Noor Islamic Bank has topped the 2008 Bloomberg list of leading Shariah-compliant lead arrangers in the UAE and ranked third on the list of leading Islamic finance book runners in the country in its first year of operation.
The ratings were based on the total volume of funds underwritten by 24 banking institutions in the UAE, which provided Shariah-compliant finance to the business sector in 2008.
As the number one mandated lead arranger in Islamic finance, Noor Islamic Bank had arranged 10.4 per cent of the total financing in 2008. In addition, Noor Islamic Bank was ranked third by Bloomberg in the category of leading Islamic finance book runners, accounting for 10.9 per cent of the total volume transacted.
Hussain Al Qemzi, CEO of Noor Islamic Bank, said: "The rankings signify the recognition of the strength and capabilities of Noor Islamic. These rankings assume even more significance, because these milestones were achieved in the first year of operation, demonstrating our commitment to excel as a leading Islamic financial institution."