Established in 2007, Dubai-based Noor Islamic Bank said it planned to become the world's largest Islamic lender within five years, and would consider acquisitions to reach that goal.
But the global financial crisis dented those plans, and today Noor Islamic is focused on its domestic retail and takaful (Islamic insurance) businesses, with much of its overseas activity concentrated in Turkey and Tunisia.
"There are no plans to acquire any operations," chief executive Hussain Al Qemzi told Reuters in an interview. The priority is improving efficiency and cost-cutting, as part of efforts to strengthen the bank's financial position, he added.
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