Deal to Benefit RAK Small and Medium Businesses

Dubai: 17 May, 2008 - Noor Islamic Bank PJSC (NIB) and the Ras Al Khaimah Chamber of Commerce and Industry have signed a Memorandum of Understanding (MoU) to forge strategic partnership that will offer Shari'ah-compliant services to foster the growth of small and medium enterprises (SMEs).

Under the terms of the agreement, the bank will provide members of RAK Chamber with specific Islamic financial solutions such as working capital, cash flow management, business analysis, strategic and operational support, as well as reviewing and validating assumption for business plans.

Hussain Al Qemzi, Group CEO of Noor Islamic Bank, said: "We are delighted to partner with RAK Chamber of Commerce and Industry, as it gives us an opportunity to extend our services to a larger number of small and medium enterprises in the UAE through our fast growing network.

"By offering easy finance that complies with Shari'ah principles to new business start-ups, we will be assisting members of the RAK Chamber in indentifying business opportunities. Our expanding operations will also assist businesses in strengthening other economic activities, thereby fostering the overall growth of the emirate."

In its efforts to spur economic growth in the emirate and attract investments, the RAK Chamber of Commerce and Industry offers several incentives for small and medium businesses to expand their operations.

The RAK Chamber is empowered to strike deals, sign memorandums of understanding and cooperate with Arab and overseas chambers of commerce, as well as enter into agreements with foreign countries to set up permanent facilities in the emirate under its supervision.

Yusuf Obaid Al Nuaimi, Chairman of RAK Chamber of Commerce and Industry, said: "Our strategic alliance with the rapidly growing Noor Islamic Bank will be fundamental to the growth of our members' businesses, especially through Islamic financial solutions. RAK Chamber will promote Noor Islamic Bank as a preferred financial services provider to members and users, particularly the small and medium enterprises, in laying the foundations for a stronger economic growth in the emirate. It is our first alliance with a bank and we look forward to this promising opportunity."

Noor Islamic Bank is a fully Shari'ah-compliant bank, with an emphasis on quality and personalised service. It offers total relationship management, providing customised solutions for retail and corporate customers, as well as small and medium enterprises.

Launched in January, 2008, Noor Islamic Bank is well on its way to becoming a global icon, transforming the offering and experience of modern Islamic banking while catering to the needs of discerning consumers.

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About Noor Islamic Bank
Founded in 2006 in Dubai, Noor Islamic Bank stands as a global icon, transforming the offering and experience of modern Islamic banking to meet the needs of today's consumers. A full service bank, Noor Islamic Bank delivers the broadest range of products for its consumers, with an emphasis on unique and personalised services. Noor Islamic Bank's products and services are governed by a Shari'ah Board, comprising leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters. Noor Islamic Bank has 10 branches across the UAE in Abu Dhabi, Al Ain, Dubai and Sharjah. Please visit: www.noorbank.com

For more information, please contact:
Ramy El Zein
Noor Islamic Bank
Tel: +9714 4268787
Email: ramy.elzein@noorbank.com

Diala Saadeh
Jiwin Public Relations
Exclusive Affiliate of Burson-Marsteller in the Middle East
Tel: +9714 3642199
Mob: +97150 4549895
Email: diala.saadeh@jiwin.ae

Maliha Aqeel
Jiwin Public Relations
Exclusive Affiliate of Burson-Marsteller in the Middle East
Tel: +9714 3613598
Mob: +97150 6331976
Email: maliha.aqeel@jiwin.ae

Press Release 2008