Noor Trade Hosts Seminar on Islamic Trade Finance for Customers

Dubai-UAE: 28 May, 2015 – Noor Trade, the Shari’a compliant service by Noor Bank targeting small and medium enterprises, has concluded a seminar on Islamic trade finance for customers as part of an ongoing series.

Speaking about the seminar initiative, which took place at the Address Hotel Downtown Dubai, Sunando Mukhopadhyay, Head of Emerging Corporates, Noor Bank said: “Noor Trade is pleased to routinely hold interactive knowledge sessions that provide our customers with valuable insights and information from our team of experts. In sharing crucial market intelligence, we aim to empower our customers to make informed financial decisions.”

Ehsaan Ahmed, Head of GTS and Corporate Strategy, Noor Bank, opened the segment with an overview of the bank and highlighted the various distinctions between conventional banking versus Shari’a banking.

Following his presentation, Ehsaan moderated a panel discussion on the trade structures offered by Noor Bank and the overall customer experience. The panel also discussed the advantages of Islamic banking, as well as the challenges and areas for improvement within the banking sector in the region.

The roundtable drew the perspectives of Kazim Ali, Head of Corporate Banking, Noor Bank, Selahattin Urfali, Managing Director, GTT Group, and Hamdi Abdullah, CFO, BDL Group.

In his address, Kazim Ali pointed out that as competition gets fiercer, banks must continue to make Islamic finance more accessible and transparent – an imperative given the initiative of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to transform Dubai as the capital of Islamic economy.

Kazim also elaborated on the positive future of trade in the region, citing the various initiatives in place by the government to double trade over the next five years, such as the establishment of Dubai World Central, DP World’s acquisition of JAFZA, and the shift of several logistics companies into the DWC district to increase their operational capabilities.

For his part, Ehsaan stressed that platforms such as the DMCC Tradeflow help local banks expand their industry know-how.

Commenting on the panel discussion, Kazim Ali said: “The response from our customers was truly rewarding. Customers remain our core focus at Noor and we are dedicated to tailoring our products and services to suit their needs. Given this priority, we are looking at hosting similar initiatives to build on the success of Noor Trade - one of the fastest growing businesses for the bank in 2014.”