UAE strengthens banking ties with Sri Lanka

DUBAI: Noor Bank has hosted a high level delegation from Sri Lanka at its head office in Emaar Square. This initiative was part of the Sri Lankan delegation’s visit to key financial institutions within the United Arab Emirates.

Chief Executive Officer (CEO) Hussain Al Qemzi, Deputy Group CEO Dr. Ahmed Aljanahi, Treasurer Damian White and Head of Wholesale Banking Saadaat Yaqub were present from Noor Bank to receive the group. 

The visiting delegation was led by Governor of the Central Bank of Sri Lanka Arjuna Mahendran along with Deputy Governors and the Director of Financial Research. 

The delegation also included CEOs of some of the leading banks in Sri Lanka, including Bank of Ceylon, People’s Bank, Commercial Bank of Ceylon, Hatton National Bank, National Development Bank, Sampath Bank and Seylan Bank. 

Banking industry

Speaking about the visit, Al Qemzi said: “It was a pleasure to receive the Governor of Sri Lanka’s Central Bank, along with senior representatives of the Sri Lankan banking industry. We are honoured that we were able to showcase our expertise in the region to the delegation.”

“The visit was productive and will enable us to further strengthen our ties with the Sri Lankan banking sector and focus on future partnerships that can benefit us in the long-term.” 

Commenting on their visit to Noor Bank, Mahendran said: “We are very happy that Noor Bank is keen on expanding its activity in Sri Lanka and we would like to facilitate this endeavour. The relationships we are building through these meetings are sure to lead to prosperity and mutual benefit.” During the visit, Noor Bank discussed its interests in Sri Lanka and showcased its best practices and expertise in the UAE banking sector as well as its adherence to Sharia compliant principles. 

The rapid growth of Islamic finance, its growing relevance to the Sri Lankan market and Noor Bank’s extensive knowledge in the area, including training and development capabilities, were of key interest to the delegation.

Noor Bank began operations, in Dubai, in 2008, as Noor Islamic Bank. It is a full service bank delivering the broadest range of products for its customers, with an emphasis on unique and personalised service.

Noor Bank is governed by a Fatwa and Shari’a Supervisory Board, comprising leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters. Noor Bank is rated ‘A-’ IDR with a stable outlook by Fitch Ratings.

The corporate shareholders of the Bank are The Office of the Crown Prince of Dubai (25.73%), the Investment Corporation of Dubai (22.71%) and the Emirates Investment Authority (4.7%).  The remaining shares are beneficially held by individuals who each own less than 5% of Noor Bank.