UAE banks align with global sustainability standards
“The pledge made by our UBF Chairman, Abdulaziz Al Ghurair, to mobilize over AED 1 trillion in sustainable finance, represents...
Business
Fintech fuels growth in Islamic finance sector
Islamic banking, making up 70% of the Islamic finance market's assets, is undergoing a transformative phase, fueled by fintech innovations...
Business
NBF declares net profit growth of 17.1% in half-year results
National Bank of Fujairah has posted a net profit of AED 76.2 million ($20.75 million) for the first half of...
Digital Payments in Egypt and Saudi Arabia rising, with push from pandemic
Analysts at Jordan-based Arab Advisors Group have said digital payments in Egypt and Saudi Arabia are on the rise
McLaren raises US$757m, adds Saudi wealth fund as investor
The deal makes Saudi Arabia’s PIF a minority shareholder in the group Some of the money raised will be used...
UAE Central Bank unveils norms for retail payment services
The Central Bank of the United Arab Emirates (CBUAE) has unveiled the Retail Payment Services and Card Schemes Regulation.
Sharjah Islamic Bank’s profit rises 25.6% in H1
Sharjah Islamic Bank's operating profit increases 25.6% to AED 417.3 million in the first six months
French judges weigh money-laundering charges against Lebanon’s central bank chief
French anti-corruption judges are probing money-laundering charges against Lebanon's central bank chief Riad Salameh
Bahrain to tap debt market to tide over financial crunch
The last time the Bahraini Kingdom tapped the international debt market was in January, when it raised $2 billion
Wealthy nations cancel Sudan debt worth $14 billion
The remaining of the total $23.5 billion debt will be rescheduled and will likely be canceled in the future, says...
TotalEnergies gets $34m financing from APICORP, NBF
TotalEnergies has secured a $34 million debt from the Arab Petroleum Investments Corporation and the National Bank of Fujairah (NBF)...
ADFD provides $15 million concessionary loan to Rwanda
Rwanda has signed a loan agreement with ADFD to get a loan of AED55 million, or around $15 million, for...
UAE banks align with global sustainability standards
“The pledge made by our UBF Chairman, Abdulaziz Al Ghurair, to mobilize over AED 1 trillion in sustainable finance, represents...
Business
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Credit Suisse shares down
Business
Saudi EXIM, SINOSURE ink MoU
Business
Strong fraud detection boosts security of UAE banks
"The UAE is well positioned to further strengthen its leadership in combating fraud, with continued investment in technology, training and...
Business
ECB fines Goldman Sachs US$7.2m for misreporting capital needs
BERLIN, GERMANY -  The European Central Bank (ECB) has fined US financial giant Goldman Sachs US$7.2 million (6.63 million euros) for...
Business
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Business
Allianz Q1 posts net profit $2.2bn
Firm said the profit was driven by higher prices for policies.
- The unit's strong performance helped offset lower revenues at its life and health division and its asset management arm.
- Allianz confirmed that full-year operating profits remained stable at US$15.4 billion, "plus or minus US$1.08 billion".
Economy
UAE Federal Treasury Sukuk Program appoints ADIB as primary dealer
ABU DHABI, Â UAE - Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has been appointed as a primary...
- This new program has been launched by the federal government of the UAE, through the Ministry of Finance (MOF).
- The program aims to issue Sukuk through Shariah-compliant structures as approved by the Higher Shari’ah Authority.
GCC central banks align rates with US Fed Reserve
The regional apex banks -- including the CBUAE, SAMA, CBB, and QCB -- have raised rates by 25bps in response...
- The regional apex banks -- including the CBUAE, SAMA, CBB, and QCB -- have raised rates by 25bps in response to the US Fed's decision to increase its benchmark lending rate
- Saudi Arabia's SAMA has increased its Repo rate to 5.75% and Reverse Repo to 5.25%, while the CBUAE has raised its ODF from 4.90% to 5.15%, effective from May 4, 2023