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FINANCE

Noor Bank establishes Dh 3.2 mn Noor Fund to promote Islamic banking

Noor Bank establishes Dh 3.2 mn Noor Fund to promote Islamic banking

The fund was created in cooperation with Ajman University to benefit professorship and scholarships

Dubai’s Noor Bank recently launched the Noor Fund in cooperation with Ajman University to promote Islamic Banking and Finance studies in the UAE, media reports said. The Noor Fund is a part of the Wafq initiative with a capital base of Dh3.2 million. 

An agreement was signed between both parties to create Noor Fund for Educational Solidarity. The revenue from the Noor Fund will benefit  one professorship and four scholarships in Islamic Banking and Finance at  the College of Business Administration of Ajman University. 

John Iossifidis, the Chief Executive Officer of Noor Bank, said, “With this fund, our hope is that we can attract top talents, who are passionate about Islamic banking and finance and provide them with the right opportunities to create new frontiers in this thriving industry.”

The Noor Fund is in line with the vision of His Highness Sheikh Humaid bin Rashid Al Nuaimi, Member of the Supreme Council, Ruler of Ajman, and Chairman of Ajman University’s Board of Trustees, Dr AU Chancellor, Dr Karim Seghir said.

Ajman University is focused on meeting the needs of its students and employers through good education and scholarship.

Noor Bank is one of the leading Shariah-compliant banks in the UAE. The bank’s net profit reached Dh410 million in the first half of the year, with an increase of 29 percent from the same period last year. Its revenue rose seven percent in the first half of the year.

Iossifidis said the bank’s robust growth is attributed in the first half of the year is attributed to strong balance sheet and performance across its businesses.  “Our continued focus on digitisation, innovation and staying true to our mandate of delivering outstanding customer experiences has ensured these positive outcomes,” he said. 

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