Hussain Ahmad al-Qemzi

Hussain Ahmad al-Qemzi

The CEO of Dubai-based Noor Islamic Bank is closely linked with the emirate’s most powerful people.

February 3, 2010 8:17 by kippreport

When Noor Islamic Bank (NIB) opened its doors in 2008, Hussain al-Qemzi, its CEO, said the lender aimed to become the world’s largest Islamic bank within five years, and that it would invest up to $1 billion on acquisitions across the world.

But one year later, he announced that the bank was scaling down its massive international plans, to concentrate on growth within the Middle East. In the UAE, the bank has expanded: In the last two years, it has opened almost 20 branches across the country. Earlier this week, al-Qemzi hit the headlines when he called for a AED20-25 billion injection into the UAE banking sector.

Al-Qemzi has been a banker for more than 25 years. Before joining Noor, he served as the CEO of Sharjah Islamic Bank, prior to which held senior positions in Citibank, HSBC Middle East, First Gulf Bank UAE and the DIFC. A former board member of the Dubai Financial Market, and the Dubai International Financial Exchange (now known as the NASDAQ Dubai), he currently sits on the boards of Emirates Institute for Banking and Financial Studies, Emaar Properties, Agility and Emirates Media, among others. He is also group CEO of Noor Investment Group