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
China Construction Bank lists $600m green bond in Nasdaq Dubai
DUBAI, UAE - Nasdaq Dubai has welcomed the listing of a US$600 million green bond by China Construction Bank (DIFC...
Business
Economy
Broad money supply in Qatar reaches US$185.4bn in July
Social Security statements reached QR 78 million in July 2022, for 14,495 beneficiaries, recording a monthly decrease of 0.2% for...
- General index of the Qatar Stock Exchange increased in July 2022 at a monthly rate of 9.7% compared to June 2022.
- Cash equivalents; including Commercial Bank Deposits, attained for approx. QR 965 billion ($265bn) during July 2022.
Business
UAE’s 10 largest banks reap second quarter windfall
Banks in the UAE held a 22.4 percent market share of the assets in the Arab banking sector, followed by...
- The A&M research investigates size, liquidity, income, operating efficiency, risk, profitability, and capital of financial institutions.
- A 19.5 percent rise in total interest income saw the banks post a net income growth of 24.4 percent.
Economy
Saudi bank loans to public and private sectors grow 14% by July end
Riyadh, Saudi Arabia - Saudi bank loans granted to public and private sectors grew 14 percent by the end of...
- The total loan granted by Saudi banks amounted to SAR 2.324 trillion ($620bn) by July end.
- Private-sector lending also increased by 14 percent year-on-year (YoY) to SAR 2.213 trillion ($590bn).
Business
CBUAE launches new website with various services
The Central Bank of the UAE (CBUAE) has announced the launch of a new corporate website with various interactive digital...
- The Central Bank of the UAE has launched the corporate website with various interactive digital services for meeting the aspirations of the consumers.
- The CBUAE plans to be among the top central banks globally in promoting financial stability.
Business
Electronic payments scan more success than cash
Despite ease in the measures set to combat the COVID-19 pandemic, electronic payments in the Gulf countries surged more than...
- Despite ease in the measures set to combat the COVID-19 pandemic, electronic payments in the Gulf countries surged more than cash payments in several other Arab countries
- Gulf govts have consistently been working to popularize electronic payment in many sectors as part of their national plans to establish governance and optimize automation
Business
Facial recognition helps GCC banks verify, curb frauds
The new technology is the most accurate form of identity verification since biometric data is incredibly hard to fake or...
- The new technology is the most accurate form of identity verification since biometric data is incredibly hard to fake or replicate, and faces cannot be lost, says an expert
- Facial recognition also aids in post-fraud proceedings and fraud prevention, allowing the bank to divert resources into other areas adds Anton Nazarkin of VisionLabs
Business
Slow tech adaptation hurts online banking in GCC
Smaller banks may be left behind if they don't invest appropriately in digitalization, Redmond Ramsdale, Head of Middle East Bank...
- Smaller banks may be left behind if they don't invest appropriately in digitalization, Redmond Ramsdale, Head of Middle East Bank Ratings at Fitch Ratings, tells TRENDS
- Banks and other financial organizations that don't adopt this technology risk losing consumers to competitors in the market, Ramsdale adds
Market Report
Stocks slide as traders mull Fed outlook, gas price spike
World stocks sank Monday and the dollar rallied on concern the Federal Reserve will stick to its interest rate-hiking plans...
- The euro is under pressure after Russia's Gazprom said late Friday that the Nord Stream pipeline would be closed for maintenance.
- Oil slumped on speculation over an Iran nuclear deal that could ease a supply crunch caused by producer Russia's invasion of Ukraine, as well as recession fears.
Business
Unified financial network set to boost Gulf economies
GCC countries are accelerating economic integration by activating the financial links between companies, banks, and stores to make life smoother...
- GCC countries are accelerating economic integration by activating the financial links between companies, banks, and stores to make life smoother for citizens and residents
- The Central Bank of Saudi Arabia recently launched a point-of-sale service between its national payments network "Mada" and the Qatar national network "NAPS"
Business
Cross-currency payments face challenges
Cross-currency payments cut the need for foreign transaction fees for customers, encourage customer loyalty and reduce cart abandonment but they...
- Cross-border payments are not always hugely inclusive to individuals, according to ManagedLEI, a Registration Agent of Legal Entity Identifiers.
- In countries where access to a bank account is low, for example, not everyone will be able to make cross-border transactions.
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
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Arab countries account for 60 percent of global Islamic financial industry, says AMF
ABU DHABI, UAE – Director-General and Chairman of the Board of Directors of the Arab Monetary Fund Dr Abdul Rahman...
Business
ITFC collaborates with Turk Eximbank for providing joint loan of US$277m
JEDDAH, SAUDI ARABIA - The International Islamic Trade Finance Corporation (ITFC), which is a member of the Islamic Development Bank,...
Business
Gulf banks show resilient growth despite US Fed hikes
Major banks in the UAE and Saudi Arabia, including the Commercial Bank of Dubai and First Abu Dhabi Bank, reported...
Business
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Geostrategy
Keen on promoting digital payments in India, UAE, says RBI
NEW DELHI, INDIA – The Chief General Manager of the Reserve Bank of India's Department of Payment and Settlement Systems,...
- India and UAE have signed two MoUs to strengthen the use of national currencies for bilateral trade, link payment and financial messaging systems.
- The RBI official said the two countries can work together to further develop digital payments and make them more efficient and convenient.
Geostrategy
IsDB to finance projects worth US$800m in member states
JEDDAH, SAUDI ARABIA - The Board of Executive Directors (BED) of the Islamic Development Bank (IsDB) approved to finance projects...
- The aid will contribute to ameliorate the socio-economic challenges faced by the people and will help in achieving significant SDG targets.
- IsDB had made an emergency intervention to support the communities affected by the conflict in Sudan.
Videos
A glimpse into GCC’s financial evolution
As the winds of change blow, three major forces—regulation, consolidation, and digitization—are shaping the trajectory. These elements intertwine, creating a...
- Driven by regulation, consolidation, and digitization, the region's financial services sector is undergoing a pivotal transformation
- Dive into the TRENDS Explainer video to understand and navigate the evolving landscape of the banking sector across the region