Oman’s MSX-listed banks see 18.6 percent net profit growth in 2023
MUSCAT, OMAN - Omani banks listed on the Muscat Stock Exchange (MSX) recorded net profits of US$1.17 billion (RO453.5 million)...
Business
Ahli Islamic signs agreement with AAOIFI to support Islamic banking
MUSCAT, OMAN - As part of its ongoing efforts to support the Islamic banking industry, ahli Islamic signed a Memorandum...
Business
Business
UAE’s Central Bank sanctions 6 banks operating in the country
Financial sanctions covers banks’ failures to achieve appropriate compliance regarding required due diligence and reporting procedures and standards. All banks...
- CBUAE implemented certain provisions of Common Reporting Standard (CRS) for the sanctions.
- Banks were sanctioned after failing to comply with due diligence and set standards and procedures.
Economy
US Fed decision impacts key policy rates across GCC
While Saudi apex bank has raised its repurchase rate by 75 bps to 3%, and its reverse repo rate by...
- Hours after the US Federal Reserve hiked its key interest rates by 75 bps, the GCC countries followed the suit and increased their policy rates by the same margin
- While the Fed’s step was aimed at combating the soaring inflation, the regional economies followed the US moves as their currencies are pegged to the dollar
Business
IFZA, CBD ink banking deal
Opening corporate bank accounts to become easier for free zone firms.
- The free zone companies will now be able to also obtain personalized services.
- A study by Dubai Chamber of Commerce said entrepreneurs face a lot of issues in opening a corporate bank account in UAE.
Economy
Common Reporting Standards to be mandatory in UAE, says CBUAE
Common Reporting Standards is a global methodology for the automatic exchange of financial accounts and tax-related information with other financial...
- The CRS is a global method for the automatic exchange of accounts with other financial regulatory organizations across the world
- The CBUAE is keen to comply with global standards as part of its mission to enhance monetary policy and financial stability
Business
Digital payments scan success in UAE, but scams too
The rise of digital payments also increases the chances of payment frauds in the region, Damon Madden, Head of Business...
- The rise of digital payments also increases the chances of payment frauds in the region, Damon Madden, Head of Business Development - Fraud at ACI Worldwide, tells TRENDS
- As more banks and financial services companies adopt financial technology, newer and innovative ways of digital payments are emerging in the UAE, experts point out
Business
European monetary policy: Same hat doesn’t fit all
The Europe's apex bank is expected to gradually tighten monetary policy whilst using asset purchases to support weaker countries in...
- The European Central Bank has the impossible task of setting a single monetary policy that is suitable for a diverse mix of countries in very different situations, says QNB
- The ECB will gradually tighten monetary policy while using asset purchases to support weaker countries in the periphery in a bid to avoid a full-blown resurgence of the Euro
Business
UAE banks recover, but customers remain unsatisfied
The sector, according to a KPMG report, scores low on customer satisfaction due to operational issues, lack of timely support,...
- The sector, according to a KPMG report, scores low on customer satisfaction due to operational issues, lack of timely support, long waiting times and lack of feedback.
- The most negative net sentiment has been associated with payment methods such as debit cards, credit cards, and loans, highlights the latest KPMG report
Economy
Central banks should not let inflation become a norm: BIS
Rise in prices has sharply accelerated since Russia's invasion of Ukraine in February, leading central banks to tighten their key...
- BIS, known as the central bank of central banks, said they will have to act quickly to return to low and stable inflation.
- After the shock of Covid-19, central banks initially saw the return of inflation as temporary as the economy gained pace.
Business
EDB to showcase its financing solutions at ‘Make it in Emirates Forum’
Emirates Development Bank (EDB) will participate in the first "Make it in the Emirates Forum" to be held on 21-22...
- The forum is organized by the Ministry of Industry and Advanced Technology.
- EDB is a key partner in the Ministry’s efforts to empower the industrial sector.
Economy
CBJ asks local banks not to change interest rates on loans
The Central Bank of Jordan issues a circular asking local banks not to change interest rates on loans to individuals....
- The Central Bank of Jordan issues a circular asking local banks not to change interest rates on loans to individuals
- CBJ’s decision comes in light of the current changes to interest rates and to ease the burden of repaying loans for individuals
Oman’s MSX-listed banks see 18.6 percent net profit growth in 2023
MUSCAT, OMAN - Omani banks listed on the Muscat Stock Exchange (MSX) recorded net profits of US$1.17 billion (RO453.5 million)...
Business
Company News
Verition opens office in DIFC
Business
AllianceBernstein office in DIFC
Business
Latest News
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...
Business
NEOM to set up education, research and innovation center
TABUK, SAUDI ARABIA – NEOM has announced plans to establish a world-class education, research and innovation (ERI) center, following last...
Arts & Culture
Rising data breach hits Middle East’s financial sector
In 2023, data breach costs in the Middle East soared to $8 million, marking a 155.9% rise over a decade,...
Business
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Business
Sukoon Insurance sets up OIWSS
Aim is administration of Employee Money Purchase schemes.
- OIWSS has established a partnership with Intertrust Group.
- OIWSS will be the trustee and the operator of this scheme
Business
Trust for cryptocurrencies, CBDCs grows in MENA
Favoring CBDCs for efficiency, convenience, and security, 63% of MENA residents believe central banks should introduce them, and 73% are...
- Favoring CBDCs for efficiency, convenience, and security, 63% of MENA residents believe central banks should introduce them, and 73% are ready to use them, says a survey
- UAE has emerged as a regional hub as GCC countries differ in cryptocurrency regulation, adds the CFA Institute survey, seeking engagement for successful CBDC implementation
Business
Bupa Arabia H1 2023 net profit $149m
Rise was driven by a jump in insurance revenue.
- The corresponding figure in the same period last year - H1 2022- was US$79.8 million.
- The company reported a jump of US$74.9 million YoY in insurance services results.