Fujairah National Bank is a fully-fledged corporate bank that provides corporate and commercial banking, finance and commercial financial services, personal banking options, and Shari’a-related services. The bank rated Baa1 / Prime-2 for deposits and A3 against Moody’s risk assessment and BBB + / A-2 for Standard & Poor’s, both of which are stable. It is listed on the Abu Dhabi Securities Exchange under the sign “NBF”.
Business focus
The National Bank of Fujairah provides corporate banking, business banks, personal banking, and commercial financial services, treasury, financial management, precious metals and diamonds, and sponsorship of Islamic banks. In 2017, the bank was the first conventional bank to join the Islamic Murabaha platform of Nasdaq Dubai for Islamic finance. The bank also provides advisory services through its private company, NBF Capital Limited. The bank has also established an ‘NBF Direct’ platform for online and mobile banking for corporate and retail customers.
Branch network
The bank has branches across the UAE, with headquarters in Dubai and Fujairah. Abu Dhabi, Mussafah, Al Ain, Al Quoz, Al Ras, Bur Dubai, Jebel Ali, Sharjah, Fujairah, Dibba, Fujairah Court, Fujairah Free Zone, Masafi, Qidfah, Tawian, Dubai South-Electronic Banking Service Unit
Ownership
The profile of the bank’s shareholders, as of May 31, 2018, is as follows: Department of Industry and Economy – Fujairah Government – 40.86%, Easa Saleh Al Gurg LLC – 21.49%, Dubai Investment Corporation – 8.74%, Fujairah Investment Company – 5.10%, United Arab Emirates Citizens – 23.81%
NBF FZC Financial Services
Established in December 2004, in the limited context of the Fujairah Free Trade Zone, NBF Financial Services FZC provides the bank with essential financial advisory services and services.
NBF Capital Ltd, DIFC
It is registered with Dubai International Financial Center (DIFC) as a limited company under DIFC rules and regulations and is regulated by the Dubai Financial Services Authority (DFSA). The Company was established on April 3, 2013 and became operational on May 12, 2013. The Company’s principal business activities are planning debt or investment deals and advising on financial or credit products.
Markets NBF (Cayman) Ltd
It is registered on the Cayman Islands as an exempted shareholding company under the (revised) Cayman Islands Companies Act and is regulated by the Cayman Island Government General Registry. The company was established on 31 January 2017 to provide banking support services for foreign exchange and access to financial institutions / partners under the terms and conditions of the International Swaps and Derivatives Association (ISDA). Balaji Krishnamurthy, Chief Operations Officer, Justin Morgan-Cooper, Chief Risk Officer, Sharif Mohammed Rafei, Chief Executive Officer – Fujairah District, Abdulla Aleter, Head of Labor, Colin Dallas, Head of Retail Banking.
The NBF is the first regular bank to join the Islamic financial forum. Submit emphasis on the NBF’s commitment to providing an improved Sharia’a financial framework to customers. The Bank reiterates its support for Dubai as the global capital of Islamic finance The National Bank of Fujairah (NBF) announced today that it has joined the fast-paced Muslim financial platform Nasdaq Dubai, offering unique benefits to financial institutions and customers seeking Sharia’a-based solutions and trading opportunities. The NBF is the first regular bank to join the Nasdaq Dubai Murabaha Platform since the launch of the platform in 2014. The bank opened its Sharia’a NBF Islamic-compliant window in 2014 and recently expanded its operations to include full Sharia’a Compliant Services.
The priorities of the bank’s plans focus on developing the NBF Islamic into a comprehensive proposal that incorporates various solutions for both commercial and business sectors. The Nasdaq Dubai Murabaha Platform is a step forward in that direction and will play an important role in the NBF in facilitating effective and efficient Islamic financial transactions. Known as a reliable and trusted banking partner in the UAE, the NBF offers the best regional solutions in a variety of areas including corporate and commercial banking, commercial finance and treasury. A few years after its inception, NBF Islamic has already left its mark on the market and was recently named as the “Sharia’a-compliant Window of the Year” at The Banker’s Islamic Bank of the Year Awards 2017.
Vince Cook, NBF’s Chief Executive Officer, said: “We are thrilled to be joining the Nasdaq Dubai Murabaha Platform; this initiative reaffirms our commitment to providing reliable and efficient Islamic financial services to our customers. The new platform complements our existing offerings as we seek to meet the growing needs of our customers in this space. It empowers our clients to conduct transactions quickly and efficiently at a fixed and transparent cost – all within the nature that guarantees compliance with Sharia’a. ”
Hamed Ali, Chief Executive of Nasdaq Dubai, said: “As a prominent UAE financial institution dedicated to supporting businesses and individuals, the National Bank of Fujairah is an important addition to our Murabaha platform. . Our partnership reflects the growing participation of mainstream financial institutions in the Islamic financial sector and as the market grows, Nasdaq Dubai will attract general financial and Islamic institutions to participate in it, regionally and internationally. ” The Nasdaq Dubai Murabaha Platform can provide significant cost savings and reduction of processing time for its participants, and plays a growing role in expanding Dubai as the world capital of the Islamic economy. Since its launch in 2014, more than $ 76 billion has been created for the stadium. An estimated $ 26 billion US transactions took place so far in 2017, up 18% from $ 22.1 billion over the same period last year.
