Noor Islamic bank

Dubai’s Noor Islamic Bank says it halted business with Iranian banks in December

Dubai Islamic bank with ties to the emirate’s ruling family stopped doing business with Iranian banks in December, shortly before the United States approved new sanctions targeting the country’s financial system.
The decision by Noor Islamic Bank cuts off another of Iran’s links to the international banking system. Noor appears to have acted indirectly in response to Washington’s efforts to compress the screws on Tehran.
The Iranian economy is under increasing pressure from a growing series of U.S. and European sanctions pointed at stopping its disputed nuclear program. Washington and its allies fear Iran is trying to develop nuclear weapons.

Islamic Finance Mandates in Turkey By Noor Islamic Bank Leads US $1.4bn

Noor Islamic Bank has been assigned to arrange and lead manage more than US $1.4 billion Islamic finance capital market deals in Turkey in the last 18 months, making it the most active UAE bank in the republic.
Noor revealed details of its financial dealings in Turkey on the eve of the Islamic Investment and Finance Forum, planed to take place in the Turkish capital Istanbul, from October 24-27.
During the four-day Islamic Investment and Finance Forum, leading regional and international Islamic finance experts will debate a range of key topics for the Islamic finance industry including how to revive the global sukuk markets,following the financial crisis; kick starting sukuk markets in frontier economies; new business opportunities for Islamic syndicated finance and the future of Participation (Islamic) banking in Turkey.

Turmoils shift the axis of Islamic investments

Because of the ongoing unrest in North Africa and the Middle East, many investors from Gulf countries have been directed to Turkey.
Hussain Alqemzi, Noor Islamic Bank’s chief executive officer, stated that the Noor Islamic Bank has been assigned to arrange and manage more than $1.4 billion Islamic finance capital market deals in Turkey in the last 18 months, becoming the most active United Arab Emirate bank in the country.
The total trade volume between Turkey and the six member states of the GCC, Bahrain, Kuwait Oman, Qatar, United Kingdom of Saudi Arabia, United Arab Emirates, reached approximately more than $17 billion last year.

Noor Islamic Bank leads US $1.4bn Islamic Finance Mandates in Turkey

Noor Islamic Bank has been assigned to put in order and lead manage more than US $1.4 billion Islamic finance capital market deals in Turkey in the last 18 months, making it the most active UAE bank in the republic.
The bank revealed details of its financial dealings in Turkey on the eve of the Islamic Investment and Finance Forum, scheduled to take place in the Turkish capital Istanbul, from October 24-27., where it will be the Sukuk partner for the event.
During the four-day Islamic Investment and Finance Forum, leading regional and international Islamic finance experts will talk about a range of key topics for the Islamic finance industry including how to animate the global sukuk markets, following the financial crisis; kick starting sukuk markets in frontier economies; new business opportunities for Islamic syndicated finance and the future of Participation (Islamic) banking in Turkey.

Albaraka Türk Kat?l?m Bankas? A.?., Turkey US$ 350,000,000 Equivalent Dual Currency Syndicated Murabaha Financing Facility

ABC Islamic Bank (E.C.), Emirates NBD Bank PJSC, Noor Islamic Bank and Standard Chartered Bank have successfully closed the signing of a US$ 350,000,000 equivalent Dual-Currency Syndicated Murabaha Financing Facility for Albaraka Türk Kat?l?m Bankas? A.?.
The signing took place on 12 September 2011.

Al Baraka to launch 100 million euro bank in France by H1 2012

Al Baraka is planning an expansion to France next year and the expactations are to launch a bank with a capital of 100 million euros (142 million US dollars) by the first half (H1) of 2012.
The following managers are taking part at the issue: Standard Chartered Bank, Emirates Bank, Noor Islamic Bank, Deutsche Bank, and ABC Standard.

Albaraka Türk Katilim Bankasi mandates $150 million facility

Albaraka Türk Kat?l?m Bankas? A.?. (“Albaraka Türk”) has authorized ABC Islamic Bank, Emirates NBD Bank, Noor Islamic Bank and Standard Chartered Bank (together the “Initial Mandated Lead Arrangers” and the “Bookrunners”) to arrange a $150 Million equivalent Dual-Currency Syndicated Murabaha Financing Facility on its behalf.
The facility was launched into general syndication on 29 June 2011. banks from all over the world were invited.

Noor Islamic Bank Posts AED 85 million net profit for the period ending June 30th

Noor Islamic Bank had a net operating profit of AED 207 million for the first six months of 2011, on a revenue base of AED 386 million. Net profit for the period ending June 30th was AED 85 million.
Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum stated that their performance resulted from the strategic initiatives and business model realignment that we have been undertaking within the bank over the past 18 months.

New chairmen for two Dubai banks

His Highness Shaikh Mohammed bin Rashid Al Maktoum has appointed Shaikh Ahmed bin Saeed Al Maktoum as the chairman of Emirates NBD, and Shaikh Ahmed bin Mohammed bin Rashid Al Maktoum as the chairman of Noor Islamic Bank.
Shaikh Ahmed replaced Ahmed Humaid Al Tayer as the head of Emirates NBD.

Mohammed names new chairmen for banks

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, has assigned Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum as the new chairman of the board of directors of Noor Islamic Bank.
On the other side, Sheikh Mohammed appointed Sheikh Ahmed bin Saeed Al Maktoum as the new chairman of the board of directors of EmiratesNBD bank.

