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Sun, 08 Nov 2009 | 01:50 GMT
 

Noor Islamic improves balance sheet

Gulf News
 
 
07 July 2009
Dubai: Noor Islamic BankNoor Islamic BankLoading... 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 BankLoading..., said: "For the past 18 months, Noor Islamic BankNoor Islamic BankLoading... 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

 
 
 
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