Dubai, UAE, May 24, 2016:   Noor Bank, a leading Shari’a compliant bank in the UAE, has bagged industry-specific awards from the prestigious Global Finance and Euromoney magazines. 

Noor Bank was named ‘Best Islamic Bank in the UAE’ and ‘Best Islamic Real Estate Provider’ by New York based Global Finance magazine for its annual World's Best Islamic Financial Institution Awards 2016. The wins acknowledge Noor Bank’s strong growth during 2015 and sustained emphasis on innovation. It also reflects the bank’s progress in the competitive Home Finance segment, in line with Noor Bank’s core values of innovation and customer centricity through its digital delivery, systems and processes. 

For its part, the Euromoney Awards for Innovation in Islamic Finance 2016 by Euromoney magazine, acknowledged Noor Bank’s significant role as a Lead Arranger in the Islamic Republic of Pakistan’s US$100 million Islamic structured club facility.

Speaking on the achievements, Hussain Al Qemzi, CEO, Noor Bank, said: “As a leading Shari’a compliant bank, we are honoured to be recognised by industry leading publications for our performance in these important segments. These awards validate our strategy in our core businesses and provide us with the impetus to continue providing innovative solutions and services to our customers.”

During 2015, Noor Bank’s Home Finance business registered significant growth in its acquisition, and market share, compared to the previous year. The growth was the result of a combination of initiatives; owing to simplification and automation of processes, effective utilisation of business sourcing channels for a widespread reach and deeper market penetration, enhancing and introducing innovative product offerings ranging from Commercial Property Finance, to flexi finance, to non-residents and off-plan financing. 

Noor Bank’s wins followed a rigorous review process by the editorial teams of the two magazines and included discussions with bankers, corporate finance executives and analysts throughout the world. The judging criteria included factors such as growth in assets, profitability, financial strength, innovation in products and much more.