"We aim to be the largest Islamic bank within five years," Noor Islamic Bank Group CEO, Hussain Al Qemzi told Reuters in an interview. "Acquisitions will be the main way because there is no time to grow organically," he added.

Qemzi said that the bank will initially focus on the largest Islamic countries, such as Turkey, Egypt, Pakistan and Indonesia. However, the bank is also expected to make inroads into western countries with significant Muslim populations, such as the UK, which has an Islamic community of about 1.8 million, and is probably the leading Islamic financial centre outside of the established territories in the Middle East and Asia.

Noor Bank, which is 25% owned by Dubai Group, a unit of Dubai Holding, and 25% owned by Investment Corporation of Dubai, has already set about launching an aggressive growth strategy in the domestic market, and on Sunday announced the inauguration of a network of branches across the United Arab Emirates. The new full-service bank aims to become a leading Islamic financial institution, with an initial focus on consumer and corporate banking.

Commenting on the launch, Noor Bank Chairman, Sheikh Ahmed Bin Saeed Al Maktoum, stated: "Noor Islamic Bank is the new dawn in the region. Dubai is crowned now as a global financial hub for Islamic banking. Hence Noor will be the turning point in an industry that is rooted here but will grow globally to become the world's leading Sharia-complaint financial services provider."

He added: "Our profound Islamic beliefs are the core value for this establishment which will indeed be the lighthouse for global Islamic banking, positioning Dubai as the reference for the industry."

The Islamic Finance Services Industry is witnessing rapid growth worldwide, and in the GCC in particular. Expert forecasts expect Islamic assets to grow by 15% annually until 2010.

Speaking at the inauguration, Al Qemzi stated that: "Noor Islamic Bank offers modern banking solutions to its consumers, stakeholders and partners. The Board has a remarkable vision to position the bank as the world's leading Islamic financial institution, focusing on Sharia-compliant financial services that is complemented by a solid customer-centric approach."