Noor Islamic improves balance sheet

Noor Islamic Bank announced on Monday that its shareholders and board of directors had approved the proposed conversion of the 2008 Ministry of Finance deposits of the UAE Government into Tier-2 capital to further strengthen the bank's balance sheet.

The conversion option was offered to all UAE banks as part of the Ministry of Finance's original Dh50 billion deposit injection and does not result in any issuance of equity shares to the Ministry of Finance.

The bank will achieve a capital adequacy ratio (CAR) in excess of 20 per cent, up from 15.92 per cent as reported on December 31, 2008, and well above the current minimum UAE Central Bank requirement of 10 per cent.