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They stressed the importance of preventing a wider escalation of the conflict, which threatens to further endanger peace and stability in the region
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Noor Islamic Bank Merger Talks Ruled out
DUBAI - Merger talks of Noor Islamic Bank (NIB) with any other Islamic bank is not under consideration as the bank has its own expansion plan, said Noor Investment Group’s Deputy Group CEO Dr Ahmed Aljanahi.
Speaking to Khaleej Times Aljanahi said, “We are much better than the other banks. There is liquidity crisis in the whole system, but we are one of the few banks, which is least affected by this financial turmoil.”
Noor Islamic Bank was launched in January 2008 and has 12 branches across the UAE.
“We are very much busy in expansion plan in the Emirates and will have 17 branches by the end of the first quarter while the target for 2009 is 20 branches,” informed Aljanahi. He said, “We have very good books, assets & capital and have grown our books from 0 to Dh22 billion.”
Group CEO of Noor Investment Group Hussain Al Qemzi said, “I don’t see any further consolidation and merger in banking or insurance sector. Experience around the world proved that the merger is not a good solution to any crisis. We are also in favour of merger, but timing is not good. The issue is not to merge, but the issue is that to make more liquidity to compensate what our economy has lost.”
He believed the first half of 2009 will be difficult in terms of liquidity situation, but will improve in the second half most probably in September. He said, “Today banks are managing with the existing liquidity.”
· abdulbasit@khaleejtimes.com
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