Noor Islamic Bank and Emirates Post Holding Group will set up a company that will offer banking services to the low income segment of the UAE population.

The new venture will develop specific products and services to cater to the needs of the low income group.

The company will provide Sharia-compliant financial services, targeted at the low income and unbanked sectors of the population.  It will leverage Noor Islamic Bank’s expertise in the provision of Sharia-compliant financial services and Emirates Post’s country-wide reach and brand reputation to offer a comprehensive basket of financial services.

Announcing the launch at a press conference, Abdulla Al Daboos, president of Emirates Post Holding Group, said: “The creation of the joint venture is in line with our vision of expanding into financial services, following the establishment of the holding group through Federal Law No. 14, 2007. We have selected Noor Islamic Bank to be our partner because of its unique ability to develop innovative, bespoke Sharia-compliant banking solutions for the target market.”

“This is just one of the many new ventures envisioned by Emirates Post Holding Group, as we pursue our goal of becoming a major player in the field of financial services,” Al Daboos added.

Launched two weeks ago, Noor Islamic Bank has already established strategic partnerships with public sector institutions as well as the private sector. It is fast developing a reputation for being a modern, innovative and progressive Islamic financial institution, reflecting the core values of the UAE.

Hussain Al Qemzi, group CEO, Noor Islamic Bank, said: “Noor is firmly committed to supporting UAE’s strategic goals and this initiative is in keeping with the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum.

The proposed activities of the joint venture will include debit cards, Islamic insurance, credit cards, micro-financing, salary payments, remittances and currency exchange.