Noor to set up Islamic bank in Maldives

Noor Islamic Bank and two other partners will establish an Islamic bank in Maldives with an authorised capital of $100 million (Dh367m) and a paid-up capital of $10m.

The Ministry of Finance and Treasury of Maldives and the Investment Corporation for Development of the Private Sector, an affiliate of the Islamic Development Bank, are the other two partners in the new entity — which is called Noor Maldives Islamic Bank.

The agreement was signed in Maldives by Dr Ahmed Al Janahi, Deputy Group CEO, Noor Islamic Bank; Wasim Ibrahim, Minister of Finance and Treasure, Maldives; and Basel Haj-Issa, Director of the Unit Investment Fund, Islamic Corporation for the Development of the Private Sector.

Hussain Al Qemzi, CEO of Noor Islamic Bank, said: "This agreement marks an important phase in the development of Noor Islamic Bank. With its largely Muslim domestic population, Maldives provides attractive growth opportunities for Islamic banking and for Noor."

Noor Islamic will lead the establishment and be responsible for managing the operations of the new bank. The bank will initially focus on consumer and corporate banking, as well as business solutions for small and medium enterprises. The bank is expected to be operational by the end of 2008 and will be headquartered in the capital Malé.