UAE: Ajman University (AU) and Noor Bank, as part of their social responsibility towards indigent students, and in a bid to promote Islamic banking and finance industry, have launched the first of its kind waqf (endowment) initiative in the UAE with a capital base of Dh3.2 million—by utilising the funds Noor Bank manages in its fiduciary capacity.
The move followed a landmark agreement signed between both parties to establish the Noor Fund for Educational Solidarity (Noor Fund), that provides, in perpetuity, an endowed professorship and four scholarships in Islamic Banking and Finance (IBF) at the College of Business Administration of AU.
He added, “By matching the investment returns earmarked for scholarships, Ajman University will double the yearly amount of funding available to qualifying students from the College of Business Administration.”
The Noor Fund supports the vision of His Highness Sheikh Humaid bin Rashid Al Nuaimi, Member of the Supreme Council, Ruler of Ajman, and Chairman of Ajman University’s Board of Trustees, as well as the mission and strategic goals of the institution, Dr Seghir underlined.
“AU will continue to fulfill its mission to meet the needs of students, alumni, employers, and society through quality education, scholarship and community engagement.”
On behalf of AU and all future beneficiaries of the Noor Fund, Dr. Seghir expressed deep appreciation to Noor Bank and the efforts of Dr. Adnan Aziz, Head of Shari’ah for having conceived the idea together with AU and leading the team work in making it happen.
John Iossifidis, Chief Executive Officer of Noor Bank, said: “Education is the foundation on which our future is built. To this end, it is absolutely essential that students have access to world-class education and these scholarships and the professorship are our way of reinforcing that very foundation.”
“With this Fund, our hope is that we can attract top talents, who are passionate about Islamic banking and finance, and provide them with the right opportunities to create new frontiers in this thriving industry.”
Dr Adnan Aziz said Noor Bank has once again demonstrated that it does everything it can to live the values it believes in. “Noor Bank is presumably the first bank offering Islamic financial services in the UAE to have setup an endowment to promote and build talent/research in the field of IBF, using part of the funds it manages in its fiduciary capacity on behalf of its customers and shareholders.”
About Ajman University
Founded in 1988 as the first private institution of higher education in the GCC, Ajman University is now being recognized as an emerging leader on the global academic map. The 2020 QS World University Rankings lists AU in the top 800 universities globally and among the top 10 worldwide for international students and faculty. Ajman University holds Five QS Stars in three ratings categories – social responsibility, inclusiveness and learning environment.
For enquiries on Ajman University, please contact
Abdullah El Shazly
Executive Director, Office of Development, AU
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.
For media enquiries on Noor Bank, please contact:
Leah Majorie Banda
Mobile: +971 55 965 3647
© Press Release 2019