Noor Islamic Bank opens office in Tunisia

New office to act as North African beachhead for move into Egypt, Libya, Algeria, Morocco and Mauritania.

Hussain Al Qemzi, group chief executive of Noor Islamic Bank.

Noor Islamic Bank (NIB) has opened a representative office in Tunisia to offer banking services in the North African countries, making it the bank’s first overseas operation.

The regional office is located on Hadrumete Street, 2 Mutuelleville in the capital Tunis. It will focus mainly on investment and corporate banking, and will also channel investment opportunities from the GCC into North Africa, including Egypt, Libya, Algeria, Morocco, Tunisia and Mauritania.

Hussain Al Qemzi, group chief executive of Noor Islamic Bank and Noor Investment Group, said, “The UAE is investing billions of dollars in Tunisia and North Africa as part of its commitment to drive economic growth in the Arab world. We would like to build on this legacy and sustain the synergy with the Tunisian government and institutions, and the North African region.”

The Tunisian economy has been growing at a steady rate and the government of Tunisia predicts an average growth rate of 6.3 per cent over the next decade. As the largest Arab investor in Tunisia and the North Africa region, the UAE’s investments in the country have exceeded $22 billion.

Link: http://www.cpifinancial.net/v2/news.aspx?v=1&aid=570&sec=Islamic%20Finance