UAE-based Shariah-compliant lender Noor Bank has entered into a strategic partnership with ICICI Bank to enable instant money transfers to India.

The move is driven by World Bank data that shows India is one of the highest recipients of remittances.

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Noor Bank instant remittances

According to the UAE bank, the service allows remittances within one minute through its online portal and mobile banking app.

Noor Bank Retail Banking head Mufazzal Kajiji 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.”

According to World Bank report, overseas Indians have sent around $79bn as remittances back to the country last year.

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Noor Bank plans to expand the instant remittance services to other Indian subcontinent countries soon.

ICICI Bank Middle East and Africa regional head Vikash Sharma 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.”

Established in 2008, Noor Bank is based in Dubai and offers Shariah-compliant banking products and services.

Last month, another domestic peer Dubai Islamic Bank (DIB) unveiled plans to acquire Noor Bank. DIB has secured the green light from its board to explore this potential acquisition.