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ADCB approves cash dividends worth US$1.1bn Â
ABU DHABI, UAE – Abu Dhabi Commercial Bank (ADCB) has approved the Board of Directors proposal to distribute a cash dividend of US$0.15 (AED0.56) per share, translating to a total pay-out of US$1.1 billion (AED4.099 billion) equivalent to 50 percent of its 2023 net profit. This came as the ADCB...
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Slow tech adaptation hurts online banking in GCC
Smaller banks may be left behind if they don't invest appropriately in digitalization, Redmond Ramsdale, Head of Middle East Bank Ratings at Fitch Ratings, tells TRENDS. -
Iraqi Central Bank report shows financial recovery in past 10 years
A Central Bank of Iraq report showed that the unemployment rate rose to 16.5 percent in 2021, compared to 11.9 percent in 2012. -
Unified financial network set to boost Gulf economies
GCC countries are accelerating economic integration by activating the financial links between companies, banks, and stores to make life smoother for citizens and residents. -
Gulf countries get more adaptable to open banking
The GCC region is now witnessing an increase in adoption of open banking system and implementation plans are being put in place as regulators set new market policies. -
GCC insurers adopting sustainable finance practices
Even as only half of the significant insurers in the region are disclosing ESG information, sustainability has gained significant traction in financial services in last few years. -
Electronic payments overtake cash in Saudi Arabia in 2021
The Saudi Central Bank (SAMA) said a study revealed that electronic payments increased from 44 percent in 2019 to 62 percent of all payments by volume in 2021. -
CBUAE’s Financial Stability Report lists steps taken to help economy
The Central Bank of the United Arab Emirates has issued its Financial Stability Report for 2021, which outlines the measures taken by the CBUAE to support the national economy during the COVID-19 pandemic and safeguard the stability of the financial system. -
Technological advancements make regional banks more buoyant
Another important and influential trend being witnessed by the banking sector in the region is reduced physical networks and shifting some of the staff to more cost-effective locations. All this allows financial institutions to serve their clientele better and provides convenience to the customers by saving their energy and time. -
GCC ripe for digital banking growth
A high penetration of digital technologies and a tech-savvy younger consumer base among the factors that make the region a fertile ground for the flourishing of online banking. The present laws and regulations in most GCC countries have significantly influenced this sector's development. Aiding the region in its embrace of... -
Ways of digital banking in Middle East
The establishment of over 40 financial free zones in the UAE has encouraged innovation in digital banking. The fintech market in Saudi Arabia, meanwhile, is expected to grow by 55 percent by 2033. -
Web 3.0 to further revolutionize digital banking
Forward-leaning financial institutions are ready to seize strategic opportunities to secure their stake in the future of Web 3.0. Right strategies will help traditional banks in giving an edge to their competitors in the cyberspace. -
FDIs in the UAE grew 116% from 2012 to 2021
According to a report by the UAE's Ministry of Economy, during the past decade from 2012 to 2021, FDIs in the country increased by 116 percent, amounting to $20.667 billion in 2021 compared to $9.566 billion in 2012. -
ING Q2 profit down 20%
The bank's profits have been hit by Turkey's soaring inflation. -
Center to combat financial fraud inaugurated in Saudi Arabia
A Joint Operations Center for Saudi Banks tasked with following up and monitoring cases of financial fraud that bank customers may be exposed to has been inaugurated by Saudi Central Bank Governor (SAMA) Dr. Fahd bin Abdullah Al-Mubarak. The center brings together all Saudi banks under one roof to improve... -
China urges lenders to extend credit to property sector
China's banking regulator has urged lenders to extend more credit to real estate developers, as a growing number of homebuyers withhold mortgage payments on unfinished housing projects across 50 cities. -
Common Reporting Standards to be mandatory in UAE, says CBUAE
Common Reporting Standards is a global methodology for the automatic exchange of financial accounts and tax-related information with other financial regulatory organizations across the world through secure channels. -
GCC govts lend roof to residents via interest-free loans
The value of home loans granted by the GCC govts to their residents range between $150,000 and $330,000 and are repaid through simplified methods and in short payments. -
UAE banks recover, but customers remain unsatisfied
The sector, according to a KPMG report, scores low on customer satisfaction due to operational issues, lack of timely support, long waiting times and lack of feedback. -
CBJ asks local banks not to change interest rates on loans
The Central Bank of Jordan issues a circular asking local banks not to change interest rates on loans to individuals. CBJ’s decision comes in light of the current changes to interest rates and to ease the burden of repaying loans for individuals. -
Qatar Central Bank strategy for FinTech to boost sector
Qatar Central Bank is working on designing a new strategy for financial technology and intends to launch it during the last quarter of 2022 -
‘Central bank digital currencies can transform financial system’
More countries are experimenting with CBDCs and some are beginning to bring them to market, potentially offering lessons for the rest of the world. -
