Hussain Al Qemzi

Safe innovation in #Islamic #Banking

According to Noor Bank's CEO Hussain Al Qemzi, Islamic banks need to understand that they need to provide efficient and transparent services to their clients. Just being Sharia compliant cannot make a product less transparent and more expensive to access. Technology remains an important driver for innovation. Islamic banks that only look at product development and not product delivery or customer acquisition, will risk being left behind. There is a need to continue product development. Variable return products need to be developed and propagated in the market. According to Al Qemzi, it is important to refute traditional sayings that Sharia compliance limits innovation. Sharia principles reject prohibited practices but do not reject innovation. Progressive Islamic education is a key area, the Islamic banking curricula have to be developed so that they combine financial sciences with other economic sciences.

Noor Bank closes AED850 Million syndicated Islamic Financing Facility for Ajman Bank

Noor Bank closed an AED 850 million Syndicated Islamic Financing Facility for Ajman Bank. The two-year Shari’a compliant facility shall be utilised towards Ajman Bank’s future growth plans. Noor Bank was mandated for the second time to act as Lead Arranger. Dubai Islamic Bank, First Gulf Bank, Sharjah Islamic Bank, The Arab Investment Company and Warba Bank joined the deal as Mandated Lead Arrangers, while National Bank of Bahrain participated as an Arranger. Commenting on the facility, Noor Bank's CEO Hussain Al Qemzi said that this syndication was testament to Noor Bank's service quality and the relationship amongst the two institutions. He expressed his gratitude to Ajman Bank and all the partner banks who helped to close the transaction.

Noor Bank to support arts and design component of Global Islamic Economy #Summit 2016

Noor Bank has committed its support to the art and design exhibition at the Global Islamic Economy Summit (GIES 2016). GIES 2016 is scheduled between 11-12 October at the Madinat Jumeirah Hotel in Dubai and is under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum. The summit is anticipated to convene more than 2,000 policymakers to discuss key developments of the Islamic economy sector. Speaking on the bank’s participation in GIES 2016, Hussain Al Qemzi, CEO of Noor Bank, said that this event deeply resonated with Noor Bank’s core values. Noor Bank is looking forward to showcasing the exhibition which features signature art works of this year’s emerging artists alongside established names in the field.

Noor Bank reports Dh561 million net operating profit

Noor Bank reported a net operating profit of Dh561 million for the year 2015, up 40 per cent compared to 2014. The bank attributed increase in profitability to a 73 per cent surge in fee and commission income and a 35 per cent rise in net income from financing. Bank’s total assets increased 36 per cent to Dh39 billion in 2015 compared to Dh29 billion in 2014. While customer financing grew by 29 per cent during 2015 customer deposits were up 35 per cent to Dh32.1 billion last year.

Noor Bank to Support Art and Design Exhibition at Global Islamic Economy Summit 2015

Noor Bank is set to support an art and design exhibition at the Global Islamic Economy Summit 2015 (GIES) that will run on October 5th and 6th in Dubai. In partnership with Thomson Reuters, Noor Bank will spotlight new Islamic artwork at the event in its role as the official Arts and Design Sponsor of GIES 2015. Additionally, as part of Noor Bank's participation at the landmark summit, Hussain Al Qemzi, CEO of Noor Bank and Chairman of Awqaf & Minors Affairs Foundation will headline a session on Awqaf as a keynote speaker. GIES 2015 is scheduled to take place at the Madinat Jumeirah.

Noor Bank Q1 profit jumps 174%

Dubai-based Noor Bank has reported record net profit of Dh85 million for first quarter of 2014, up from Dh31 million for first quarter 2013, an increase of 174 per cent. Return on equity improved to 14 per cent, total assets grew 9 per cent to Dh25.2 billion. Total customer financing increased by 14 per cent to Dh16.3 billion. Customer deposits grew by 11 per cent, reaching Dh20.7 billion. Hussain Al Qemzi, CEO, Noor Bank and Group CEO, Noor Investment Group said that the bank's business strategy continues to focus on satisfying the needs of its customers across wholesale, capital markets, corporate, commercial and personal banking. He believes the franchise is well capitalized and positioned for balanced and sustainable growth.

Noor Bank rebrands and mulls an IPO

Dubai-based Noor Bank will consider a possible initial public offering of its shares in the medium term, although there is no current need for new capital at the bank. Besides, the bank has announced it was dropping the word “Islamic” from its title after a two-year study of its brand status and positioning. The new name is a major strategic move aimed at underlining its local and international growth ambitions, according to Hussain Al Qemzi, the bank’s chief executive. This rebranding is expected to help the IPO. The rebranding will not affect Noor’s status as a Sharia-compliant financial institution. Mr Al Qemzi said that the bank would continue to look at its traditional areas for expansion: Turkey, the GCC region, and South East Asia.

Noor Awqaf launches relief aid project

Noor Awqaf, the joint venture between Noor Investment Group and the Awqaf and Minors Affairs Foundation (AMAF), have launched a humanitarian project that will give aid agencies around the world access to relief aid Halal meat at times of natural disasters and famine. In conjunction with Awqaf New Zealand, Noor Awqaf has forged links with New Zealand’s meat producers and processors to secure a robust supply chain of quality Halal meat for distribution by aid agencies at times of natural disasters or civil emergencies. The meat will be supplied to aid agencies in sealed pouches to ensure its edibility for two years.

Three to five years to comply with UAE lending rule - bank boss

According to Hussain Al Qemzi, CEO of Noor Islamic Bank, three to five years will be necessary in order to to comply with new central bank regulations. The regulations state requirements for lenders to limit their exposure to state entities in the Gulf state. The new rules restrict banks from lending more than 100% of their capital to government institutions or more than 25% of their capital to any state-related entities. Hussain Al Qemzi described the given timeframe as "challenging".

EXCLUSIVE: Noor CEO: UAE Rule On Lending “Challenging”

According to a senior banker, UAE banks face difficulties in implementing the central bank’s new regulations on curtailing lending to government firms. Noor Islamic Bank's CEO - Hussain Al Qemzi - explains that the objective of the central bank is not clear enough. He further adds that it is not the optimal timing for exercising control and putting in place regulations so that banks do not have enough time to change the situation. They are unable to sell the huge amount the possess of these assets in such a short time in the market available.

Noor Islamic Bank looks East

Looking for expansion opportunities, Noor Islamic Bank focuses on South East Asia as a strong growth market. While the development of global lending markets remains uncertain, Asian countries have growing needs in the areas of infrastructure and development combined with solid economic growth. The goal of Noor Islamic Bank is to cooperate with already establishedd financial institutions in countries like Malaysia, Indonesia and Singapore. This way the gap in funding, which was caused by the shrinkage of the global liquidity pool, shall be bridged.

Noor Islamic says sukuk market needs 3 years to rebound

Because of the financial and political uncertainty in the region, Noor Islamic Bank does not expect the Islamic bond market to ameliorate for another three years.
Hussain Al Qemzi stated that three years from now the sukuk will come back stronger.
Some companies like Sharjah Islamic Bank and HSBC Middle East were oversubscribed, therefor there was some hope that sukuk will torn around.

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.

Dubai Group nearing debt deal

Dubai Group is one step away from signing a restructuring deal with lenders.
Hussain Al Qemzi, the chief executive officer of Noor Islamic, one of the creditor banks, stated that an agreement could be signed in the second quarter of 2011.
A bank committee for debt restructuring at Dubai Group was established since last year. Noor Islamic Bank has two Islamic bond mandates, one each in the Gulf region and Turkey. The deal on both issues would be between $250 million to $300 million.

Noor Islamic the UAE's top lead arranger in 2008

Noor Islamic Bank topped the 2008 Bloomberg list of leading Sharia’ah compliant Lead Arrangers in the UAE and ranked third on the list of leading Islamic finance Book Runners in the country in its first year of operation.

Hussain Al Qemzi is the CEO of Noor Islamic Bank.

Tamweel successfully closes USD 235 mn syndicated bank facility

Tamweel PJSC, a Dubai-based real estate financer has closed a 3-year USD 235 mn syndicated bank facility.

ABN AMRO and Noor Islamic Bank served as lead arrangers and joint bookrunners for the transaction, which has been priced in both US dollars and UAE dirhams, and will reach maturity in three years.

Wasim Saifi is Chief Executive Officer of Tamweel.
Gaurav Agarwal is Chief Financial and Support Services Officer, Tamweel.
Hussain Al Qemzi is Chief Executive Officer of Noor Islamic Bank.
Vishnu Deuskar is Head of Global Markets ABN AMRO UAE.


Noor forms venture with Adventity

Babu Das Augustine reported in Gulf News on 26 March that Noor Investment Group, the parent company of Noor Islamic bank, announced a 50:50 joint venture with Adventity BPO India Pvt Ltd. Adventity is an Indian business process outsourcing firm. Both parties aim to set up a business process outsourcing (BPO) facility in Dubai Outsource Zone with a seed capital of Dh50 million targeting Middle East and North Africa region focussing on the financial services outsourcing business.
While Noor Islamic Bank and other new ventures from the Noor Investment Group will utilise the BPO services from the new joint venture entity, Adventity already has signed up more than 12 clients in the region.

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