Noor Bank, a leading Shari’ah-compliant bank in the UAE, has announced a strategic partnership with ICICI Bank Limited, India that allows customers to make instant money transfers to India from anywhere in the UAE. 

Aimed at offering added flexibility and convenience to personal banking customers, the service enables transfers within 60 seconds through the Noor Bank online portal and mobile banking app.

Mufazzal Kajiji, Head of Retail Banking at Noor Bank, said: “Remittances remain a key source of sustenance for millions of families around the world. In this context, our partnership with ICICI Bank Limited, India assumes significance in providing our customers with fast and efficient services to meet their needs in the UAE and back home.”

He added: “The banking space today is a dynamic one – and Noor Bank’s commitment to delivering outstanding customer experiences has resulted in several productive alliances as well as the creation of innovative digital products and services. The latest addition to our service portfolio enhances the ease of making planned and emergency transfers for our account holders.”

Vikash Sharma, Regional Head - Middle East and Africa, ICICI Bank Limited, said: “We are happy to partner with Noor Bank to help its customers transfer money to India with the highest level of ease and convenience. We believe that this facility will elevate user experience and further boost remittances to India.”

According to reports by the World Bank, India is the world’s top recipient of remittances, with overseas Indians having sent a total of US$79 billion back home in 2018. Notably, the country received AED13.6 billion through exchange houses and banks in the UAE in Q4 2018.

In the next few months, Noor Bank seeks to extend its instant remittance services to other countries in the subcontinent.

 

Source: APCO Worldwide