Bank takes over Amiantit subsidiary
The bank will absolve Amiantit of all its financial obligations.
Business
PM issues law forming Dubai Investment Fund to oversee government investments
DUBAI, UAE – Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has issued Law...
Business
Business
Central Bank of Kuwait conducts another round of Shariah auditor program
The Central Bank of Kuwait (CBK) has launched the fourth round of the Certified Shariah Auditor program to strengthen the...
- Around 100 certified auditors have graduated in the past sessions of the program.
- CBK had issued instructions regarding Shariah Supervisory Governance in Kuwaiti Islamic Banks in 2016.
Business
Saudi EXIM inks $118m deals
The deals were signed at the Saudi Trade Finance Summit.
- The first deal was with the Saudi British Bank with a value of SAR238 million (around $63.5 million)
- The other two were credit-line agreements with Jordan’s Capital Bank and the National Bank of Iraq for $55 million
Business
Qatar Islamic Bank named world’s second strongest Islamic bank
The Qatar Islamic Bank (QIB) has been ranked as the "Fourth Strongest Bank in the Middle East" and "Second Strongest...
- Financial services company The Asian Banker also ranks QIB as the "Fourth Strongest Bank in the Middle East".
- QIB has recently posted a net profit of QR2.5 billion ($686 million) for the first nine months of 2021.
Business
DONIA: UAE Central Bank’s new transactions index to start from 7 Dec
The Central Bank of the UAE (CBUAE) will publish a new index for actual overnight funding transactions denominated in UAE...
- Dirham Overnight Index Average (DONIA) is computed as a volume-weighted money market rate for all actual overnight funding transactions of AED10 million or above.
- It would be published on UAE official working days by 09:30 hours local time on the CBUAE’s website and via Bloomberg and Refinitiv Eikon.
Business
Standard Chartered starts sustainable account in UAE, Aldar first to open it
Abu Dhabi-based developer Aldar Properties became the first corporate in the UAE to open a sustainable bank account started by...
- Deposits in the accounts are used to fund sustainable projects.
- The bank has said the surplus cash will be used in addressing the climate crisis and financial exclusion.
Business
Saudi bank inks $100m deal
The agreements are aimed at bolstering Saudi exports.
- The Saudi Export-Import Bank has signed reinsurance agreements worth over $101 million (about SAR 380 million)
- It signed the deals with the Arab Investment and Export Credit Guarantee Corporation or Dhaman
Business
SHUAA’s insurance assets grow to $136m
The firm expects the assets to reach $500m within three years.
- SHUAA has managed the equity and debt portfolios of five major insurance firms.
- The company is focused on strategically growing its insurance assets under management, said MD SHUAA.
Business
Transaction law changes will help raise UAE’s competitiveness ranking: CBUAE
Several amendments to the Commercial Transactions Law related to cheques will contribute to raising the UAE's ranking in the Global...
- Several amendments to the Commercial Transactions Law will come into effect in Jan 2022.
- The changes will also consolidate the principles of justice by striking a balance between the interests of the cheque beneficiary or bearer: CBUAE
Business
UAE credit card applicants to get pre-approved status online
The UAE’s Al Etihad Credit Bureau has joined hands with online financial aggregator Policybazaar UAE to implement real-time eligibility checks...
- The three-digit AECB credit score indicates how likely customers are to fulfill their payment obligations on time based on their past behavior
- Maintaining a good credit history allows customers to avoid higher interest rates and credit refusals
Business
Pyypl, Ripple launch on-demand liquidity service in Middle East
ODL uses XRP for instant, low-cost cross-border payments.
- ODL is the process of buying and selling XRP in originating and destination countries
- XRP is the native cryptocurrency of products developed by Ripple’s creator Ripple Labs
Bank takes over Amiantit subsidiary
The bank will absolve Amiantit of all its financial obligations.
Business
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HSBC posts bumper profits
Business
Tech-driven sustainability focus of banks
Financial institutions in the Gulf region are also focusing on sustainable practices like renewable energy investments, reducing their carbon footprint,...
Business
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...
Economy
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...
Business
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Business
Crisis hits investments in MENA startups
While the startup ecosystem flourishes in the Middle East and North Africa region, concerns arise over the durability of investments...
- Despite a 20% drop in venture capital investments in Q1 2023, the startup ecosystem in the Middle East and North Africa region remains resilient, say experts
- Concerns over the sustainability of investments and banks' ability to support SMEs have arisen amid the ongoing global banking crisis, they add
Business
Saudi Arabia’s SVC invests $30m in Bedaya Fund II
RIYADH, SAUDI ARABIA - Saudi Venture Capital (SVC) announced its investment of US$30 million in Bedaya Fund II, which is...
- SVC is a government investment company and is a subsidiary of the SME Bank, one of the development banks affiliated to the National Development Fund.
- SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO by investing $1.6 billion in funds and co-financing in startups.
Business
Strong economy, innovation shield GCC banks
GCC banks, which are recognized for their sophistication and maturity, have minimal exposure to the ongoing global crisis due to...
- The Gulf banking sector's resilience and adaptability position it well to navigate the current global landscape, ensuring continued growth and stability, say experts
- GCC banks, which are recognized for sophistication and maturity, have minimal exposure to the crisis due to robust regulations by regional regulators, they add