Dubai: 6 July, 2009 - Noor Islamic BankNoor Islamic Bank PJSC today announced it continues to operate from a position of strength and is well capitalized to fund its future growth and expansion plans.

The bank also announced its shareholders and board of directors had approved the proposed conversion of the 2008 UAE Government - Ministry of Finance deposits into Tier-2 Capital to further strengthen the bank's balance sheet.

The conversion option was offered to all UAE banks as part of the Ministry of Finance's original AED50 billion deposit injection and does not result in any issuance of equity shares to the Ministry of Finance.

The bank will achieve a capital adequacy ratio (CAR) in excess of 20 per cent, up from 15.92 per cent as reported on 31 December 2008, and well above the current minimum UAE Central Bank requirement of 10 per cent.

Tier-1 capital includes equity capital and disclosed reserves, while Tier-2 capital refers to secondary capital that includes undisclosed reserves, general loss reserves, and subordinated term debt.

Hussain Al Qemzi, Group CEO, Noor Islamic BankNoor Islamic Bank, said: "For the past 18 months, Noor Islamic BankNoor Islamic Bank has leveraged its reputation for delivering on its commitments. The strong first year helped us establish our business and demonstrated our capability as a significant contributor to the region's banking sector.

"The conversion of government deposits into Tier-2 capital places the bank in a strong position to weather the challenging economic environment. With our capital adequacy ratio more than double the minimum Central Bank requirement, we are well poised to continue further expansion and investment within the UAE. We are also able to deploy our capital to good use by taking advantage of favourable market conditions for reasonable and attractive growth opportunities internationally."

Noor Islamic BankNoor Islamic Bank posted a net profit of AED511 million on completing its first year of operations. Total assets reached AED21.8 billion and total deposits touched AED12.4 billion for the year ended 31 December, 2008.

Launched in January 2008, Noor Islamic BankNoor Islamic Bank has earned a solid reputation for performance, premium service and customer care. As one of its core priorities, it has augmented its electronic banking network to cover more than 84 ATMs and 16 locations across the UAE.

In addition, the Bank also provides round-the-clock accessibility and convenience to its clients through a 24x7 branch, self service facilities of Internet banking, phone banking, SMS, as well as electronic cash and cheque deposit services.

-Ends-

About Noor Islamic Bank
Established in 2007 in Dubai, a full service bank, Noor Islamic BankNoor Islamic Bank delivers the broadest range of products for its customers, with an emphasis on unique and personalized services. Noor Islamic BankNoor Islamic Bank's products and services are governed by a Sharia'a Board, comprising leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters. Noor Islamic BankNoor Islamic Bank has 16 locations across the UAE in the Emirates of Abu Dhabi, Dubai, Sharjah, and an overseas representative office in Tunis. For further details, please visit: www.noorbank.com or call 800NOOR(6667).

For media enquiries, please contact:
Maliha Aqeel
Account Manager, Finance Practice
Jiwin Public Relations
Tel: +9714 3613598
Mob: +97150 6331976
Email: maliha.aqeel@jiwin.ae

Burgess Baria
Senior Account Executive, Finance Practice
Jiwin Public Relations
Tel: +9714 3642199
Mobile: +97150 6961987
Email: burgess.baria@jiwin.ae

Corporate Communications
Noor Islamic Bank
Email: mediarelations@noorbank.com

© Press Release 2009

 

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