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Noor Bank not interested in what London has to offer

Published: 08/01/2014 05:26:45 AM GMT
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Tuesday, Jan 07, 2014Dubai: Noor Bank , formerly Noor Islamic Bank , will not enter the British Islamic financing market, accordin (more)

Tuesday, Jan 07, 2014

Dubai: Noor Bank , formerly Noor Islamic Bank , will not enter the British Islamic financing market, according to comments from its Chief Executive Officer on Tuesday.

Speaking to the media at the launch of the rebranded Noor Bank Hussain Al Qamzi simply said the Sharia-compliant bank is “not interested in London.”

London is currently vying to become a global hub for Islamic financing. Including the UK’s plan to become the first Western country to issue a sovereign sukuk and last year it became the first country outside the Islamic world to host the World Islamic Economic Forum.

Noor Bank will, however, focus on Islamic financing markets in Turkey, the Gulf Cooperation Council (GCC) region and South East Asia.

“These markets are a lot more developed than others [and] bigger than others [so] we prefer at the moment not to venture outside these domains,” Al Qamzi, who is also Group CEO of Noor Investment Group, said.

By Alexander Cornwell Staff Reporter

Gulf News 2014. All rights reserved.

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