Greater co-operation, rather than competition, was needed between the Islamic financial institutions in the Middle East to provide a real alternative to the conventional, international banks operating in the region, said an expert.
Dubai's Noor Islamic Bank ended business relationships with Iranian banks in December last year as a pre-emptive action in relation to US sanctions, Noor said in an email on Wednesday.
'When we became aware, in December 2011, that
Dubai-based Noor Islamic Bank has been forced by the US to cut off its banking business with Iran as part of wider US efforts to pressure Tehran over its nuclear programme, Reuters said.
A government official in the UAE and a source at th
The US Treasury Department has disrupted a Dubai-based banking operation that the United States believes was Iran's main conduit for evading international sanctions and processing oil sales, the Wall Street Journal reported.
It said t
Noor Islamic Bank (NIB) recorded a net operating profit of Dh207 million ($56.35 million) for the first six months of 2011, on a revenue base of Dh386 million.
Net profit for the period ending June 30 was Dh85 million. The bank remains ad
Dubai Group, part of a conglomerate owned by the emirate's ruler, is nearing a debt deal with its lenders and an agreement may be signed by the end of second-quarter, the head of one of its creditor banks said.
Financial services firm Duba
Noor Islamic Bank has no plans to merge with another financial institution, it said in a statement on Sunday, dismissing speculation it may tie up with troubled Islamic lender Amlak.
A newspaper report last week said the UAE government was
Noor Islamic Bank remains on track to break even by 2012 despite challenges in the banking sector due to Dubai World's financial woes and new worries over Dubai Holding, said Noor Islamic's chief executive.
The company has no exposure to D
Noor Islamic Bank, a leading bank in Dubai, has signed an agreement with C3 Card, a payroll service provider company to launch an innovative card based salary payment scheme.
With this, the corporate customers of Noor Islamic Bank can now
Dubai-based Noor Islamic Bank said today that it posted a net profit of Dh511 million ($138.85 million) for the year ended December 31, 2008, the first full year of its operation.
A bank statement said it was on a firm footing fo