Dubai-UAE: Noor Bank, a leading Shari’ah-compliant bank in the UAE, has announced a strategic partnership with ICICI Bank Limited, India that allows customers to make instant money transfers to India from anywhere in the UAE.
Aimed at offering added flexibility and convenience to personal banking customers, the service enables transfers within 60 seconds through the Noor Bank online portal and mobile banking app.
Mufazzal Kajiji, Head of Retail Banking at Noor Bank, said: “Remittances remain a key source of sustenance for millions of families around the world. In this context, our partnership with ICICI Bank Limited, India assumes significance in providing our customers with fast and efficient services to meet their needs in the UAE and back home.”
He added: “The banking space today is a dynamic one – and Noor Bank’s commitment to delivering outstanding customer experiences has resulted in several productive alliances as well as the creation of innovative digital products and services. The latest addition to our service portfolio enhances the ease of making planned and emergency transfers for our account holders.”
Vikash Sharma, Regional Head - Middle East and Africa, ICICI Bank Limited, said: “We are happy to partner with Noor Bank to help its customers transfer money to India with the highest level of ease and convenience. We believe that this facility will elevate user experience and further boost remittances to India.”
According to reports by the World Bank, India is the world’s top recipient of remittances, with overseas Indians having sent a total of US$79 billion back home in 2018. Notably, the country received AED13.6 billion through exchange houses and banks in the UAE in Q4 2018.
In the next few months, Noor Bank seeks to extend its instant remittance services to other countries in the subcontinent.
About Noor Bank
Noor Bank began operations, in Dubai, in 2008, as an Islamic financial institution. It is a full-service bank delivering the broadest range of products for its customers, with an emphasis on unique and personalised service. Noor Bank is governed by the Internal Shari’ah Supervision Committee, with extensive experience and expertise in Islamic legal, financial and banking matters. Noor Bank is rated “A-” IDR with a stable outlook by Fitch Ratings. The corporate shareholders of the Bank are The Office of the Crown Prince of Dubai (25.73%), the Investment Corporation of Dubai (22.71%) and the Emirates Investment Authority (4.7%). The remaining shares are beneficially held by individuals who each own less than 5% of Noor Bank. For further details, please visit: www.noorbank.com or call 800 6667.
About ICICI Bank:
ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s consolidated total assets stood at Rs. 1,238,794 crore at March 31, 2019. ICICI Bank's subsidiaries include India's leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms. It is present across 15 countries, including India.
For media enquiries on Noor Bank, please contact:
Leah Majorie Banda
Noor Bank
Email: Leah.Banda@noorbank.com
Susan Shoury
APCO Worldwide
Mobile: +971 55 965 3647
Email: sshoury@apcoworldwide.com
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