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
BCI’s subsidiary secures US$100m loan from SIDF
RIYADH, SAUDI ARABIA - Basic Chemical Industries Co.'s (BCI) subsidiary Chemical Marketing and Distribution Co. Ltd. secured a loan from the Saudi...
Business
Business
Federation of Saudi Chambers calls for better Arab-Russia trade relations
Chairman of the Federation of Saudi Chambers (FSC) Ajlan Al-Ajlan has called for preparing a roadmap to enhance economic relations...
- Chairman of the Federation of Saudi Chambers Ajlan Al-Ajlan recommends establishment of joint companies and an e-platform to promote Russian and Arab products.
- Al-Ajlan also stressed the importance of overcoming financial and banking obstacles and stimulating Russian banks to open branches in Saudi Arabia.
Geostrategy
UAE launches assessment of proliferation financing risks
The United Arab Emirates' Executive Office for AML/CFT and the Executive Office of the Committee for Goods and Materials Subject...
- The assessment was initiated in recent weeks and is expected to be completed by the end of 2022.
- The risk assessment will cover how financial resources may be used to develop nuclear, chemical, and biological weapons.
Business
QIIB 2021 profit at $276m
This was an increase of 7 percent in net profit year on year.
- QIIB said in its statement that the Earnings per share (EPS) amounted to QR0.59 (around $0.16) as of December 31, 2021
- This was against an EPS of QR0.55 (around $0.15) for the same period in 2020marking a rise of around 7.27 percent
Business
Saudi finance minister calls for GCC cooperation
Saudi Arabia's finance minister, Mohammed bin Abdullah Al-Jadaan, has stressed the need for the promotion of the joint Gulf action,...
- During the meeting, the ministers reviewed the progress made on issues related to strengthening the financial and economic cooperation among the GCC states
- The meeting was chaired by the Minister of Finance, Chairman of the current session, Mohammed bin Abdullah Al-Jadaan
Business
Financial scam websites victimize 137,000 Arabs daily
Five different types of financial frauds are prevalent in the Arab world, with 24 criminal methods being used to reach...
- According to a review of 503 fake adverts, the number of daily visits from potential victims of these fraudulent sites reaches 137,000 per day
- The study stated that five different types of financial frauds are prevalent in the Arab world, with 24 criminal methods used to reach the victims
Economy
Lebanon decision to convert deposits to local currency faces ire
The current midmarket rate for a US dollar is LBP1,500, while the black-market rate is more than LBP23,000 to the...
- Depositors in Lebanon demonstrated against the government's plan to convert deposits into Lebanese pounds
- The demonstration was also against an associated decision to compensate depositors in the local currency
Business
Two Iraqi banks to open in Saudi Arabia
The Saudi Central Bank has announced the opening of two branches of two Iraqi banks in Riyadh, and confirmed the...
- The bank also indicated the allocation of more than one billion Riyals ($270 million) to the Sports City.
- In 2021, the second training program for employees of the Central Bank of Iraq was started
Geostrategy
Islamic Development Bank keen to cooperate for achieving SDGs
The Islamic Development Bank (IsDB) affirmed that it would work together with all Multilateral Development Banks, International Finance Institutes, and...
- IsDB Group actively pursues counter-cyclical financing to its 57 member countries when they need it most, said its President Muhammad Al Jasser.
- To boost the economy and recovery of the member countries, the Bank has approved development programs and projects amounting to $1.6 billion.
Business
Al Rajhi issues $1.17 bn Sukuk
The settlement issuance was set on 23 January 2021.
- The number of Sukuk stands at 6,500, based on the minimum denomination and total issue size.
- The return on the Sukuk offering is estimated at an annual fixed rate of 3.5 percent.
Business
UAE banks saw 80% growth in deposits in 10 years
Deposits at banks in the UAE grew 80 percent to AED1,884 billion ($513 billion) in 2020 from AED1,049 billion ($285.64...
- The number of commercial banks operating in the UAE totaled 58 in 2020 against 51 in 2010
- The licensed insurance companies increased from 238 in 2010 to 314 in 2015 to 406 in 2020
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
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Lebanon central bank officials to quit if no governor nominated
BEIRUT, LEBANON - The vice-governors of Lebanon's central bank plan to resign unless politicians swiftly name an incoming governor, two senior...
Economy
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Business
US Federal Reserve calls for better supervision of banks
US Federal Reserve Chair Jerome Powell said stronger regulation and greater agility was required in supervising the banking sector following...
- Federal Reserve called for greater banking oversight while admitting its own supervisors had failed to take forceful enough action.
- When SVB failed, it was clear that a number of standard assumptions from a regulatory standpoint "were wrong," the Fed chairman said.
Business
ADB partners committed US$11.4bn to cofinance Asia-Pacific projects in 2022
MANILA, PHILIPPINES - Asian Development Bank's financing partners committed US$11.4 billion to confinance projects in 2022 that boosted the resilience...
- The report reveals that ADB and its partners enabled the countries to face current and emerging shocks.
- ABD and its partners financed projects that helped developing members strengthen trade and small businesses.
Business
Europe agrees tougher rules on banks to avert repeat of 2008 financial crisis
The rules will apply from January 1, 2025, two years later than the 2023 deadline agreed under the reforms.
- The draft law is the European Union's interpretation of the Basel III reforms of international standards on how banks evaluate credit and market risks.
- They include stipulations that banks have adequate capital and liquidity. The rules will apply from Jan 1, 2025, two years later than the 2023 deadline agreed under the reforms.