Emirates Post and Noor Islamic Bank sign MOU to Offer Financial Services for Low Income Segment
Noor Islamic Bank PJSC (“Noor”) and Emirates Post Holding Group have signed a Memorandum of Understanding (MoU) to establish a company that will offer banking services to the low income segment of the UAE population.
The new venture is in line with recent Federal Government initiatives aimed at the low income segment, and will develop specific products and services to cater to their needs.
The company will provide Sharia-compliant financial services, targeted at the low income and unbanked sectors of the population. It will leverage Noor Islamic Bank’s expertise in the provision of Sharia-compliant financial services and Emirates Post’s country-wide reach and brand reputation to offer a comprehensive basket of financial services.
Launched two weeks ago, Noor Islamic Bank has already established strategic partnerships with public sector institutions as well as the private sector. It is fast developing a reputation for being a modern, innovative and progressive Islamic financial institution, reflecting the core values of the UAE.
The proposed activities of the joint venture will include debit cards, Islamic insurance, credit cards, micro-financing, salary payments, remittances and currency exchange.
Noor Islamic Bank PJSC (“Noor”) and Emirates Post Holding Group have signed a Memorandum of Understanding (MoU) to establish a company that will offer banking services to the low income segment of the UAE population.
The new venture is in line with recent Federal Government initiatives aimed at the low income segment, and will develop specific products and services to cater to their needs.
The company will provide Sharia-compliant financial services, targeted at the low income and unbanked sectors of the population. It will leverage Noor Islamic Bank’s expertise in the provision of Sharia-compliant financial services and Emirates Post’s country-wide reach and brand reputation to offer a comprehensive basket of financial services.
Launched two weeks ago, Noor Islamic Bank has already established strategic partnerships with public sector institutions as well as the private sector. It is fast developing a reputation for being a modern, innovative and progressive Islamic financial institution, reflecting the core values of the UAE.
The proposed activities of the joint venture will include debit cards, Islamic insurance, credit cards, micro-financing, salary payments, remittances and currency exchange.
About Noor Islamic Bank
Founded in 2006 in Dubai, Noor Islamic Bank stands as a global icon, transforming the offering and experience of modern Islamic banking to meet the needs of today’s consumers. A full service bank, Noor Islamic Bank delivers the broadest range of products for its consumers, with an emphasis on unique and personalised services. Noor Islamic Bank’s products and services are governed by a Shari’ah Board, comprising leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters.
