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International Investment Bank posts Q3 results
Bahrain-based Islamic investment lender, International Investment Bank (IIB) has reported a net loss of $0.6m for the third quarter of 2009, compared to a net income of $0.8m earned in the same period of 2008. The loss is attributed to fewer investment banking transactions due to current market situation. Net loss for the nine month period was $2m, compared with net income of $12m for the same period last year, IIB said.
Gulf Bank 'expects 2010 profit'
Michel Accad, CEO of Gulf Bank KSC has said that the bank expects to make a profit in 2010 as operating income increases, Bloomberg has reported. 'Next year will be positive for the whole year. Even in a quite bad scenario we're making money,' he said. Earlier in November, Gulf Bank had some of its credit ratings cut at Standard & Poor's, which said the lender is in a 'weaker position' than some of its rivals.
Al Hilal inks Anti Money Laundering tech deal
UAE-based government-owned Islamic lender, Al Hilal Bank has signed a contract with Ireland-based Norkom Technologies to implement its Anti-Money Laundering (AML) and Watch List Management (WLM) solutions across its operations in Abu Dhabi, Al Ain and Dubai. The AML software will help the bank to monitor and analyze transactions and customer interaction across its entire customer base to identify and investigate suspicious and criminal behaviour. The WLM solution will automatically alert Al Hilal if any entity attempting to transact with it, is listed on any of the industry's watch lists.
International Bank Qatar launches card programme
International Bank of Qatar (IBQ) has launched its merchant partner programme, offering up to 35% savings on the use of its full range of credit cards. Under the programme, IBQ will offer a range of limited-period promotions throughout the year to tie in with various community events and occasions, such as festivals and holidays. The first promotion under the merchant partner programme is running from November 15 to December 31, 2009, and includes a range of leading retail outlets and brands across Qatar.
UAE lenders up loan provisions
According to data by the UAE central bank, an additional Dhs4bn was set aside by lenders in the country for non-performing loans (NPL) during Q3, Reuters has reported. Provisions for NPLs set aside for specific defaults at September 30 had totalled Dhs27.8bn, compared to Dhs18.6bn at the end of September 2008. 'Although specific provisions are increasing, from a general economic perspective, we can see a slowing down of NPL growth, even though they are still growing,' Deepak Tolani, banking analyst at Al Mal Capital said.
BankMuscat to raise OR20m through CD auction
Oman's BankMuscat has said it aims to raise OR20m in the ninth round of Certificates of Deposit (CDs) auction on November 22, 2009. The CDs will be issued on November 25, 2009 in three categories with maturity of 12, 36 and 60 months with coupon of 3.25%, 4.75% and 5.50% respectively. The minimum subscription will be for OR100,000 and thereafter in multiples of OR100,000.
Qatar Islamic Bank given A rating
Fitch Ratings has affirmed Qatar Islamic Bank's (QIB) ratings at Long-term Issuer Default (IDR) 'A' with 'Stable' Outlook, Short-term IDR 'F1', Individual 'C' and Support '1'. Fitch has also affirmed the Support Rating Floor at 'A'. The Stable Outlook reflects Fitch's opinion that Qatar's credit fundamentals remain strong despite the global and regional downturn, the rating agency said.
CBK posts Q3 net loss
Commercial Bank of Kuwait (CBK), the country's third biggest lender by market value, has reported a Q3 net loss of KD1.6m ($5.60m), compared to a net profit of KD34.39m a year earlier, on provisions against bad loans and investments, Reuters has reported. Profit before provisions stood at KD99m in the third quarter, CBK said in a statement.
Gulf Finance places $100m Murabaha
Bahrain-based Islamic lender Gulf Finance House has agreed the placement of a $100m convertible Murabaha with Deutsche Bank. The investment bank also placed a $100m convertible Murabaha with Australia's Macquarie Group in August and raised $300m in fresh capital in October to shore up its balance sheet.
Burgan Bank posts 91% fall in Q3 profit
Kuwait-based lender, Burgan Bank has reported a 91% fall in net profit for Q3 2009, Bloomberg has reported. The bank has not given a reason for the fall. Net income plunged to KD1.7m ($5.96m) from KD19m a year earlier.
QNB-Syria to open today
Qatar National Bank (QNB) has announced that its Syrian unit, QNB-Syria will commence operations today in the country's capital, Damascus. The lender plans to increase its presence in the country to 15 branches by the end of next year. QNB-Syria will offer a full range of retail, corporate, investment, treasury and wealth management products and services.
Abana completes teller machine installation
Saudi Arabia-based Abana Enterprises Group Co. has said it has completed the installation of Magner75 Plus teller currency counting machines across all Bank AlBilad and Enjaz branches in the kingdom. The Magner75 Plus allows accurate and high-speed currency counting and reliable counterfeit detection.
Dubai Islamic Bank launches online system
Dubai Islamic Bank has launched its new online banking system. Features of the new Al Islami Online Banking include graphical representation of account and card transactions, detailed information across all banking relationships, complete online setup and maintenance of login credentials, as well as customisable account management and security settings, the group said.
Court ruling freezes Saad assets in UAE
Assets held by the troubled Saudi conglomerate Saad and its partners in banks in the UAE will be frozen, according to a court order by the Summary Proceedings Court, Gulf News has reported. The court said in its ruling on Thursday that assets will be frozen in favour of Abu Dhabi Commercial Bank, which include money deposited in banks operating in the UAE, assets and properties located across the UAE and amount of shares they own in a number of companies listed on the local stock markets.
Bank Muscat to write down Silkbank investment
Oman's biggest lender, Bank Muscat has announced that since it has no plans to subscribe to the rights offer of Pakistans' Silkbank, a 'significant' part of its OR23.4m ($61m) investment in the Karachi-based lender may be written down in the fourth quarter, Bloomberg has reported. 'As a result of our non-participation in the rights issue, our stake in Silkbank is expected to be diluted, though the actual dilution is not known at this stage,' the bank said.
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