CBDCs, DeFi and AI boost FinTech innovation in GCC
The GCC's FinTech sector is booming with CBDCs revolutionizing cross-border transactions and a surge in innovations boosting financial inclusivity, efficiency,...
Business
CBUAE cancels license of First Insurance Brokers Company
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) has cancelled the license of First Insurance Brokers Company...
Geostrategy
Business
Gulf countries get more adaptable to open banking
The GCC region is now witnessing an increase in adoption of open banking system and implementation plans are being put...
- The GCC region is now witnessing an increase in adoption of open banking system and implementation plans are being put in place as regulators set new market policies
- Tarabut Gateway -- the first and largest open banking platform in MENA and a licensed AIS and PIS provider -- obtained the first open banking license ever issued in the UAE
Business
Metaverse unrolls new prospects, risks for insurance
Many risks companies face in the real world exist in the metaverse, albeit with a digital twist, requiring insurance players...
- Many risks companies face in the real world exist in the metaverse, albeit with a digital twist, requiring insurance players to come up with a new set of liability policies
- Many metaverse projects feature content creation that may implicate IPR, thereby triggering the same coverages or, potentially, commercial general liability coverage
Economy
‘Jordan committed to combating terror financing’
Governor of the Central Bank of Jordan (CBJ) Adel Sharkas said that terror financing is a threat to national economies,...
- Governor of the Central Bank of Jordan said that terror financing is a threat to national economies
- The CBJ Governor said the Kingdom is committed to combating money laundering and terror financing
Business
Bahrain central bank’s monthly Sukuk issue oversubscribed by 152%
The Central Bank of Bahrain (CBB) said Monday the monthly issue of the Sukuk Al-Salam has been oversubscribed by 152...
- Subscriptions worth BD 65.445 million ($173.5) were received for the BD 43 million issue, which carries a maturity of 91 days.
- The expected return on the issue, which begins on 17 August and matures on 16 November, is 3.80 percent compared to 3.96 percent of the previous issue on 13 July.
Economy
Electronic payments overtake cash in Saudi Arabia in 2021
The Saudi Central Bank (SAMA) said a study revealed that electronic payments increased from 44 percent in 2019 to 62...
- The Saudi Central Bank said a study revealed that electronic payments increased from 44 percent in 2019 to 62 percent by volume in 2021
- In the business sector, the share of electronic payments reached a substantial 84 percent of all payments in 2021
Economy
Foreign exchange reserves up at $82bn, says Iraq’s Central Bank
Central Bank of Iraq announced that foreign exchange reserves rose to US$82 billion, while gold reserves exceeded 130 tons.
- Iraq's Central Bank says that its gold reserves exceed 130 tons
- Among the countries with the most gold, Iraq has now reached 30 position
Economy
CBUAE’s Financial Stability Report lists steps taken to help economy
The Central Bank of the United Arab Emirates has issued its Financial Stability Report for 2021, which outlines the measures...
- Among the steps were CBUAE's gradual exit strategy from the Targeted Economic Support Scheme as the UAE economic recovery commenced
- The CBUAE also conducted risk-based supervision and solvency and liquidity stress tests to assess potential vulnerabilities.
Analysis
Challenger banks struggle for market share in GCC
Net sentiment for traditional banks is higher than those for challenger banks as the former have a long history in...
- Net sentiment for traditional banks is higher than those of challenger banks as the former have a long history in the market and have proved to be trustworthy and reliable.
- Today consumers expect speed, efficiency and reliability from banks. The digital revolution also creates an opportunity to increase financial inclusion in the Gulf region
Business
Gender gap narrows in account ownership
This expansion created new economic opportunities, narrowing the gender gap in account ownership, and building resilience at the household level...
- Two-thirds of adults worldwide now make or receive a digital payment, with the share in developing economies grew from 35% in 2014 to 57% in 2021
- The gender gap in account ownership has narrowed, helping women have more privacy, security, and control over their money, latest surveys highlight
Economy
Total assets of UAE national banks at $816b in Jan to May 2022
Total assets of the 22 national banks rose to US$816.8 billion (AED 3.023 trillion) in the first five months of...
- Total assets of the 22 national banks rose to US$816.8b (AED 3.023 trillion) in the first five months of 2022, up four percent
- Assets of national banks accounted for 87.8 percent of gross banking sector's assets of US$937 billion (AED 3.442 trillion)
CBDCs, DeFi and AI boost FinTech innovation in GCC
The GCC's FinTech sector is booming with CBDCs revolutionizing cross-border transactions and a surge in innovations boosting financial inclusivity, efficiency,...
Business
Company News
OQGN inks $1.2bn financing deal
Business
CBD H1 2023 net profit $133m
Business
Latest News
QNB H1 2023 net profit at $2bn
Business
Ant Group to buyback shares
Business
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,...
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...
Geostrategy
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Analysis
Gulf banking sector flourishes amidst rising rates
GCC banks experienced robust lending growth during Q2-2023, despite multi-decade high rates from US hikes, with loans from GCC-listed banks...
- GCC banks experienced robust lending growth during Q2-2023, despite multi-decade high rates from US hikes, with loans from GCC-listed banks hitting a record $1.9 trn
- Customer deposits in the GCC rose 1% quarter-on-quarter to $2.3 trillion, with a loan-to-deposit ratio of 79.0%, and net income surging 3.5% to 13.7 billion in Q2-2023
Business
UAE industrial, business sectors see 4% rise in cumulative credit balance by H1 2023
ABU DHABI, UAE - Credit facilities provided by national banks to the business and industrial sectors rose by US$7.7 billion...
- Credit facilities by national banks to business, industrial sectors in UAE rose by US$7.7 billion in H1 2023.
- As per CBUAE’s figures the two sectors saw a 4 percent rise in cumulative credit balance to US$203 billion by the end of June 2023.
Business
Iran’s non-oil exports reach US$19.3bn in March to July 2023
TEHRAN, IRAN - Some 56 million tons of non-oil goods, valued at US$19.3 billion, were exported in the first five...
- Also 14.4 million tons of non-oil goods, valued at US$24.2 billion were imported into the country from March 21, 2023 to July 22, 2023.
- In this period, China, Iraq, the United Arab Emirates (UAE), Turkey and India were Iran’s main export markets respectively.