Noor Islamic expects to win Turkey sukuk mandates in 2011

Noor Islamic Bank expects to win at least two mandates to help sell sukuk out of Turkey this year. The statement was given by Chief Executive Officer Hussain Al Qemzi.

Noor Islamic has sukuk mandates in Gulf, Turkey- CEO

Noor Islamic Bank doesn't plan to extend for now.
The deal size on the two issues owned by Noor Islamic Bank, one in the Gulf region and another one in Turkey, is between $250 million to $300 million.

114 projects under 'guaranteed funding' plan

The number of projects registered under the Dubai Land Department’s (DLD) Tayseer programme has reached 114 and the first funding agreement under the scheme is expected to be finalised soon.
Until now, seven banks have signed with the DLD for financing under the Tayseer initiative. The banks are: Emirates Islamic Bank, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Noor Islamic Bank, Mashreq, Dubai Bank and Ajman Bank.

Noor Islamic Bank looks to break even

Noor Islamic Bank expects to breakeven in 2012. The bank sets targets for 2012 while expecting to achieve 25% balance sheet growth this year.
The banking group has also put on hold all its physical overseas expansion plans temporarily.

Malaysia, Yemen, Gulf Investment, France: Islamic Bond Alert

The following borrowers are expected to sell Islamic bonds: MALAYSIA, YEMEN, DUBAI, GULF INVESTMENT CORP., FRANCE, SAUDI INTERNATIONAL PETROCHEMICAL CO., GENERAL ELECTRIC CO., PALESTINE MONETARY AUTHORITY, NAKHEEL PJSC, SABAH CREDIT CORP., CREDIT AGRICOLE SA, NOOR ISLAMIC BANK, NATIONAL COMMERCIAL BANK, KPJ HEALTHCARE BHD., EMIRATES TELECOMMUNICATIONS CORP., SENEGAL, ALBARAKA BANKING GROUP., ISLAMIC DEVELOPMENT BANK, THAILAND, KNM GROUP BHD., CAGAMAS BHD., SAUDI ARABIAN OIL CO., GAMUDA BHD., EGYPT, PT BANK MUAMALAT INDONESIA, SENAI-DESARU EXPRESSWAY BHD., MALAYSIA DEBT VENTURES BHD, INDONESIA, TURKEY, KAZAKHSTAN, PHILIPPINES, SAUDI ELECTRICITY CO., EMIRATES INTEGRATED TELECOMMUNICATIONS CO., LAFARGE MALAYAN CEMENT BHD..

Noor Islamic Bank Cut Around 30 Staff, Chief Says

The bank cut off because it seeks to consolidate the business.

The bank is working on two Islamic bond or sukuk sales for the first quarter and may underwrite four to five Islamic bond sales in 2011.

A proposal to merge Emirates Islamic Bank controlled by Emirates NBD PJSC, with Dubai Bank and Noor Islamic Bank is supposed to be considered reported Emirates 24/7 on Oct 13. Noor disputed the report, stating it “categorically denies the market rumors about any potential acquisition of, or merger with, any financial institution.”

Dubai Women's College receives Dhs 1 million as financial aid from DIB Foundation, Noor Islamic Bank and Al Maktoum Foundation

Dubai Women's College announced the names of companies and corporations, which have recently offered financial aid for transportation and laptops needed by limited-income students.
Some of these are: Al Maktoum Foundation with 61 laptops bought, Noor Islamic Bank with 41 laptops.
This shows how important it is to invest in education in order to ensure sustainable development in the country.

Noor Islamic says has no plans to merge with lenders

Noor Islamic Bank states that it has no plans to merge with another financial institution.
Media reports have circulated in recent days that Emirates Islamic Bank is in talks to buy Dubai Bank and then purchase Amlak.

Strong H1 seen for Islamic issuance-Noor Islamic

Noor Islamic Bank expects to close a “healthy number” of Islamic syndicated loans and Islamic bonds in the first half of 2011, with Turkey emerging as an active market for Islamic finance.
Aamer Zaidi, head of corporate banking at Noor Islamic Bank, said on Wednesday that the company is involved in a few sukuk issuances in the Gulf region and is also working on syndicated loans within the UAE.
The Gulf sukuk market is poised for a revival as large corporate and supra-national issues come to market following Dubai World’s restructuring accord with 99 percent of its bank lenders as well as Dubai’s successful $1.25 billion conventional bond issue in late September.

Al Baraka Turk Participation obtains $240 million Islamic financing

Albaraka Türk Katilim Bankasi A.S. (Al Baraka Turk), a subsidiary-banking unit of Al Baraka Banking Group BSC (ABG), signed a $240 million syndicated Islamic financing in Istanbul. Twenty two GCC, European and international banks (both Islamic and conventional) participated in the syndication. The syndication was arranged and managed by Standard Chartered Bank, ABC Islamic Bank (Bahrain) and Noor Islamic Bank (Dubai). The funding deal comes as part of Al Baraka Turk's strategy to further expand and diversify its financial resources and further strengthen its name in the domestic, regional and global financial markets. Al Baraka Turk will use the proceeds of the deal towards the ongoing implementation process of a range of existing and newer products and services offered by it.

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