Noor Islamic bank was established in 2008 in Dubai, United Arab Emirates. The bank, which is one of the youngest banks of Dubai, is owned 94.9% by Noor Investment Group, 5% by Emirates Investment Authority and 0.1% by individuals and corporations in the UAE. Though founded in the middle of a financial crisis, Noor Islamic Bank has proved to be successful and has 20 branches and about 100 ATMs in all the big cities of the United Arab Emirates. Apart from simply being a bank, it also has a very developed insurance company known as Takaful, which deals with a variety of insurance types. In addition the bank offers home, auto and personal finance services such as personal loans, credit cards, current accounts, advantage accounts, normal accounts and savings accounts, online, mobile and SMS banking services.
Most of the ATMs of the Noor Islamic Bank are very slow, if what its customers’ complaints are to be believed. The machines are also said to be constantly out of service, something the bank has greatly overlooked. Such inconveniences to customers are unnecessary and uncalled for, especially for a financial institution which is rebranding so as to attract the international market. This has made so many people to opt for other banking institutions whose ATM services are faster. The reason why ATMs were introduced within the banking sector was because they would offer convenient means of money withdrawal. Therefore, a bank whose ATMs do not live to this expectation is as good as nothing.
The rolling out of the attractive Shariah-compliant home finance solutions by the bank for off-plan properties to non-UAE residents as well as to potential investors from anywhere in the world is just one among the best moves Noor Islamic Bank has made, and which has really resonated well with its customers. In fact this service has made it the only bank in the region to offer financing options to off-plan projects. This is a service that any investor who seeks a second home in the UAE say is the most rewarding service any bank could offer its customers.