Noor Islamic Bank Riyazi Farook

Noor Islamic Bank has set out ambitious plans to tap the enormous potential of the global Islamic finance market by targeting markets in Europe, Asia and North America, as well as those closer to home.

"We aim to be the largest Islamic bank within five years," Noor Islamic Bank Group CEO, Hussain Al Qemzi told Reuters in an interview. "Acquisitions will be the main way because there is no time to grow organically," he added.

Qemzi said that the bank will initially focus on the largest Islamic countries, such as Turkey, Egypt, Pakistan and Indonesia. However, the bank is also expected to make inroads into western countries with significant Muslim populations, such as the UK, which has an Islamic community of about 1.8 million, and is probably the leading Islamic financial centre outside of the established territories in the Middle East and Asia.

Noor Bank, which is 25% owned by Dubai Group, a unit of Dubai Holding, and 25% owned by Investment Corporation of Dubai (more)

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