Noor Islamic Bank has topped the 2008 Bloomberg list of leading Sharia’a compliant lead arrangers in the UAE and ranked third on the list of leading Islamic finance Book Runners in the country in its first year of operation.

The ratings were based on the total volume of funds underwritten by 24 banking institutions in the UAE which provided Sharia’a-compliant finance to the business sector in 2008.

As the number one mandated lead arranger in Islamic finance, Noor Islamic Bank had arranged 10.4 per cent of the total financing in 2008. In addition, Noor Islamic Bank was ranked third by Bloomberg in the category of leading Islamic finance Book Runners, accounting for 10.9 percent of the total volume transacted.

“The highly impressive Bloomberg rankings signify the recognition of the inherent strength and capabilities of Noor Islamic Bank. These rankings assume even more significance, because these milestones were achieved in the very first year of operation, demonstrating our commitment to excel as a leading Islamic financial institution,” said CEO, Noor Islamic Bank, Hussain Al Qemzi.

Bloomberg’s operations include financial software, newswire and data services. The company also provides financial software tools such as analytics and equity trading platform, data services and news to financial companies and organisations around the world through its well-known Bloomberg Terminal. Bloomberg has grown to include a global news service, including television, radio, the Internet and publications. Its news service provides definitive coverage of companies, markets, industries, economies and governments.

With 11 full-fledged service branches, and two electronic banking service centers, Noor Islamic Bank offers a complete range of Sharia’a-compliant solutions. High net worth individuals have access to the exclusive Infinity lounge in most of Noor Islamic Bank branches.

In December 2008, Noor Islamic Bank also garnered top honors at the inaugural Dubai Holding Awards in the categories of ‘Best Launch of 2008’, ‘Best Use of Digital’ and ‘Best Consumer Insight & Understanding’.

Launched in January 2008, Noor Islamic Bank is on its way to becoming an international provider of Sharia’a compliant financial services and solutions, transforming the offering and experience of modern Islamic banking. – TradeArabia News Service