The rules will apply from January 1, 2025, two years later than the 2023 deadline agreed under the reforms.

Wio will offer Khalifa members full digital account onboarding.

Net financing and sukuk investments stood at $65.35bn.

HSBC's largest stakeholder Ping An says the split will improve business.

The economy committee of the National Council, the lower house of parliament, asked the government for an analysis of the determining factors behind the decline of Credit Suisse.

The Senate report "describes legacy issues, some from a decade ago," which the bank has sought to address by implementing extensive enhancements "to root out individuals who seek to conceal assets from tax authorities," it said.

The bank has lost 81% of its value since Greensill bankruptcy.

Equity will help DIC enter one of the most regulated markets

Riyadh, Saudi Arabia - Saudi bank loans granted to public and private sectors grew 15 percent  by the end of August to SAR 2.359 trillion ($630 billion), compared to SAR 2.049 trillion ($550 billion) a year earlier, according to the Saudi Central Bank (SAMA). Private-sector lending also increased by 15...

Social Security statements reached QR 78 million in July 2022, for 14,495 beneficiaries, recording a monthly decrease of 0.2% for the value of social security.

Qatar Central Bank has provided in-principle no-objection to both firms.

The company's net profit amounted to $2.18 billion.

Financial sanctions covers banks’ failures to achieve appropriate compliance regarding required due diligence and reporting procedures and standards. All banks operating in the UAE were allowed ample time by the CBUAE to implement the CRS.

Opening corporate bank accounts to become easier for free zone firms.

Emirates Development Bank (EDB) will participate in the first "Make it in the Emirates Forum" to be held on 21-22 June at ADNOC Business Centre, Abu Dhabi. It will use the Forum to underline how its range of flexible financing solutions can help large corporates and SMEs to expand, diversify...

British economic output declined for the second month in a row in April, weighed down by rocketing prices that are causing a cost-of-living crisis for millions of Britons.

The CBUAE projected the real GDP growth to reach 5.4 percent in 2022, after the growth jumped to 3.8 percent in 2021.

The measures adopted by Qatar’s government and Qatar Central Bank proved decisive in countering the negative impacts of pandemic and achieving economic recovery, CEOs of multiple Qatari banks said. They were speaking during their participation in the Euromoney’s Qatar Conference 2022, which began Sunday, according to Qatari media reports. The...

ADQ will work with the Hellenic Development Bank (HDB), the national development bank of Greece, and Hellenic Development Bank of Investments (HDBI), the Sovereign Fund of Funds of Greece.

World stock markets mostly sank Monday on stubborn fears over the impact of rising US interest rates, surging inflation and China's Covid lockdowns. Stock markets had dived last week after the Federal Reserve ramped up interest rates by a half-percentage point and flagged more hikes to tackle decades-high inflation.

Qatar Development Bank (QDB) announced the launch of a version of the "Al Dhameen" program for micro-enterprises, for the first time in the country. Al Dhameen program for micro-enterprises is characterized by a profit rate and distinct conditions. This contains guaranteeing 100 percent of the value of the financing, and...

Lebanon’s Deputy Prime Minister Saadeh al-Shami claimed on Monday that the country and its central bank had gone bankrupt. The claims seemed to be in line with exclusive reporting from TRENDS in December that said around $7 billion was missing from BDL’s books.

Of recent, Islamic banking has been getting quite a boost from governments and financial institutions in the Gulf Cooperation Council.

The Gulf Cooperation Council’s banking sector profits recorded a 40 percent surge to hit $35 billion in 2021, a report by investment company Kamco said.

Private equity and capital growth in Saudi Arabia has reached SR12 billion ($3.2 billion), Mohammad Al-Quwaiz, chairman of the board of the Capital Market Authority said. He noted that the growth has doubled in the last five years. Al-Quwaiz was speaking at the Global Entrepreneurship Congress 2022 in Riyadh. He...

Four Gulf Arab central banks followed in the footsteps of the US Federal Reserve and raised interest rates by a quarter percentage point for the first time since 2018.

The value of the Egyptian pound shed 13 percent against the US dollar on Monday, registering 17.80 pounds against the greenback after a recent rise in inflation.

