Dubai: Noor Islamic Bank dropped ‘Islamic’ from its name on Tuesday to become Noor Bank, making it the latest rebranded UAE-based finance institution.
The change, which was launched at press conference in Dubai, follows the likes of Emirates Islamic, Abu Dhabi Commercial Bank (ADCB), and National Bank of Abu Dhabi (NBAD), who recently launched or announced plans to rebrand at least part of their operations.
Hussain Al Qamzi, Chief Executive Officer of Noor Bank, said the name change is an important part of the bank’s evolution, but does not mean the Sharia-compliant bank is stepping away from Islamic banking. “Now is the time for us to transition to the next growth stage of the Noor brand,” he said.
The new logo will also appear on its sister companies including Noor Takaful, Noor Trade and Noor Awqaf.
Al Qamzi, who is also Group CEO of Noor Investment Group, said Noor Bank will play an important role in shaping Islamic financing in Dubai and the UAE. “We see Noor Bank as the catalyst that puts Dubai at the heart of Islamic finance,” he said.
The move, which Al Qamzi admitted may help in acquiring new customers, is about developing an identifiable brand. It does not come with a new strategy or mission statement and no products were launched. Instead, Al Qamzi said the bank will unveil new products later in the year.
It does, however, come with a new company slogan: “Noor Gets It Done,” which will be followed by an aggressive advertising campaign and the issuing of debit and credit cards featuring the new name. Meanwhile, the Metro station in Dubai that carries its name was rebranded on Monday night before the launch.
Dubai is currently campaigning to become the global hub of Islamic finance, where last month His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, issued a decree to set up the Dubai Islamic Economy Development Centre. The centre will be tasked with promoting Dubai to become the global capital of the Islamic economy along with conducting studies of its economic benefit.
