In the ever-evolving financial ecosystem of the UAE, one name stood out for its bold ambition and modern Islamic banking ethos: Noor Bank. Established in 2008 during a time of rapid economic growth, Noor Bank quickly gained recognition for redefining Sharia-compliant banking with innovation, inclusivity, and digital-first strategies.

While Noor Bank has since merged with Dubai Islamic Bank (DIB) — creating a powerhouse in global Islamic finance — its legacy remains foundational in the narrative of UAE’s financial modernization.

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A Bold Entry: Founding of Noor Bank

When Sheikh Mohammed bin Rashid Al Maktoum inaugurated Noor Bank (originally Noor Islamic Bank) in January 2008, it wasn’t just another financial institution—it was a visionary move to place the UAE at the helm of Islamic finance innovation.

Unlike traditional banks, Noor Bank operated entirely under Shari’a principles, ensuring all services—from personal and corporate banking to Takaful (Islamic insurance)—aligned with Islamic jurisprudence. Oversight came from a respected Shari’a Board, composed of internationally renowned scholars in Islamic law and finance.

📍 Headquarters: Emaar Square, Downtown Dubai
📦 Former Name: Noor Islamic Bank
📆 Established: 2008

Trailblazing Growth and Innovation

In just its first year, Noor Bank was already setting benchmarks. In May 2008, it launched the UAE’s first 24/7 banking branch, followed shortly by a second at Dubai International Airport. This customer-centric approach demonstrated its intent to be more than just a bank—it aimed to become an essential lifestyle enabler.

By 2018, Noor Bank had grown to become the 11th largest bank in the UAE by asset size. It had established a wide footprint with branches across Dubai, Abu Dhabi, Sharjah, and Al Ain, catering to a diverse clientele with needs ranging from personal banking to wealth management and SME financing.

Strategic Partnerships and Milestones

Noor Bank’s rise was marked by several high-impact milestones:

2009: Posted a net profit of $139 million, signaling financial stability during the global recession.
2013: Launched Noor Trade, a dedicated arm to serve Small and Medium Enterprises (SMEs) through Business Banking and Emerging Corporates divisions.
2013: Partnered with Emaar Properties to offer mortgages to non-UAE residents, opening up homeownership opportunities for expatriates.
2014: Rebranded from “Noor Islamic Bank” to simply “Noor Bank”, reflecting a broader, more inclusive brand identity.

The institution consistently embraced technology, as seen in its collaboration with Avanza Solutions, which powered the bank’s digital infrastructure through solutions like Rendezvous middleware and e-Statement systems.

Leadership and Governance

Under the chairmanship of Sheikh Ahmed Bin Mohammad Bin Rashid Al Maktoum and with board members like Sultan Ahmed bin Sulayem, Noor Bank maintained robust governance and strategic foresight. These leaders played a critical role in aligning Noor’s operations with both local economic goals and global Islamic finance standards.

The Merger: Noor Bank Joins Dubai Islamic Bank

In December 2019, Noor Bank officially became part of Dubai Islamic Bank, the world’s first Islamic bank and one of the largest today.

This acquisition wasn’t just a financial transaction—it was a strategic consolidation to strengthen Dubai’s position as a global Islamic finance hub. The newly combined entity created a bank with increased scale, capability, and international reach, enabling deeper economic engagement with markets across the Far East, South Asia, and East Africa.

The integration aligned with the UAE’s national vision to fortify financial resilience and innovation across its banking sector.

“The merger marks a new era of opportunity and excellence in Islamic banking,” stated DIB leadership in their shareholder communications.

Noor Bank’s Lasting Impact on Islamic Banking

While Noor Bank no longer operates as a standalone institution, its imprint is still visible in:

Digital transformation initiatives now adopted by DIB
Shari’a-compliant product design that set industry benchmarks
Inclusive banking models that empowered SMEs and non-UAE nationals
Round-the-clock accessibility, which has become standard across the sector

For many UAE residents and businesses, Noor Bank was a pioneering force, and its values live on in the combined operations of Dubai Islamic Bank.

Frequently Asked Questions About Noor Bank

Who is the owner of Noor Bank?

Noor Bank was previously owned by Noor Investment Group LLC. As of January 2020, it was fully acquired by Dubai Islamic Bank, which now manages all former Noor Bank operations and services.

What is the new name of Noor Bank?

Following the merger in December 2019, Noor Bank ceased to exist as an independent entity. Its operations are now fully integrated under the name Dubai Islamic Bank (DIB).

❓ What was the minimum salary required for a Noor Bank credit card?

Before the merger, Noor Bank typically required a minimum salary of AED 5,000–8,000 for its credit card applicants. For updated credit card eligibility, customers should now refer to DIB’s current offerings.

Which Pakistani bank operates internationally?

Several Pakistani banks offer international services, but Habib Bank Limited (HBL) and United Bank Limited (UBL) are among the most recognized for their global presence, including branches in the UAE and other Gulf countries.

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Final Thoughts

Noor Bank may no longer appear on the high-rise skyline of Dubai, but its impact resonates through the systems, values, and innovations that now shape Dubai Islamic Bank’s operations. As the UAE continues to evolve as a nucleus of Islamic finance, Noor Bank’s story serves as a testament to visionary leadership, technological foresight, and customer-centric banking.

For those navigating the UAE’s financial landscape, the legacy of Noor Bank is more than history—it’s a blueprint for the future.

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Safna

Safna is a full-time writer at TheDubaiWeb.com, where she covers the latest finance news and trending topics across the UAE. With over 10 years of experience living in the UAE, she brings local insight and a deep understanding of the region to her reporting.