Noor Islamic Bank Launches Noor Trade Initiative to Service SME Sector
First dedicated Noor Trade branch starts operations in DMCC;
second dedicated branch to open in Deira
Dubai-UAE, May 28, 2013: Noor Islamic Bank (Noor) is targeting AED 5bn of lending to small and medium enterprises (SMEs) over the next five years with the launch of Noor Trade, an innovative, Shari’a compliant banking service specifically tailored for SMEs that contribute significantly to the UAE’s trade flows.
In support of its Noor Trade strategy, Noor has opened its first dedicated trade branch in Almas Tower, home of the Dubai Multi Commodities Centre (DMCC), in Jumeirah Lake Towers (JLT). A second similar branch is scheduled to open in Deira, in July.
Hussain AlQemzi, GCEO of Noor Investment Group and CEO of Noor Islamic Bank said: “We are seeing significant growth in the SME sector as the UAE economy continues to strengthen and SMEs’ appetite for risk increases.
“We intend to be a significant player in the SME and trade markets. We are committed to supporting government initiatives aimed at boosting business in the country and we are confident that Noor Trade will add a new dimension to the macro environment in which SMEs operate, thereby benefiting the national economy as a whole.”
Under the Noor Trade brand, clients will have access to fully Shari’a compliant financial services, including cash management, trade, and working capital solutions, along with consumer, treasury and takaful products packaged at preferential rates based on eligibility criteria.
Single window delivery and the broad range of packaged solutions that Noor offers differentiate it from the other banks in the market, particularly from the Islamic banks that do not have the high level of cash management and trade expertise that Noor has successfully developed and implemented.
Ehsaan Ahmed, Global Transaction Services and SME Head, at Noor, said: “By establishing dedicated trade branches we will be able to decentralise our service delivery and be closer to the customer. Both the DMCC and Deira branches will be easily accessible by the vibrant SME community, and position Noor to better respond to their growing needs for Shari’a compliant banking solutions.”
SMEs are backbone of Dubai’s economy. They make up 95 per cent of all businesses in Dubai; employ 42 per cent of the emirate’s workforce and account for 60% of the UAE’s GDP. According to one study, the local SME market will require more than UAE 6 billion of credit in 2013. That figure is forecast to increase by 5 to 10 per cent in 2014, if the UAE economy continues to grow at its current rate.
Noor Islamic Bank has partnered with DMCC for several initiatives that enable it to enhance service levels for customers, increase business volumes and introduce various innovative enhancements in the market. In addition, its alliance with the Department of Economic Development aims to support the SME sector development. Noor has also engaged with key technology vendors to support its front and back-end delivery platforms.