Noor Bank

Summary

Noor Bank, formerly Noor Islamic Bank, was a full-service Shari'a-compliant bank established in Dubai in January 2008, whose products and services were governed by a Shari'a Board of scholars of law and finance. ¹

Course

Sheikh Mohammed bin Rashid Al Maktoum opened it to the public on 7 January 2008; it was a subsidiary of Noor Investment Group and a sister company of Noor Takaful. ¹ In May 2008 it launched the UAE's first round-the-clock branch, followed by one at Dubai Airport. ¹ It returned to operating profit in 2011 after a loss in the first half of 2010, and in 2013 partnered with Emaar to offer mortgages to non-residents. ¹ On 7 January 2014 it dropped "Islamic" from its name in a rebranding. ¹

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Dubai Islamic Bank formally acquired it in December 2019. ¹

References

English Wikipedia, "Noor Bank", revision 1359645503. ¹

Islamic banks and conventional banks — the difference, the doubts and the performance

The two 'Al-Wasatiyya' episodes on Islamic banks. In the first, 56% of the studio audience said they could not define riba, 79% that they knew nothing of the murabaha, mudaraba, tawarruq and salam contracts, and they split into thirds on whether Islamic banks are free of doubt; in the second, 65% chose to buy by murabaha from an Islamic bank, 57% thought abolishing riba impossible while the world economy runs on interest, and 49% judged Islamic banks' social role weaker. The guests agreed that conventional bank interest is riba and differed over the existing Islamic banks.

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Islamic banks and conventional banks — the difference, the doubts and the performance