Noor Bank expands SME business

22 February 2015

Lending target set for 2018

  • 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 Trade’s 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.

Stay informed with the latest in the Middle East
Download the MEED app today, available on Apple and Android devices

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications