Noor Bank announced it has been appointed a distribution agent by National Bonds Corporation (NBC), a unique UAE leader in Sharia compliant savings and investment schemes, to extend the availability of the savings programme.
The memorandum of understanding (MoU) was signed by Hussain Al Qemzi, GCEO, Noor Investment Group, and CEO Noor Bank and Mohammad Qasim Al Ali, CEO of National Bonds Corporation, at Noor Bank’s headquarters.
The agreement will enable UAE residents to benefit from the savings scheme’s profit sharing Mudaraba structure whilst enjoying its richest rewards programme, by purchasing National Bonds from any of the 12 Noor Bank branches located in Dubai, Sharjah, Abu Dhabi and Al Ain.
As part of the agreement, National Bonds will also join Noor Bank’s Direct Debit Scheme (DDS) platform recently facilitated by the UAE Central Bank. This will allow Noor Bank to register any National Bonds customer with the DDS without the necessity of him or her maintaining an account with Noor Bank. This is another major milestone towards enabling UAE residents to save regularly without visiting any of the existing 700 distribution outlets for National Bonds.
Hussain Al Qemzi, GCEO, Noor Investment Group, and CEO Noor Bank, said: “We are delighted to announce this partnership that takes forward our relationship dating back to 2007. This collaboration will allow us to add yet another innovative & rewarding product to our portfolio, enabling us to offer a more comprehensive banking experience to our clients. It is yet another example of Noor Bank’s commitment to delivering innovative, convenient and integrated banking solutions.”
Mohammad Qasim Al Ali, CEO of National Bonds Corporation, said: “We are confident that our strategic agreement with Noor Investment Group will complement our vision of cultivating a healthy and sustainable savings culture in the UAE. As part of this priority, our association with a reliable and customer centric partner such as Noor Bank will certainly strengthen our ultimate goal to make saving a convenient experience for all. We look forward to sharing our unique savings products with Noor’s discerning customers to inspire them in becoming financially informed and more empowered.”
Noor Bank Global Transaction Services team has delivered a series of innovative tailor-made cash management solutions that have helped NBC to reduce the operational cost and ensure a faster turnaround time for fund collection. Noor Bank has also delivered an intuitive and cost-efficient liquidity management solution.
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