Noor Islamic Bank to outsource to India |
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Sharia'a-compliant firm with $1b capital to be operational in 2008 Noor Islamic BankNoor Islamic Bank
is set to become the first local bank from the UAE to outsource its full operations to India, according to informed sources. Noor Islamic BankNoor Islamic Bank with a paid-up capital of $1 billion is tipped to become the largest Islamic bank in the world. The founding promoters of the bank include Dubai HoldingDubai Holding, Dubai Government and a few other individuals and institutions.
The bank once operational, during the first quarter of next year, will have its entire operations, including call centre, credit processing and research outsourced to India, sources told The Business Weekly.
There are quite a number of institutions pitching in for these mandates from the Indian side. "On an average, a call centre staff is being paid about Dh4000 to Dh5000 per month. Outsourcing will bring down this price drastically and this will help reduce costs," said a banker.
According to banking experts, there will be a substantial cost reduction for the bank on this front. "This has become imperative in the present market conditions not only because of the cost factor, but also because of the skills crunch the UAE's financial services industry is experiencing currently," added another.
Noor Islamic BankNoor Islamic Bank is not the first bank to think along these lines. Sources said at least two foreign banks with major operations in the UAE are currently outsourcing their substantial operations to India.
With the products and services being almost the same, the only area where banks can compete and hope to win is on pricing and India stands to be the preferred destination on many counts.
Historically, UAE banks have been employing Indians on a very big scale. The time zone factor works in favour of India with the country being only 90 minutes ahead of UAE.
Another aspect that encourages outsourcing in the UAE is the rising cost of space in Dubai. "Banking enjoys a higher advantage in being outsourced due to the nature of the work involved. Most works such as credit processing and research are ideally suited for being outsourced," said a top official with Standard Chartered Bank.
Outsourcing could bring down the operational cost, and hence the cost to company (CTC), by 50 to 60 per cent, according to banking circles. Outsourcing is a booming business in India with lots of youngsters coming forward to specialize in call centres and other forms of business process outsourcing (BPO).By CL Jose
© The Business Weekly 2007
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Assalumualekum,
I am from india Delhi seeking $2500 loan it is poosible to get it accordig to Sharia.. Please advise or help me out reply n affu77@yahoo.com [Report Abuse | Email to a Friend | Reply to this Comment]
Dear sir,
we would like opening in india like islamik banking sector,
we thinking about the islamic bank means not only muslims
other religius also leading the our bank. Other think in India lot of poor muslims are here, if we want help them and without pay high intrest mony for the individual or like a partnership dealing with bank.
we are like comes like a good helpfull bank for specialy muslims and non muslims also.
best regads,
Haris Al Habeeb [Report Abuse | Email to a Friend | Reply to this Comment]
I understand that due to a drift in US & Europe market, NRI / Investors of other nations are pulling out their investment from US & Eurpoe market.
Islamic Bank does not mean an deposit / lending for Muslims. In fact in most of the Islamic banks, non muslim are in greater numbers as depositors or borrowers
By establishing an Islamic Bank in India, Noor is entering into a new line of business which is currently operated in small scale cooperative banks. [Report Abuse | Email to a Friend | Reply to this Comment]