Banking

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SME Banking

Ithmaar lists on Kuwait Exchange
Bahrain's Ithmaar Bank will list on the Kuwait Stock Exchange today. The eighth Bahraini company to float on the KSE, it will keep its listing on the Bahrain Stock Exchange (BSE). Despite turmoil in world markets, the KSE has enjoyed a buoyant year so far, and the bank, which was the most traded share on the BSE last year, said it is floating on the market to attract new Kuwaiti investors.
Kuwait: Monday, March 31 - 2008 at 08:51

HSBC launching Shariah investment note
HSBC is launching a Shariah compliant capital guaranteed note, denominated in dirhams in May which investors can use as security for 5% home loans. The Amanah Premium Deposit Plus is a three-year, capital guaranteed term deposit with a payout will be equal to 100% of capital invested, plus the performance of the basket of stocks which has a maximum profit capped of 27%. Read more in our Dubai Property section.
United Arab Emirates: Sunday, March 30 - 2008 at 10:44

Islamic bank eyes Qatar
Singapore’s Islamic Bank of Asia is looking for opportunities in Qatar, its chief executive officer has said, according to a Gulf Times report. The $500m bank has not set a timeframe to expand to Qatar, although it wants to make the move in the medium term. The reason, said Vince Cook, was because Qatar ‘is a booming and very promising economy’.
Qatar: Sunday, March 30 - 2008 at 07:20

ABC to hike capital by $500m
Bahrain-based Arab Banking Corporation has proposed to increase its capital from $1.5bn to $2bn, cited news reports. This comes with a proposal to increase the issued capital from $1bn to $1.5bn by way of a pre-emptive rights offering to existing shareholders. The bank posted a net profit of $125m for 2007 compared to $202m in 2006 as operating results for 2007 were adversely impacted by the US sub prime crisis.
Bahrain: Saturday, March 29 - 2008 at 07:49

Al Salam Bank wants 20% growth
Al Salam Bank-Bahrain, which yesterday listed its shares on the Dubai Financial Market, has said it expects its profits to grow by between 20% and 25% a year. The bank's deputy chairman said it plans to expand into more Arab and Islamic countries, on top of previously stated plans to set up in Europe within two years. The bank has close ties with Emaar Properties, and there is likely to be increased cooperation between the two in future.
United Arab Emirates: Thursday, March 27 - 2008 at 12:13

Albaraka pays out $106m dividend
Shareholders in Albaraka Banking Group have agreed to dividend payments worth $106m. It will be distributed as $59m in cash dividends and bonus shares at the rate of one share for every 14 paid-up shares, worth $47m. Profits at the bank rose 62% last year to $201m.
Bahrain: Thursday, March 27 - 2008 at 11:48

$321bn Islamic bank to launch
The Chairman of Islamic banking group AlBaraka Banking has said that a new Islamic bank, with a market capitalisation of $321bn, will be operational by the end of this year. The Saudi businessman told Arab News that the banks initial market cap would be $11bn, against which it would raise another $110bn from funds and $200bn from sukuks.
Saudi Arabia: Thursday, March 27 - 2008 at 10:45

Go electronic says HSBC
A banking expert has called for banks in the region to better embrace electronic transactions. Speaking in Dubai, Andrew Long, HSBC's Head of Global Transaction Banking, said costly and inefficient cheque and cash based transactions were still commonplace in the Middle East, 'which are time-consuming and error prone' because of the manual procedures they involve. He said electronic real time settlements would increase competitiveness for businesses.
Middle East: Thursday, March 27 - 2008 at 09:18

Index : Banking : Page 11