Islamic finance poised to reach $4 trillion by 2026
Islamic finance, with 70% of sector assets, is revolutionizing the global economy through ethical practices and digital innovation, gaining widespread...
Business
Al Rajhi Bank appoints Abdullah Al Rajhi as chairman
RIYADH, SAUDI ARABIA - Al Rajhi Bank said on Monday that it has appointed Abdullah bin Sulaiman Al Rajhi as...
Business
Can Palestinian Monetary Authority’s digital currency move be practical?
Israel has placed restrictions on large cash transactions Digital money could demonstrate apparent autonomy from Israel The Palestinian Monetary Authority...
Chinese insurer opens first Middle East office in Dubai
Office located at Dubai International Financial Centre SINOSURE is a state-funded insurance company established to promote China’s foreign economic and...
Dubai Police customers can avail cash deposit facility
Emirates NBD-enabled service available through bank's 300 plus CDMs Service aimed at minimizing physical contact and government's digitization efforts Emirates...
Iran licenses 30 crypto mining farms to mint digital currencies
Semnan Province, the administrative region to the east of Tehran, is home to the largest number of licensed facilities Iran...
Many UAE firms to receive $5 billion in lending from HSBC
HSBC said its Navigator 2020 report showed 81 percent of companies in the UAE were expected to increase investment spending...
PIF appoints former Samba CEO as head of compliance
Rania Nashar has more than two decades of experience in the banking sector PIF has increased its employees from 40...
Saudi bourse’s 2020 net profit surged ahead of listing
Tadawaul Group also said revenue more than doubled It posted a profit after zakat of $133.5 million Saudi Tadawul Group,...
Digital banks in Saudi Arabia to reduce costs and stimulate competition: SAMA
Saudi Cabinet Okayed issuing licenses for country's first digital banks Digital banks concept broader than financial technology companies Digital banks...
Saudi Arabia gives nod to set up digital banking in kingdom
Saudi cabinet authorizes finance minister to issue licenses Last year, the Saudi Central Bank (SAMA) licensed 16 financial technology companies...
Qatari investor in Deutsche Bank feels European banks should merge
*Sheikh Hamad feels it is the only way to take on US and Chinese globally *He is one of the...
Islamic finance poised to reach $4 trillion by 2026
Islamic finance, with 70% of sector assets, is revolutionizing the global economy through ethical practices and digital innovation, gaining widespread...
Business
Company News
UAB 2022 net profit at US$42m
Business
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Credit Suisse 2022 loss $7.9bn
Business
US, UAE officials discuss financial crimes
Geostrategy
Santander 2022 profit at $10.6bn
Business
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...
Eurozone banks toughen lending criteria, says ECB
FRANKFURT, GERMANY -  Eurozone banks tightened lending criteria in the first quarter at their fastest pace since the 2011 sovereign debt...
Economy
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Business
US Fed accepts supervision failed in Silicon Valley Bank
The US Federal Reserve called for greater banking oversight while admitting to its own failures in a report published into...
- Silicon Valley Bank's management failed to adequately manage risk prior to the bank's swift collapse.
- Federal Reserve supervisors failed to take forceful action after they had identified issues at the bank.
Business
Swiss central bank says tough rules needed for sector
BERN, SWITZERLAND - Switzerland's central bank said Friday that the country's banking regulations needed toughening up after the implosion of Credit...
- Credit Suisse's share price plunged on March 15, causing the central bank to step in with a $54-billion lifeline for the second-biggest bank in Switzerland.
- The Swiss government, Swiss National Bank and the financial market regulator strongarmed UBS into a $3.25-billion takeover on March 19.
Geostrategy
UAE to take part in meeting with Arab finance ministers, experts
ABU DHABI, UAE - The UAE will participate in the Joint Annual Meeting of Arab Financial Institutions, which will be...
- UAE will participate in the 52nd annual meeting of the Board of Governors of the Arab Fund for Economic and Social Development.
- UAE will also take part in the 47th annual meeting of the Board of Governors of the Arab Bank for the Economic Development in Africa.