Aafaq Islamic Finance picks new CEO
The company has appointed Hisham Hammoud to the post. -
Gross bank assets up 0.8% to AED3,321.5bn at Dec 2021 end: CBUAE
The UAE Central Bank announced that the money supply aggregate M1 increased to AED 701.9 billion at the end of December 2021. -
Lebanon central bank not bankrupt, says governor
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. -
Islamic banking tipped to grow in GCC
Of recent, Islamic banking has been getting quite a boost from governments and financial institutions in the Gulf Cooperation Council. -
Metaverse set to transform banking in GCC
Regional players eye big share as Metaverse is expected to become a US$800 billion market. Some analysts believe it will hit $30 trillion by 2030. -
Malaa Technologies to set up a bank in KSA
Malaa Technologies will launch its banking operations in Saudi Arabia after it obtained an approval from the kingdom’s central bank. -
Central Bank of UAE approves creation of 5,000 jobs for Emirati nationals
The Central Bank of UAE has approved the creation of 5,000 new jobs by the end of 2026 for Emirati nationals as part of the Emiratization of managerial positions in the banking and insurance sectors. The jobs will be created in coordination with the Emirates Institute for Banking and Financial... -
Sukuks cast their spell beyond GCC markets
The total green sukuk market is worth more than US$15 billion, according to Refitiniv, with the Islamic Development Bank (IsDB) being the first in the market with a US$ 2.5 bn offering. However, figures show that Sustainability and green-themed Sukuk were rising in 2021, mainly since large entities are investing... -
Sanctions seek to cripple Russian economy as Ukraine invasion continues
The sanctions came as the Russian military stepped up its bloody, multi-pronged assault against Kyiv and other Ukrainian cities. -
Cloud tech gains strength in GCC
Cloud market in UAE is at emerging stage and is likely to witness rapid growth in the coming years due to high adoption rate among SME’s and the digital transformation agenda. -
Iran, Syria to establish joint free zone, joint bank
Qasemi, who headed a high-ranking delegation to Syria, met with senior officials from Syria. -
KCB lent $1.31bn in 2021
The Kuwaiti bank’s lending amount was spread across 23,000 loans. -
Afghanistan’s asset freeze hurts everyone
To avoid giving the Taliban access to Afghanistan's reserves, Washington froze an estimated $10 billion held by the central bank abroad after the Taliban seized power on August 15. -
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 from the Covid-19 pandemic. But it may not be the case in the Europe. -
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. -
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 as major regional cities in the UK. -
CBUAE mulls Emiratisation of leading banking, insurance professions
The proposal was mooted at the apex bank's fifth board meeting chaired by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and Chairman of the Board of Directors of the Central Bank of United Arab Emirates. -
Arab youths are increasingly saving, investing with fintech
The region's economic instability, exacerbated by the coronavirus pandemic, has spurred many to turn to online banking and financial tools. -
OPEC Fund extends $80m loan to Afreximbank
The OPEC Fund’s support will assist in boosting Afreximbank’s liquidity to grow its loan portfolio as it finances exports and imports in critical sectors across Africa. -
‘GCC may avoid NMCs, Abraajs with robust norms’
The region’s financial regulators must be extra vigilant to avoid catastrophic debt crises, Khalid Abdulla-Janahi, chairman of Vision 3, UAE, tells TRENDS -
Iran bank loans to economic sector rise 58%
The Iranian banking system has paid 12.41 quadrillion rials (over $295.49 billion) of facilities to domestic economic sectors in the first six months of the current Iranian calendar year (March 21-September 22). This is 57.9 percent higher than the amount in the same period from the previous year. -
Robotics set to alter job markets in Gulf region
There will be ample job opportunities in artificial intelligence, robotics, automation, advanced manufacturing, virtual reality, augmented reality and big data analytics. -
Saudi and UAE stock markets rebound
The Saudi and UAE bourses saw quite some ups and downs in the week that began on Sunday, October 10. -
CBD and Infinios announce pact
Both will work to support the growing fintech market in UAE. -
NBF starts e-trading platform
NBFX will help customers digitally hedge their treasury requirements. -
Gargash Group buys out Deem Finance for unknown sum
Gargash Goup, the UAE-based conglomerate, has bought out Deem Finance, the financial services provider, for an undisclosed sum. The conglomerate has businesses in automotive, real estate and non-banking financial services sectors. -
Four major UAE banks post $4bn net profit in first half
The combined net profit of four major banks in the United Arab Emirates has vaulted to $4 billion in the first half of 2021, up 17 percent compared to the same period last year. -
Bahrain bank challenges students to make digital solutions
The National Bank of Bahrain has tied up with Bahrain FinTech Bay to launch challenge youngsters in the country to make youth focused banking solutions. Any Bahraini student, whether a citizen or resident, is eligible to apply, provided they are between the ages of 18 and 24. -
UAE firms face multiple cyber attacks in a day
Cyber criminals have targeted an organization in UAE 295 times per week on an average in the last six months. Banking and finance sector bears the brunt.