Business | Banking
Noor Islamic Bank, partners establish first Islamic bank in the Maldives
Noor Islamic Bank PJSC announced on Tuesday that it has entered into a joint venture to establish the first Islamic bank in the Republic of the Maldives.
- Staff Report
- Published: 13:19 July 22, 2008
Dubai/Maldives:Noor Islamic Bank PJSC announced on Tuesday that it has entered into a joint venture to establish the first Islamic bank in the Republic of the Maldives.
The new entity, to be named Noor Maldives Islamic Bank, will be a joint venture between Noor Islamic Bank, the Ministry of Finance and Treasury of the Republic of Maldives and the Investment Corporation for Development of the Private Sector, an affiliate of the Islamic Development Bank.
The agreement marks Noor Islamic Bank's second international expansion initiative in rapid succession, following its establishment of an overseas representative office in Tunisia last month.
The bank's vision is to be the leading global Islamic bank and it aims to establish its presence on three continents over the next five years.
Commenting on the occasion, Hussain Al Qemzi, CEO, Noor Islamic Bank said: "This landmark agreement marks an important phase in the development of Noor Islamic Bank, taking its value proposition beyond domestic borders. With its largely Muslim domestic population, Maldives provides attractive growth opportunities for Islamic banking and for Noor."
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