| 07 Jul 2009 |
|
Noor Islamic improves balance sheet
- Text size
Dubai: Noor Islamic BankNoor Islamic Bank
announced on Monday that its shareholders and board of directors had approved the proposed conversion of the 2008 Ministry of Finance deposits of the UAE Government 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 Dh50 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 December 31, 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."
By Staff Reporter
© Gulf News 2009
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
More News in Islamic Finance
Loading ...
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.