Noor Bank Launches New Home-Finance Proposition

Press release
Published May 8th, 2018 - 10:41 GMT
Mufazzal Kajiji, Head of Retail Banking, Noor Bank
Mufazzal Kajiji, Head of Retail Banking, Noor Bank

Noor Bank, one of the leading Shari’a compliant banks in the UAE, today announced the launch of Noor Home, establishing an independent identity for its successful home finance business. Leveraging the robust track record of catering to the bank’s home finance customers, the newly named Noor Home will cater to both potential home buyers and current home owners by offering tailor-made finance solutions at competitive market rates.

Noor Home’s suite of products includes finance for ready property purchases and off-plan projects, as well as capital for commercial property and non-resident finance for a maximum tenor of 25 years. Moreover, the proposition also provides equity release and buyout options.

Commenting on the launch of Noor Home, Mufazzal Kajiji, Head of Retail Banking, Noor Bank, said: “Home finance is one of the most important pillars of Noor Bank’s retail banking proposition and one of our most successful business lines. Going forward, we have created Noor Home that demonstrates Noor Bank’s commitment to offer customers enhanced value proposition that provides a unique sense of service as well as innovative products. Based on our study of the market, we believe our offerings will have an appeal across various buyer segments and will position us as a bank of choice for home finance.”

Amongst the highlights of Noor Home’s offerings is the 24/7 instant pre-approval feature, which informs customers of their eligibility for home finance instantly over a call. The second significant aspect of Noor Home includes the best-in-class profit rates comprising of fixed margin starting from 1.5 percent for full finance tenor plus three month EIBOR.

Girish Advani, Head of Assets, Retail Banking, Noor Bank, said: “In many cases, buying a home is a once in a lifetime decision. Hence, it is important that customers look at the overall plan offered, as many providers in the market propose low rates initially and increases them over time. In addition, I urge customers to draw suitable Life and Property Insurance to protect their assets in times of uncertainty.”

Customers can access a Shari’a certified team of property finance experts to choose relevant finance options for over 450 listed projects across the UAE. With the introduction of the Noor Home proposition, Noor Bank underlines its uncompromising focus on value creation and creating tailored customer solutions and service that are simple, reliable and flexible.

To learn more, please visit call 800 6667 and choose Noor home.

Background Information

Noor Bank

Noor Bank (formerly Noor Islamic Bank) was established in January 2008, in Dubai - United Arab Emirates.

Among the youngest banks in the country, Noor Bank has achieved significant growth in the past 10 years. Today, in 2018, as we continue to grow, we are ranked the 11th largest bank in the UAE in terms of asset size.

Noor Bank is a full-service Shari’a-compliant bank, offering a comprehensive range of products and services - in corporate and personal banking, wealth management, Takaful (Islamic insurance), treasury and trading. We have a presence across the country, at multiple locations in Abu Dhabi, Dubai, Sharjah and Al Ain.

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