Noor Bank (formerly Noor Islamic Bank) was established in January 2008, in Dubai - United Arab Emirates.
In a short period of time, Noor Bank has grown considerably, and now provides a comprehensive range of products and services - in personal and corporate banking, wealth management, insurance, treasury and trading.
We are known for creative, innovative and responsible products and services, most of which are tailored to suit specific business and personal needs. Our efforts to provide professional services and build lasting relationships continue to win us new customers - individuals, investors, institutions, companies and governments - across all operations.
Besides an esteemed Board of Directors, we are also supervised by a Shari’a Supervisory Committee, and a team of reputed scholars oversee and ensure Islamic compliance on all legal, financial and banking matters.
Shareholders and Share Ownership
The Bank was established with an initial paid up capital of AED 3 billion. The Bank is one of only two banks in the UAE to be given special exemption by the UAE Federal Cabinet to continue to operate as a private entity, rather than listing its shares on a public stock exchange immediately upon incorporation as required under UAE Banking Law No. 10 of 1980.
The Bank was established in 2007 under the specific instruction of the Government of Dubai, with the shareholders and the Board of Directors also selected and nominated directly by the Government of Dubai. The Government of Dubai, members of the Ruling Family of Dubai and a select group of Government of Dubai nominated UAE nationals own 88.3 per cent. of the Bank's shares in aggregate.
The remaining shares are owned by a member of Abu Dhabi Ruling Family, the Government of the United Arab Emirates, acting through Emirates Investment Authority (EIA), and an employee stock ownership trust.
The Crown Prince of Dubai HH Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, owns 25.89 per cent. of the Bank. HH Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum is also the Chairman of the Dubai Executive Council.
The Government of Dubai, acting through Investment Corporation of Dubai (ICD), owns 22.85 per cent. of the Bank. ICD, chaired by the Ruler of Dubai, is the principal investment arm of the Government of Dubai and was established in May 2006 by decree (11) of 2006 under a mandate to consolidate and manage the Government of Dubai’s portfolio of commercial companies and investments. It also provides strategic oversight by developing and implementing investment strategy and corporate governance policies with an objective to maximise stakeholder value, for the long-term benefit of the Emirate.
The Government of the United Arab Emirates acting through EIA, owns 4.42 per cent. of the Bank. EIA was established by Emiri decree in November 2007 and is the only Sovereign Wealth Fund of the Federal Government of the United Arab Emirates. Chaired by HH Sheikh Mansour Bin Zayed Al Nahyan, EIA is dedicated to delivering sustained financial gains for the UAE.
No shareholder, other than the ones listed above, owns more than 5 per cent. of the Bank's shares.
In order to recognise and retain key employees, an employee stock ownership trust was introduced in 2013. The employee stock ownership trust constitutes less than 5 per cent. of the Bank's share capital.
To be ranked among the top 100 most innovative companies in the world, by 2020.
To be recognised as the financial icon of Dubai.
- Customer Centricity
We know the world needs a new way of banking, a different way of banking, and a better way of banking.
We are ethically grounded, driven by values, and Sharia’ compliancy serves as the bedrock of our operations. Our ability to offer a wide array of products and services is a testament to Islamic finance’s flexibility and openness, when approached with the right paradigm.
Where others see difficulty, we see opportunity. When they look for excuses, we simply look harder. And if they confuse through processes, we simplify with outcome.
- We are agile and able: we are a 24x7x365 bank and this is reflected in how we work with our customers and deliver solutions they need.
- We are simple and efficient: we explain our products in easy terms and use up very little of our customers’ time.
- We are tenacious and hardworking: we don’t let things get in the way and work hard enough for our customers so they don’t have to.
- We are clear and open: We don’t hide behind fine print and we don’t sell through confusion.
At Noor Bank, we get things done.