Noor Bank, one of the leading Shari’a compliant banks in the UAE, has been named as the ‘Most Innovative Institution’ by the prestigious New York-headquartered Global Finance magazine in its 2015 awards of the World’s Best Islamic Financial Institutions.
Commenting on the win, Hussain Al Qemzi, CEO, Noor Bank said: “Noor Bank is honoured to win this title along with other top performing global Islamic financial institutions. This award is particularly significant in a year when the UAE celebrates innovation across all sectors of the economy.
“As we advance into a more digital space, it becomes even more important for us to identify and integrate more convenient solutions for the consumer. Such international recognitions confirm the resilience of Noor Bank’s commitment in providing best in class innovative services to customers towards enhancing their overall banking experience.”
Joseph D. Giarraputo, Publisher and Editorial Director of Global Finance said, “This award recognizes the work Noor Bank has done with SME’s, particularly around their working capital needs – a market segment that is often overlooked by banks. Noor has developed working capital solutions for SME’s that are Shari’a compliant.”
The win underlines Noor Bank’s success in offering a wide range of Shari’a compliant services to trade customers through its specialized division, Noor Trade. Since inception, Noor Trade has been one of the fastest growing business segments in the bank.
The Global Finance magazine’s annual awards are widely regarded as a benchmark of excellence for the finance industry. The winners were selected by the magazine’s editorial team following extensive consultations with bankers, corporate finance executives and analysts throughout the world.
The top Islamic financial institutions were judged according to criteria that included growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Reputation of the institution, customer satisfaction, and the opinions of analysts and industry stakeholders were also factored in to determine the ultimate winners.