Dubai: Dubai's Noor Islamic Bank has halted its overseas expansion plans, citing difficult global economic conditions and a tight credit market.
The bank, launched with more than $1 billion in capital and ambitions to become a major global Islamic banking player, would however continue to expand in the home market, chief executive officer Hussain Al Qamzi said on Tuesday at the launch of the group's two Islamic insurance business units.
"There is a crisis. This has affected the whole world. We are going to be affected because the whole baking sector is affected," Al Qamzi told reporters, and added: "We have put on hold some of our overseas expansion plans."
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