Noor Bank Receives ‘Generally Conforms’ Rating From UAE Internal Auditors Association

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.