Noor Bank Awarded as a Best Performing Bank in UAESource: www.export-egypt.com 12/6/2015, Location: Middle East |
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Noor Bank won the ‘Best Performing Bank – UAE’ award at the World Islamic Banking Conference, WIBC, Performance Awards 2015. Dr. Ahmed Aljanahi, Deputy CEO, Noor Bank, received the award at the WIBC, which was held in Manama, Bahrain.
The award reflects the bank’s strong performance throughout the year. As a leading Sharia compliant bank, Noor Bank witnessed a significant growth in balance sheet. Total assets increased by 34% to AED38.9 billion compared with AED29.0 billion at the end of 2014. The bank posted a net profit of AED451 million, marking an increase of 43% from the same period last year. Customer financing increased by AED5.5 billion during the first 9 months of 2015. While recording a growth in customer financing, the bank, which is rated "A-" IDR with a stable outlook by Fitch, has maintained one of the lowest advances to deposits ratio of 76% across UAE banking sector. Speaking on the win, Hussain Al Qemzi, CEO, Noor Bank, said, "We are pleased to receive this award, which mirrors our impressive performance across various businesses this year. The bank has improved its capabilities to offer some of the best products in the market while maintaining our Sharia compliant credence. This award sets the tone for a positive future at Noor Bank whilst we continue to pursue further success." Dr. Sayd Farook, Vice Chairman and CEO of Middle East Global Advisors, who organised the event, said, "We are delighted to announce that Noor Bank has surpassed all other Islamic financial institutions in the UAE, which speaks to the quality and dedication of the management team and their sincerity not only to perform well, but also do it on a sound and ethical basis. The WIBC Performance Awards are the most rigorous objective assessment and award in the Islamic finance industry based on a solid quantitative methodology." |
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