The move followed a landmark agreement signed between both parties to establish the Noor Fund for Educational Solidarity (Noor Fund).
Tuesday 06, August 2019 BY KUDAKWASHE MUZORIWA
Noor Bank has partnered with Ajman University to launch a AED 3.2 million Waqf initiative to promote the Islamic banking and finance industry in the UAE by utilising the funds Noor Bank manages in its fiduciary capacity.
Dr Adnan Aziz, Noor Bank’s Head of Shari’ah, said, “Noor Bank is presumably the first bank offering Islamic financial services in the UAE to have set up an endowment to promote and build talent/research in the field of Islamic Banking and Finance, using part of the funds it manages in its fiduciary capacity on behalf of its customers and shareholders.”
In a joint statement, the parties said that the Noor Fund for Educational Solidarity provides, in perpetuity, an endowed professorship and four scholarships in Islamic Banking and Finance (IBF) at the College of Business Administration of AU.
“With this Fund, our hope is that we can attract top talents, who are passionate about Islamic banking and finance, and provide them with the right opportunities to create new frontiers in this thriving industry,” said John Iossifidis, the Chief Executive Officer of Noor Bank.