Noor Bank Raises Over MAD 500 Million for Azimut Fixed-Term Fund

Business Office, Gulf today

Noor Bank, one of the largest Shariah-compliant banks in the United Arab Emirates, has begun a successful collaboration with Azimut (DIFC) Limited to launch the largest US dollar-denominated Islamic fixed-term plan in the country. part of an international financial center in Dubai (DIFC) domiciliation.

Azimut (DIFC) Limited is an badet management company regulated by the Dubai Financial Services Authority (DFSA) and a wholly-owned subsidiary of Azimut Group Holding, a leading independent wealth management company in Europe with more than 62, 0 billion US dollars of badets under management. global network of 18 offices.

With an increase in subscriptions of 507 million dirhams less than two weeks after its launch, the MPF, which will expire in four years, is expected to generate five percent annual revenue by investing in a portfolio of professionally managed sukuk. .

This initiative is part of the bank's strategy to leverage innovation to deliver an exceptional customer experience and to make Noor Bank Wealth Management one of the largest mutual fund distributors in the world. Islamic investment in the world, with a total of badets under management reaching 2 billion dirhams.

Through this collaboration, Azimut (DIFC) Limited confirms its commitment to be a key partner in Islamic investment solutions for UAE and Middle East institutions. This strategy is supported by the ongoing expansion of Azimut into the region, as evidenced by the addition of investment capabilities to Abu Dhabi in 2019, which complement existing badet management features in Istanbul and Dubai. .

Mufazzal Kajiji, Head of Retail Banking at Noor Bank, said, "Noor Bank's retail banking strategy is focused on its wealthy clients. To ensure we always meet their requirements, we are sparing no effort to develop new products and services and are looking for lucrative investment opportunities to benefit this segment. The launch of this four year PGF reaffirms our commitment to creating diverse investment opportunities for our wealthy clients. "

For his part, Renoy Kundukulam, Head of Wealth Management at Noor Bank, said, "Today, Noor Wealth is one of the largest Islamic mutual fund distributors around the world. The overwhelming response to the FMP with Azimut is a testament to the investor confidence we value in the marketplace. "

Giorgio Medda, Co-CEO of Azimut Group and Head of MENAT, added: "Azimut is committed to providing innovative badet management solutions to key UAE financial institutions to meet the needs of the MENA region. 39, a sophisticated clientele. The successful collaboration between Azimut and Noor Bank highlights the relevance of our investment management structure in the country. Azimut is one of the few international badet managers operating locally from DIFC, which designs and launches tailor-made investment solutions for investors in the Middle East. We are extremely proud to have supported Noor Bank in the launch of the FMP, which has proven its superior market recognition in the HNWI segment in the UAE. "

Noor Bank started operations in Dubai in 2008 as an Islamic financial institution. It is a full service bank that offers its customers the most comprehensive range of products, putting the emphasis on a unique and personalized service. Noor Bank is governed by the Internal Sharia Supervisory Committee, which has extensive experience and expertise in the legal, financial and Islamic banking fields. Noor Bank is rated "A-" IDR with a stable outlook by Fitch Ratings. The shareholders of the bank are the office of the crown prince of Dubai (25.73%), the Dubai investment company (22.71%) and the Emirates Investment Authority (4.7%). The remaining shares are beneficially owned by individuals who each own less than 5% of Noor Bank. Azimut is the leading independent badet manager in Italy (active since 1989). The parent company Azimut Holding was listed on the Italian stock exchange on July 7, 2004 (AZM.MI) and is, among others, a member of the main Italian FTSE MIB index. The shareholding structure includes more than 1,900 executives, employees and financial advisers, as well as Peninsula Capital, bound by a shareholder pact that controls more than 23% of the company. The rest is floating.

The group comprises various companies active in the sale, management and distribution of financial and insurance products, with their headquarters mainly in Italy, Luxembourg, Ireland, China (Hong Kong and Shanghai), Monaco, Switzerland, Taiwan, Brazil, Singapore, Mexico. Australia, Chile, United States, United Arab Emirates and Turkey. In Italy, Azimut Capital Management SGR sells and manages Italian mutual funds, Italian alternative investment funds, as well as a discretionary management activity for individual investment portfolios. In addition, Azimut Capital Management SGR, following the demerger of Azimut Consulenza SIM by incorporation, distributes Group and third-party products in Italy via a network of financial advisers, while Azimut Libera Impresa is focuses on the Alternatives sector.