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Noor Islamic Bank Emerges Top UAE Lead Arranger for 2008

/ 6 February 2009

DUBAI - Noor Islamic Bank PJSC announced on Thursday it has topped the 2008 Bloomberg list of leading Shariah compliant Lead Arrangers in the UAE and ranked third on the list of leading Islamic finance Book Runners in the country in its first year of operation.

The ratings were based on the total volume of funds underwritten by 24 banking institutions in the UAE which provided Shariah-compliant finance to the business sector in 2008.

As the number one mandated Lead Arranger in Islamic finance, Noor Islamic Bank had arranged 10.4 per cent of the total financing in 2008. In addition, Noor Islamic Bank was ranked third by Bloomberg in the category of leading Islamic finance Book Runners, accounting for 10.9 per cent of the total volume transacted.

Hussain Al Qemzi, CEO of Noor Islamic Bank said, “The highly impressive Bloomberg rankings signify the recognition of the inherent strength and capabilities of Noor Islamic Bank. These rankings assume even more significance, because these milestones were achieved in the very first year of operation, demonstrating our commitment to excel as a leading Islamic financial institution.”

Bloomberg’s operations include financial software, newswire and data services.

The company also provides financial software tools such as analytics and equity trading platform, data services and news to financial companies and organisations around the world through its well known Bloomberg Terminal.

·         business@khaleejtimes.com

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