Tunisia gets new central bank chief amid economic crisis
TUNIS, TUNISIA - President Kais Saied on Thursday appointed a new governor of the central bank of Tunisia, a north African...
Geostrategy
Qatar Central Bank issues treasury bills, sukuk worth US$686m
DOHA, QATAR - The Qatar Central Bank issued treasury bills and sukuk with maturities of one week, one month, three...
Economy
Business
7 UAE banks report $9bn profit in 2022
Emirates NBD's profits climbed by 40% to $3.53 billion.
- The highest share of the overall profits was claimed by the country's main lender, First Abu Dhabi Bank which generated net profits of roughly $3.64 billion
- Dubai Islamic Bank's net earnings increased by a record 26 percent Year-on-Year to $1.4 billion from $1.1 billion in 2021
Business
DIC buys 9% equity in Monument Bank
Equity will help DIC enter one of the most regulated markets
- Monument Bank targets UK’s 'mass affluent' and aims to provide core banking and other related services to clients.
- Monument Bank’s CEO Ian Rand said that the partnership will help to enhance its UK business and launch innovative solutions
Geostrategy
Lebanese protest as local currency hits new low
Lebanese protesters blocked roads and burnt tires near the central bank in Beirut as the local currency plummeted to a...
- Lebanese banks have imposed draconian restrictions on withdrawals since the country's economy collapsed three years ago.
- Dozens of protesters gathered Wednesday near the central bank headquarters amid heavy deployment of security forces.
Economy
Iraqi central bank chief quits amid currency volatility
Iraq's prime minister said the country's central bank governor had been relieved of his duties as the local currency continues...
- Analysts and officials say the drop in value coincides with efforts to make Iraq's banking system compliant with the international electronic transfer system.
- Banks in the oil-rich country have an estimated US$100 billion in funds held at the US Federal Reserve.
Geostrategy
CBUAE, Egyptian Banking Institute discuss training, cooperation
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) and the Egyptian Banking Institute (EBI) which is under...
- CBUAE and Egyptian Banking Institute reviewed the prospects to enhance cooperation and exchange information.
- They also discussed supporting professional capabilities-building and expertise development.
Economy
DFSA releases 2023-24 plan to support Dubai’s growth as financial hub
DUBAI, UAE - The Chairman of the Dubai Financial Services Authority (DFSA), Fadel Al Ali Monday announced the publication of...
- The two-year plan outlines an ambitious roadmap to meet the DFSA’s statutory objectives for the Dubai International Financial Center.
- The DFSA will be pursuing several key projects that cut across multiple strategic themes.
Economy
Europe investigators question witnesses over Lebanon central bank chief
European investigators began questioning high-profile witnesses in Lebanon as part of a probe into central bank governor Riad Salameh's wealth,...
- Investigators from France, Germany and Luxembourg questioned Saad Andary, Lebanon's central bank former vice governor.
- The investigators also questioned Khalil Kassaf, a former employee at Lebanon's banking control commission.
Economy
CBUAE issues new guidance to curb money laundering, terror financing
The guidance, which comes into effect immediately, will assist LFIs’ understanding of risks and effective implementation of their statutory AML/CFT...
- The new guidelines set by the Central Bank of the UAE apply to banks, finance companies, exchange houses and insurance companies, agents and brokers
- The apex bank's guidance discusses the use of digital ID systems by licensed financial institutions to address their customer due diligence obligations
YEARBOOK 2023
GCC banks to benefit from 2022 growth momentum
Since the COVID-19 outbreak, GCC banks have experienced a growth of more than 10 percent annually, a positive sign that...
- GCC banks will also reap the benefits of reduced overhead thanks to fewer branches and a smaller workforce.
- A few GCC banks have expanded into risky countries, especially Turkey and Egypt.
Business
FAB, Magnati, PayRow join hands
The move will help Dubai in becoming a cashless economy.
- Government entities and merchants will now be able to receive payments from their customers in an easy, flexible, unified and secure manner.
- The new payment ecosystem is set to transform the existing gateway.
Tunisia gets new central bank chief amid economic crisis
TUNIS, TUNISIA - President Kais Saied on Thursday appointed a new governor of the central bank of Tunisia, a north African...
Geostrategy
Company News
DIB to buy stake in TOM Group
Geostrategy
Latest News
Saudi EXIM, India EXIM ink MoU
Business
China announces $137 bn sovereign bond issuance
Beijing, China - China announced on Tuesday a 1 trillion yuan ($137 billion) sovereign bond issuance, state media said, in a...
Economy
Markets up, oil down as investors eye Middle East situation
Oil slid but most world stock markets rose in anticipation of a raft of strong US corporate earnings, even as...
Market Report
KSA, Kuwait lead as Islamic banking prospers in GCC
With the support of Vision 2030 projects and a surge in real estate lending, the banking sector's performance in the...
Business
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Geostrategy
IMF agrees on rise in funding, extra Africa board seat
The IMF announced member nations agreed to increase their contributions to the global lender and give sub-Saharan Africa a third...
- The quotas, which are based on the size of a country's economy, determine how much funding a nation should provide to the IMF.
- IMF chief Kristalina Georgieva and World Bank President Ajay Banga used this week's meetings to urge members to step up funding.
Business
JPMorgan Q3 profit at $13.2bn
The bank’s revenues rose 22 percent to US$39.9 billion.
- One of the biggest factors in bank’s rise in profit was the increased earnings in net interest income (NII).
- NII is the gap between what the bank makes in interest in loans to clients compared with interest payments to customers
Economy
‘Qatar remains committed to curb financial crimes’
The Gulf country "remains commitment to international strategies and plans targeting financial crime. In 2023, FATF completed its evaluation of...
- Qatar has achieved top compliance levels in combating financial crimes, as recognized by the Financial Action Task Force
- In 2023, the FATF completed its evaluation of Qatar's anti-money laundering and counter-terrorism financing system