Noor Bank Wins ‘Innovator in Islamic Finance’ Award From Global Finance Magazine

Press release

Published September 4th, 2017 - 05:59 GMT

Noor Bank

Noor Bank, a leading Shari’a-compliant bank in the UAE, has won the Innovator in Islamic Finance 2017 award in the Process Innovation category from the New York-based Global Financemagazine.

The award recognised the bank’s single-risk credit insurance structured finance solution for large corporate relationships.

Speaking about the win, Ehsaan Ahmed, Head of GTS and Corporate Strategy of Noor Bank, said: “We are pleased to gain recognition for this structured Islamic trade finance solution, which demonstrates our expertise in developing innovative transaction banking solutions to address working capital requirements of our corporate clients.”

He added: “This solution enables the bank to offer financing facilities to large corporates under an enhanced risk mitigation structure. It is a testament of our successful collaboration with international trade credit insurance brokers and Lloyds UK underwriting market to offer this solution that is relatively new to the UAE market.”

Widely regarded as a benchmark of excellence for the finance industry, the annual Global Finance awards follow a rigorous judging process, wherein the magazine’s board evaluates leading banks and providers of financial services around the world. The board conducts extensive research on each nominee and consults an independent panel of experts while referencing the Organisation for Economic Co-operation and Development (OECD)’s Oslo Manual of Innovation.

Notably, the Innovator in Islamic Finance award recognises organisations that excel in implementing product and process innovation in their customer and employee offerings and enables them to maximise the value of these offerings as a result.

Background Information

Noor Bank

Noor Bank (formerly Noor Islamic Bank) was established in January 2008, in Dubai - United Arab Emirates.

Among the youngest banks in the country, Noor Bank has achieved significant growth in the past 10 years. Today, in 2018, as we continue to grow, we are ranked the 11th largest bank in the UAE in terms of asset size.

Noor Bank is a full-service Shari’a-compliant bank, offering a comprehensive range of products and services - in corporate and personal banking, wealth management, Takaful (Islamic insurance), treasury and trading. We have a presence across the country, at multiple locations in Abu Dhabi, Dubai, Sharjah and Al Ain.