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A report Wednesday in The Wall Street Journal quoting unnamed officials suggested the bank had emerged as the largest handler of Iran's foreign oil receipts after other financial institutions stopped doing business with the country. At the end of 2011, President Barack Obama signed into law a new set of sanctions that would penalize foreign financial institutions that do business with Iran's central bank, though they provide an exception for the handling of oil payments. Days later, at the start of January, the value of the Iranian riyal plunged against the dollar. Noor was set up in 2007 and operates according to Islamic law, which generally prohibits the charging of interest. Dubai's ruler last year appointed one of his sons, Sheikh Ahmed Bin Mohammed Bin Rashid Al Maktoum, as the bank's chairman.
[Associated
Press;
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