We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 6 Jan 2009 02:17 PM

Font Size

- Aa +

Noor Investment's global expansion plans 'on hold'

Group CEO says focus is on local market as it launches new Islamic insurance division.

Noor Investment Group LLC on Tuesday announced the launch of its new Islamic insurance company, Noor Takaful, but admitted the global financial crisis has forced the group to put ambitious international expansion plans on hold.“We have put on hold some of our ambitious plans to go abroad,” said Noor Investment Group’s group chief executive officer, Hussain Al Qemzi.

“However, our plan of expansion in the UAE is still continuing,” he said. “We are focusing on our market, consolidating what we have”

The comments were made at the launch of the group’s new Shari’ah compliant insurance products, exactly one year after the launch of Noor Islamic Bank.

“The launch of Noor Takaful comes at a difficult time in the global economy. However, this launch demonstrates our confidence in our local economy,” Al Qemzi said.

The takaful (Islamic insurance) products will be offered through Noor Takaful Family and Noor Takaful General to individuals, businesses and corporate clients.

There is growing demand for such products in the UAE and GCC region, according to Noor Investment Group.

They will initially operate from four locations in the UAE - in Abu Dhabi, Dubai and Sharjah - but the group is aiming to expand the reach of the companies across the Middle East and North Africa.

Arabian Business: why we're going behind a paywall

For all the latest UAE news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.