UK-based The Banker magazine has named Noor Bank the fastest growing Islamic commercial bank in the GCC for 2013 on the basis of pre-tax profit growth. Noor’s success in registering 237.97% in pre-tax profit growth in the past year placed it 171.7% ahead of its closest contender.
In addition, Noor’s achievement of recording an increase of 28.94% in assets in 2013 over the previous year has also earned a third place ranking from The Banker for sharia-compliant asset growth among commercial banks in the UAE.
Hussain Al Qemzi, CEO of Noor Bank, said: “Noor Bank has performed strongly this year too and we are on track to deliver robust growth at year end.”
The Banker’s credible and carefully researched database is an established industry benchmark, and includes financial disclosures and detailed data from various banks, as well as information collated through independent research.
Al Qemzi said: “Our recognition from The Banker reiterates our vision to become one of the leading financial institutions in the region. We continue to focus on quality-driven asset growth and other innovative ways to accelerate our overall bottom line. We would like to assure our customers that Noor Bank will continue to introduce enhanced product offerings organically to better serve their evolving needs.”
Since its launch in 2008, Noor Bank has gained a reputation for offering innovative and client-focused banking products and services. On the wholesale side, the bank is active in catering to the rapidly growing demand for Islamic finance in trade and infrastructure sectors. The consumer financing segment of Noor Bank offers cross border real estate solutions that enables non-residents to buy property in the UAE, the only local Islamic bank to do so.