Dubai: Noor Wealth, a wealth management proposition by Noor Bank tailored to meet the personal and business financial needs of high-net-worth individuals (HNWIs), is a key pillar of the bank’s new retail growth strategy.

Prior to the launch of Noor Wealth, the bank had a priority banking offer. But the new wealth management proposition will offer the right kind of product mix to meet an HNWI’s banking, wealth management and investment needs.

“The new wealth offer ranges from products to advisory propositions to meet the risk/return objectives of customers, providing a much more holistic solution,” said Mufazzal Kajiji, head of Retail Banking, Noor Bank.

In the wealth offering, the bank has a Sharia-compliant platform that pretty much matches the offerings of conventional banks. Noor Wealth is targeting customers with a minimum of $100,000 (Dh367,300) of assets under management or a minimum salary of Dh50,000.

The bank has a team of certified financial advisers.

“We focus a great deal on risk management. Offering to customers will be based on individual risk appetite. Right now, the bank has more than 70 relationship managers to help build client investment portfolios based on their wealth management goals,” said Kajiji.

While the bank is among the 10 largest distributors of mutual funds in the GCC, it also offers access to fixed-income products through its sukuk platform and Islamic structured products.

Noor Wealth customers are also offered global physical real estate services, which are offered in collaboration with Knight Frank. Wealth customers that are looking to invest in properties overseas are assisted by Knight Frank on a referral basis.

The bank’s offshore wealth managers for selected countries in Africa, Asia and Europe travel to meet customers overseas. Noor Wealth currently serves clients from 10 countries and is in the process of expanding to more, Kajiji said.

Art foray

Leveraging on HNWIs’ interest in art, Noor Art, part of Noor Wealth, offers exclusive artworks from renowned local and international artists as investment options.

“We know that today’s high-net-worth individuals are looking for something beyond the traditional investment products. They are looking to invest in art. Also, from a CSR [corporate social responsibility] perspective, many wealthy are looking to do socially responsible investing,” said Kajiji.

Noor Art Galleries have been set up at Noor Bank’s Shaikh Zayed Road and at The Dubai Mall branches. Additionally, the bank has tied up with Mawaheb from Beautiful People, an organisation that supports people of determination who are into art.

SME’s to remain in focus

Small and medium-sized enterprises (SMEs) will remain an important focus of Noor Bank in its revamped business strategy, according to Mufazzal Kajiji, head of Retail Banking at Noor Bank.

“For our SME customers, we recently launched a new app called the Noor Trade Biz Accelerator, which offers a complete ecosystem of banking products and business partner portfolios,” he said.

The mobile app provides access to information on financial products and discounted services offered by a range of business partners for day-to-day business needs. Moreover, it allows customers to earn and avail reward points on a gamut of online transaction services.

The Noor Trade Biz Accelerator also offers users access to the latest reports and updates on market and industry trends, allowing them to keep track of important developments that could affect their businesses or investments.

It is also linked to the Noor Business Council, a thought leadership platform designed to identify and implement actionable solutions to day-to-day challenges impacting SME clients.