- Bank sees SMEs as underserved market
- Third branch of Noor Trade opens in Dubai
The local Noor Bank is aiming to lend AED5bn ($1.4bn) to small-to-medium-sized businesses (SMEs) by 2018, supporting what it sees as an under-served market in the UAE.
The bank provides SME finance through its Noor Trade banking arm which was launched in 2013. It is currently expanding its network of branches, opening a third office in Dubai in mid-February.
The lending target is part of Noor Trades growth strategy launched in 2013.
Local banks are increasingly playing a larger role in providing SME finance as some international banks withdraw from the sector. UK bank Standard Chartered announced its exit from the business in mid-2014.
Noor Bank rebranded itself at the start of last year, reforming the term Islamic from its original name Noor Islamic Bank
Although remaining a provider of products that comply with Islamic law, the bank expects the new name will help Noor Bank expand in the UAE.