Noor Bank Receives 'Generally Conforms' Rating From UAE Internal Auditors Association

Press release
Published March 19th, 2018 - 10:49 GMT
Noor Bank Team with Abdulqader Obaid Ali Chairman of UAE IAA.
Noor Bank Team with Abdulqader Obaid Ali Chairman of UAE IAA.

Noor Bank, a leading Shari’a compliant bank in the UAE, today announced that its Internal Audit function has received the “Generally Conforms” rating, which stands as the highest rating, following a quality assessment review by the UAE Internal Auditors Association (IAA).

Abdulqader Obaid Ali, Chairman of UAE IAA, presented John Iossifidis, CEO of Noor Bank, with a trophy at the bank’s Head Office in Emaar Square, which recognised the bank’s systematic and disciplined approach to improve the effectiveness of its risk management, control, and governance processes.

John Iossifidis, said: “This recognition from the IAA is important to us, given the emphasis we place on implementing a strong framework for corporate governance, and effective internal controls. At Noor Bank we believe that strong control functions help establish the foundations for business growth. Achieving the highest rating also confirms that we are on the right track and are prepared to perform in today’s rapidly evolving business environment.”

On presenting the trophy, Abdulqader Obaid Ali, said: “The awarding of the highest rating to Noor Bank attests to its Internal Audit Activity matching the leading practices and conforming to the IIA’s International Standards for the Professional Practice of Internal Auditing. It also indicates the team’s earnest efforts towards quality performance and commitment to adhering to the professional standards.”

Noor Bank was accredited following a rigorous assessment by the IAA’s assessment team, which evaluated the bank in a number of areas as per the international standards.

The UAE Internal Auditors Association is the national professional body representing the internal audit profession and local practitioners within the United Arab Emirates (UAE). Affiliated to the IIA Global, the organisation is responsible for leading the direction of the internal audit profession in UAE and provide knowledge, training, advocacy and representation to promote the standing of the internal audit profession, as well as to develop internal audit best practice within workplaces.

Background Information

Noor Bank

Noor Bank (formerly Noor Islamic Bank) was established in January 2008, in Dubai - United Arab Emirates.

Among the youngest banks in the country, Noor Bank has achieved significant growth in the past 10 years. Today, in 2018, as we continue to grow, we are ranked the 11th largest bank in the UAE in terms of asset size.

Noor Bank is a full-service Shari’a-compliant bank, offering a comprehensive range of products and services - in corporate and personal banking, wealth management, Takaful (Islamic insurance), treasury and trading. We have a presence across the country, at multiple locations in Abu Dhabi, Dubai, Sharjah and Al Ain.

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