Noor Islamic improves balance sheet |
|
Network this!
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
Comment on this article 
Loading ...-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
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. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Loading ...
from issuers in both public and private sectors. It is not an e-tendering service and is entirely FREE.
As an Issuer, you can benefit from posting an unlimited number of Tender
Notices for FREE and reaching out to an online community of bidders.
The service also offers you a tool to track the interest of bidders to your
tenders 'live' online.
| Financial Services Tenders | Due Date |
Stories
Companies
| Company Name | Country | Industry |
| Consolidated Contractors Company | Overseas | Construction and Design |
| Saudi Binladin Group | Saudi Arabia | Construction and Design |
| Saudi Electricity Company | Saudi Arabia | Electric Utilities |
| Saudi Telecom | Saudi Arabia | Telecommunications Services |
| Emirates Telecommunications Corporation | UAE | Telecommunications Services |
| Sharjah Electricity and Water Authority | UAE | Electric Utilities |
| Al Azizia Panda United Company | Saudi Arabia | General Retailers |
| Hyundai Engineering and Construction Company - Saudi Arabia | Saudi Arabia | Construction and Design |
| National Commercial Bank | Saudi Arabia | Banking |
| Commercial International Bank (Egypt) | Egypt | Banking |
Projects
| Project Name | Country | Sector |
| Takreer - Ruwais Refinery Expansion | UAE | Oil and Gas |
| Al Futtaim Carillion - Marina Hotel (Yas Island) | UAE | Real Estate |
| Emirates Aluminium (EMAL) - Smelter Complex - Phase 1 | UAE | Industry |
| Abu Dhabi DOT - Abu Dhabi Metro | UAE | Infrastructure |
| SATORP - Jubail Refinery and Petrochemical Complex | Saudi Arabia | Oil and Gas |
| ENEC - Nuclear Power Plant | UAE | Power and Water |
| Dubai RTA - Dubai Metro | UAE | Infrastructure |
| Al Safwa - Jeddah Cement Plant | Saudi Arabia | Industry |
| Qatar Bahrain Causeway Foundation - Qatar Bahrain Causeway | Qatar | Infrastructure |
| Qatar Bahrain Causeway Foundation - Qatar Bahrain Causeway | Bahrain | Infrastructure |