Saudi insurance sector shows 14.6 percent growth in Q3 of 2023
RIYADH, SAUDI ARABIA- The Insurance Authority (IA) has issued its first report on the performance of the sector in the...
Business
Tabreed gets US$163m Green Revolving Credit Facility
ABU DHABI, UAE - Tabreed on Thursday announced the successful closure of its inaugural US$163 million (AED600 million) Green Revolving...
Business
Economy
Palestine Q3 current-account deficit stands at $316m
The preliminary results showed a surplus value for the capital and financial account amounting to $222 million, mainly caused by...
- This deficit in the current account was mainly triggered by the deficit of the trade balance of goods, which reached $1,464 million
- The total transfers from abroad amounted to $602 million, of which 17% were the transfers to the government sector
Analysis
Growing Islamophobia hits Islamic banking in Europe
The $2.2-trillion Islamic finance industry is set to take off in a big way across the world as it recovers...
- The EU is believed to be home to close to 28 million Muslims, who may hold close to $1,247 billion in wealth
- The Islamic finance industry has failed to make any impact in Germany and France with relatively large Muslims populations
Business
CBUAE enhances framework for real estate exposure of banks
The new methodology also introduces measurement of these exposures, based on credit risk-weighted assets using the CBUAE’s capital adequacy standards.
- The comprehensive standards require banks to review and improve their internal policies to enhance sound underwriting, valuation and general risk management.
- Banks with higher risk-weighted real estate exposure in their portfolios will be subject to a more extensive supervisory review of their underwriting and risk management .
Business
Dubai World Trade Center to become regulator for virtual assets, crypto
The World Trade Center will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies.
- The announcement follows the efforts to further develop Dubai virtual assets and markets, includes creating a framework for financial products.
- The Dubai World Trade Centre will collaborate with the private sector and relevant entities in Dubai to create an attractive environment for the sector.
Business
BNP Paribas sells US unit Bank of the West for $16.3 billion
French lending giant BNP Paribas said Monday it had sold its US retail and commercial banking arm Bank of the...
- BNP has owned the bank since 1979 and operates 555 branches in 20 US states, with over 9,000 staff.
- The French lender said the US arm had accounted for around five percent of its group-wide pre-tax earnings of between 12 and 14 billion euros in recent years.
Business
RAKEZ to partner with CBD for easy access to bank’s services
Ras Al Khaimah Economic Zone (RAKEZ) has entered into a strategic alliance with the Commercial Bank of Dubai (CBD) to...
- An MoU was signed by RAKEZ Group CEO Ramy Jallad and CBD CEO Dr. Bernd van Linder.
- The agreement makes it convenient for RAKEZ clients to business bank accounts.
Business
Abu Dhabi Islamic Bank provides $270m in UK real estate finance
Over the last three years, ADIB has catered to the growing demand for commercial property investments in London as well...
- The bank closed two deals in the UK in the month of November alone, taking its UK portfolio to around AED2.5 billion.
- ADIB also provided AED36 million to the Al Rajhi Legacy Fund on their acquisition of Olympus House in England.
Investigation
REVEALED: Billions of dollars missing from BDL
About US$7 billion is missing from Lebanese central bank’s 2020 balance sheet, data analysis by TRENDS suggests while highlighting weak...
- Some of the data sifted by TRENDS point to a US$7 billion scam involving the country’s central bank and the powerful individuals
- The poor and weak policies of Banque du Liban (BDL) may have facilitated a “Ponzi” scheme involving Eurobonds
Business
European Union fines major banks 344 million euros over forex cartel
Brussels slapped fines totaling 344 million euros (390 million dollars) Thursday on Barclays, RBS, HSBC and Credit Suisse after finding...
- Barclays, RBS, HSBC and Credit Suisse were fined and UBS's fine was reduced to zero as it voluntarily came forward to cooperate with regulators.
- These fines brought to an end the third part of an investigation that has been ongoing since 2013 and which had already resulted in more than one billion euros in fines in 2019.
Business
Central Bank of Jordan joins network of 100 central banks in green finance pursuit
The Central Bank of Jordan (CBJ) has joined the Network for Greening the Financial System (NGFS), a network of 100...
- The network is pursuing a better global response and delivery of the Paris and Glasgow climate agreements, said the bank.
- Qatar has the highest GDP per capita in the Arab world due to its small population.
Saudi insurance sector shows 14.6 percent growth in Q3 of 2023
RIYADH, SAUDI ARABIA- The Insurance Authority (IA) has issued its first report on the performance of the sector in the...
Business
Company News
ICIEC inks deal with SNB
Business
Latest News
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.
Business
Kuwait’s central bank says broad money supply rises marginally
KUWAIT- Central Bank of Kuwait (CBK) announced that the broad money supply (M2) went up by 0.3 percent last May...
Economy
UAE banks’ total capital, reserves rise to US$118.5bn by April-end
ABU DHABI, UAE - Aggregate capital and reserves of banks operating in the UAE rose by 10 percent year-on-year (YoY)...
Business
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Economy
Bank of England hikes rate half-point even as high inflation remains
LONDON, UK - The Bank of England on Thursday lifted its key interest rate by a half-point to five percent to...
- The decision came one day after data showed UK annual inflation remained at 8.7 percent in May, defying expectations of a slowdown.
- The half-point lift was in stark contrast to the Federal Reserve, which last week pressed pause on US rate hikes after a sharp easing in the country's inflation.
Business
CBUAE balance sheet rises to US$172bn at end of April 2023
ABU DHABI, UAE - The Central Bank of the UAE's (CBUAE) balance sheet grew by 6.3 percent on a monthly...
- CBUAE says balance sheet increased YoY to US$33 billion against US$138 billion at the end of April 2022.
- CBUAE has US$72 billion for cash and bank balances in April, along with reserved investments to the tune of US$55 billion.
Gulf Union Alahlia Q1 profit $7.5m
Results were due to a fall in insurance services expenses.
- Net investment income rose to US$1.2 million (SAR 4.6 million) from US$1 million (SAR 4 million) in Q1 2022.
- The insurance services provider reported a rise in other income to US$4 million (SAR 15 million) in Q1 2023.