Maisarah leads Oman government’s successful sukuk issuance
MUSCAT, OMAN - Maisarah Islamic Banking Services, Islamic window of BankDhofar, acted as an Issue Manager for the Sovereign Sukuk...
Business
Economy
Bank of England hikes interest rate for fifth consecutive time
British economic output declined for the second month in a row in April, weighed down by rocketing prices that are...
- BoE policymakers agreed at a regular meeting to increase the cost of borrowing by a quarter-point to 1.25 percent.
- Pound fell 1 percent against the dollar following the announcement, one day after the Federal Reserve hiked US interest rates.
Business
GCC eyes unified payment system to strengthen banks
Aiming to strengthen the financial sector and achieve economic unity by 2025, the regional governments are working on an agreement...
- The Unified Payment System Agreement is part of the GCC's commitment to boost the region's financial markets
- The participation of the GCC countries in the unified payment system is optional and also based on their readiness
Business
FAB completes Bank Audi Egypt merger
FAB's Egypt assets will operate under the new brand "FABMISR".
- The system integration under the new identity is expected to be completed in the fourth quarter of this year.
- Through the legal merger, FABMISR will become one of the largest foreign banks operating in the Egyptian market.
Business
Islamic crypto gains currency in Muslim world
ISLAMICOIN, which adheres to strict Sharia audit, is one of the most popular digital currencies in the Islamic world, says...
- ISLAMICOIN follows recommendations issued by the Office of Crypto Halal for the supervision and Shari’a audit of the work of cryptocurrency markets
- Crypto Halal will keep checking ISLAMICOIN project every three months for compliance
Economy
UAE strengthens ties, strategic partnership with South Korea
The UAE Minister held a series of high-level meetings with government and business leaders in South Korea to strengthen bilateral...
- The UAE Minister held a series of meetings with govt leaders in South Korea
- The Minister held meetings with business leaders in South Korea
Economy
UAE Central Bank predicts country’s GDP to grow by 4.2 percent in 2023
The CBUAE projected the real GDP growth to reach 5.4 percent in 2022, after the growth jumped to 3.8 percent...
- In its Annual Report for 2021, the CBUAE estimated the non-oil GDP growth to reach 3.9 percent in 2023.
- The oil GDP growth will reach 5 percent in 2023, compared with earlier estimates of 3.4 percent.
Economy
Qatar Central Bank strategy for FinTech to boost sector
Qatar Central Bank is working on designing a new strategy for financial technology and intends to launch it during the...
- Qatar Central Bank is working on the new strategy for financial technology and intends to launch it at the last quarter of 2022
- QCB is creating the necessary infrastructure to enable banks to approve payments from digital wallets
Business
Fitch enhances Ras Al Khaimah rating to ‘A’, outlook upgraded to ‘positive’
The government spending, partly supported by significant revenues from government assets, have enabled Ras Al Khaimah to diversify its economy,...
- The government spending, partly supported by significant revenues from government assets, have enabled Ras Al Khaimah to diversify its economy, says the latest Fitch report.
- The emirate’s agility in terms of spending has led to a budget surplus in the government sector equal to 1.4 percent of GDP in 2021, adds US-based credit rating company.
Business
UAE, Saudi Arabia set new halal economy goals for GCC
Beside halal food business, Islamic banking holds the largest share of the Sharia-compliant industry, says Nik Joharris Nik Ahmad, country...
- The expansion of the global halal industry has resulted in a steady increase in its market size from $3.2 trillion in 2014 to $5.6 trillion in 2021
- Stringent regulatory norms, including mandatory halal labeling and certification rules for food and beverages, are propelling the market growth
Economy
Qatar government, banks behind its strong economic show: CEOs
The measures adopted by Qatar’s government and Qatar Central Bank proved decisive in countering the negative impacts of pandemic and...
- The CEOs focused on various issues like environmental and social practices, corporate governance.
- Future prospects of Qatar's economy are stable, as its banking sector enjoys flexibility and quality with high capital and liquidity, said Qatar National Bank CEO.
Company News
Latest News
Sustainable finance helps achieve net-zero emissions
"Together, we are working under the direct supervision of the Central Bank of the UAE to further advance sustainable finance...
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...
Business
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Business
DIB H1 2023 net profit $844m Â
Profit driven by core revenues, effective cost management.
- Gross new underwriting and sukuk investments during H1 2023 reached US$12 billion compared to US$8.9 billion in H1 2022.
- Total income reached to US$2.5 billion compared to US$1.6 billion, a solid expansion of 49 percent year on year.
Business
ECB wants reports on weekly basis to tighten monitoring of banks’ liquidity
BERLIN, GERMANY - The European Central Bank (ECB) announced on Saturday it wants to monitor the liquidity of banks in the...
- The data include details such as the maturity of liquidity in the bank's accounts, their counterparties and refinancing transactions with the ECB.
- The shift comes just after the bankruptcy of regional banks in the United States in March, followed by the collapse of Credit Suisse.
Business
FAB H1 2023 net profit $2.2bn
It is highest ever profit achieved by FAB in a half-year.
- Return on Tangible Equity (ROTE) increased substantially to 18.6 percent as of June-end 2023.
- Strong capital accretion lifted group Common Equity Tier 1 to 13.6 percent as of June-end 2023.