The new wealth management proposition seeks to meet high-net-worth individuals (HNWI)’s banking, wealth management as well as investment needs.
Noor Bank has launched Noor Wealth, Shari’ah-compliant platform offering tailored product mixes, making it a viable investment option for customers.
In terms of wealth offering, the bank has a Shari'ah-compliant platform that pretty much matches the offerings of conventional banks and Noor Wealth targets customers with a minimum of AED 367,300 of assets under management or a minimum salary of AED 50,000.
The bank offers mutual funds among other 10 lenders in the GCC and it also offers access to fixed-income products through its Sukuk platform and Islamic structured products.
The bank has collaborated with Knight Frank to offer global physical real estate services Noor Wealth, Noor Wealth customers that are looking to invest in properties overseas are therefore assisted by Knight Frank on a referral basis.
Mufazzal Kajiji, Head of Retail Banking at Noor Bank, said that Noor Wealth currently serves clients from 10 countries and is in the process of expanding, reported local daily Gulf News.