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Bank’s Single-risk Credit Insurance Structured Finance Solution Gains Recognition from US Financial Publication
Dubai-UAE: 03 September, 2017 – Noor Bank, a leading Shari’a-compliant bank in the UAE, has won the Innovator in Islamic Finance 2017 award in the Process Innovation category from the New York-based Global Finance magazine.
The award recognised the bank’s single-risk credit insurance structured finance solution for large corporate relationships.
Speaking about the win, Ehsaan Ahmed, Head of GTS and Corporate Strategy of Noor Bank, said: “We are pleased to gain recognition for this structured Islamic trade finance solution, which demonstrates our expertise in developing innovative transaction banking solutions to address working capital requirements of our corporate clients.”
He added: “This solution enables the bank to offer financing facilities to large corporates under an enhanced risk mitigation structure. It is a testament of our successful collaboration with international trade credit insurance brokers and Lloyds UK underwriting market to offer this solution that is relatively new to the UAE market.”
Widely regarded as a benchmark of excellence for the finance industry, the annual Global Finance awards follow a rigorous judging process, wherein the magazine’s board evaluates leading banks and providers of financial services around the world. The board conducts extensive research on each nominee and consults an independent panel of experts while referencing the Organisation for Economic Co-operation and Development (OECD)’s Oslo Manual of Innovation.
Notably, the Innovator in Islamic Finance award recognises organisations that excel in implementing product and process innovation in their customer and employee offerings and enables them to maximise the value of these offerings as a result.