009. The bank had come up with a move of building the ‘Bank of The Future’ initiative within which it had created an online ‘Shape Your Bank’ competition that solicited people’s expectations of banks in the future and prize money of US $ 20,000 was awarded for the best idea on how the banking experience can be improved. In a move to support this initiative further, the bank also showcased its own futuristic vision of a ‘Bank of The Future’ at GITEX Technology Week 2012. This high-tech, interactive, concept bank provided a unique, immersive, 3D experience of how the future of banking could develop. Noor also had plans of launching an augmented reality application called ‘Bank in Your Hand’ which would provide an enriching experience for their customers.
The bank has been quite innovative in its services and this has played a significant role in their success. It opened UAE’s first 24/7 branch, at Sheikh Zayed Road, Dubai. Further, Noor Islamic bank has been the first Islamic bank to provide an internet bank account opening service. In addition, the bank’s insurance arm called the NoorTakaful, was the first Takaful operator to offer online insurance services and products. In the year 2012, the bank came up with an innovative initiative called the ‘Bank of the Future’ by which it invited the common people of the world to help shape the future of banking. Since its launch in 2008, Noor has established itself as a market leader in innovative digital banking services and products.
The brand promise of the bank is to be recognized as the financial icon of Dubai. It aims to be ranked amongst the top 100 most innovative companies in the world by 2020. The bank works with values like innovation, dedication, technological advancement, customer-focus and much more. This is made possible due to its great reservoir of expertise, experience and excellence that its team of committed professionals brings to its desk. Due to this, it has become the largest Islamic bank in the world. The bank intends to provide their customers with convenient, holistic, enterprise-wide, digital banking services. They are committed to utilizing the latest technology to give their customers personalized products and services which meets their increasingly sophisticated needs.