Noor Islamic Bank and Morison Menon Chartered Accountants (MMCA) have entered into a marketing and customer service agreement.
Under the deal, Noor Islamic Bank will offer financial products and services at preferred rates to Morison Menon Group’s clients.
The group will also recommend clients to consider Noor Islamic Bank as their banking partner.
The alliance is part of a series of customer-driven initiatives introduced by the bank as part of its value proposition for commercial and small and medium enterprise (SME) customers.
Hussain Al Qemzi, Group CEO, Noor Islamic Bank, said: “Through strategic alliances, we continuously work towards providing our customers with greater convenience and access to specialised services. As a Shariah-compliant bank, we have adopted a holistic approach to offer investment and financial solutions for all customer segments. Our agreement with Morison will complement this strategy.”
The reciprocal partnership between Noor Islamic Bank and MMG will cover three main areas – consulting, financing and management systems. Providing SMEs with rapid access to enhanced services, the alliance will provide a greater competitive edge and increased capacity for growth and expansion, said a statement.
“Noor Islamic Bank can look upon us as a one-stop solution for evaluating any financing requirements that are put forth to them by their customers and our clients,” said NMC Managing Partner Raju Menon.
Potential Noor Islamic Bank SME customers will have access to consultancy services offered by MMG, including profiling and rating exercises, which are currently being undertaken in conjunction with government departments and agencies.
The alliance will work together to finance real estate and other projects, with the consultancy conducting the market research and feasibility analysis, structuring financing requirements for the project and conducting due diligence of the project and its promoters.
Noor Islamic Bank has a dedicated SME banking unit to create products and services focused on the specific needs of small and medium businesses. The unit has forged several alliances with key governmental and private sector organisations.
“As trade increases, we are witnessing healthy growth in the region’s SME sector. Currently, SMEs represent 60 per cent of the total businesses in the UAE, and this figure is increasing. It is our aim to work with SMEs and help them develop into bigger businesses,” said Al Qemzi.
Morison Menon Group is part of the Morison International Network, a worldwide group of accountants, professional business advisors and legal consultants, founded in the United Kingdom
Morison Menon Group has 10 offices across the Middle East, including the UAE.
Noor signs marketing deal with Morison