The World Bank (WB) announced that it would support the higher education sector in Iraq with an amount of $5 million.

The sanctions came as the Russian military stepped up its bloody, multi-pronged assault against Kyiv and other Ukrainian cities.

On Friday, US President Joe Biden extended his country's measures against Russia to include sanctions on President Vladimir Putin and his Foreign Minister Sergei Lavrov, including a travel ban for the two statesmen. Biden was the first world leader to announce sanctions, hours after Putin declared a "military operation" into...

Ukrainian President Volodymyr Zelensky called on world powers on Thursday to cut Russia off from SWIFT, after Russian forces invaded his country on Wednesday.

More than two years into a financial crisis that has seen the local currency lose 90 percent of its value, the reputation of Lebanese lenders has been shredded.

The meeting was held on the sidelines of the official visit of Turkish President to the UAE.

The credit ratings agency has said the prospects for global economic growth have softened, even if it was to a modest extent.

Commercial Bank of Dubai (CBD) has approved a debt financing deal with Postpay, a leading omni-channel Buy Now, Pay Later (BPNL) provider in the Middle East.

A group of engineers in Lebanon held a sit-in protest outside the Central Bank branch in Sidon, in conjunction with similar stands outside BDL’s branches in Beirut and other regions.

Iraq is keen to benefit from the Egyptian Investment Authority, the Governor of Iraq’s Central Bank Mustafa Ghaleb said on Friday.

The President of the Arab Institute of Business Leaders (IACE) Taieb Bayahi has warned that Tunisia as a state could collapse.

Chairman of the Federation of Saudi Chambers (FSC) Ajlan Al-Ajlan has called for preparing a roadmap to enhance economic relations between Arab countries and the Russian Federation. He suggested stimulating bilateral business councils, increasing benefits from government support, activating cooperation in the small and medium-sized enterprises between the two regions....

The United Arab Emirates' Executive Office for AML/CFT and the Executive Office of the Committee for Goods and Materials Subject to Import and Export Control have launched assessment of proliferation financing risks in the Emirates. The proliferation financing risk assessment will assist the UAE's public and private sectors to implement...

Finance Minister of Dubai Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum affirmed that his government provided all support needed for the growth of the financial markets operating in the Emirate through developing legislative framework and infrastructure to allow exchanges to consolidate their presence regionally and globally. Sheikh Maktoum added...

The Saudi Central Bank has announced the opening of two branches of two Iraqi banks in Riyadh, and confirmed the signing of an agreement with Iraq to prevent double taxation.

The Islamic Development Bank (IsDB) affirmed that it would work together with all Multilateral Development Banks, International Finance Institutes, and other development partners towards achieving Sustainable Development Goals (SDGs) for its member countries. This came during IsDB President Muhammad Al Jasser’s participation in a panel discussion on “A Shared Sustainable...

The Lebanon Presidency Press Office denied the information broadcasted by Al-Jadeed TV on Sunday evening, which claimed that the President General Michel Aoun, “gave permission” to raid a number of banks in the context of investigations of bank lawsuits. "The Press Office asserts that this news is fabricated and baseless,"...

"The government has almost exhausted the General Reserve Fund's liquidity", said the rating agency.

  The Association of Banks in Jordan (ABJ) held a ceremony to honor the former Governor of the Central Bank of Jordan (CBJ), Ziad Fariz, said reports. The ceremony was held via teleconference, and attended by Jordan's Prime Minister Bisher Khasawneh, CBJ Governor Adel Sharkas, and ABJ Chairman Bassem Al-Salem,...

Bloomberg's Auction System is a part of Bloomberg's enterprise solution for central banks and government financial agencies.

The $2.2-trillion Islamic finance industry is set to take off in a big way across the world as it recovers from the Covid-19 pandemic. But it may not be the case in the Europe.

Gameya is a cooperative system that allows people to save and borrow money, and is popular in several parts of the world, including Africa and Latin America. Participants put an equal amount each month in a pot and take turns to collect the sum that has accumulated.

ODL uses XRP for instant, low-cost cross-border payments.