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NBK launches KD Ijara fund
The National Bank of Kuwait (NBK) has launched its Islamic KD Ijara Fund II, the 18th edition of the Islamic Ijara funds, Kuna has reported. The five-year fund will generate a monthly income of 6.25% throughout its term. It is denominated in Kuwaiti dinars and has a minimum investment of KD30,000, with multiples of KD10,000. Investors can also opt for two one-year extensions. The offer period closes on September 15.
NBAD launches $850m fixed-rate notes
National Bank of Abu Dhabi (NBAD) has successfully launched a US dollar 5-year transaction under its recently updated $5bn EMTN Programme, the company has said. Barclays Capital, BNP Paribas, National Bank of Abu Dhabi and the Royal Bank of Scotland plc acted as joint-bookrunners. The bank has further mentioned, the book has reached over $4bn and has allowed NBAD to price a $850m transaction at the tight end of the guidance.
NBAD plans to sell 5-year bonds
The National Bank of Abu Dhabi (NBAD) is planning to sell five-year bonds in dollars, Bloomberg has reported, citing a banker involved in the deal. The bond sale will be the first from a UAE-based lender this year. The report further cited that notes may be priced to yield about 190 to 200 basis points more than the benchmark mid-swap rate.
UAE Central Bank delays bank reserves target
The UAE Central Bank has delayed bank targets for increasing capital reserves as a buffer for surprise losses and changed the proportion of Tier 1 capital which banks are required to set aside. The rule, which will initially require banks to maintain a Tier 1 capital adequacy ratio of 7%, was added as a measure of "prudence and caution", the Central Bank said, as it strives to restore confidence among lenders and spur lending. A circular issued by the Central Bank said banks should work toward increasing their overall reserves to 11% by September 30 and that the Tier 1 component should be at least 7%. The previous deadline was on June 30. Under the latest guidelines, banks are also required to achieve an overall capital ratio of 12% of risk-weighted assets by June 30, 2010, of which at least 8% must be Tier 1, the circular said. (Mac Capital Advisors)
FGB tops efficiency ratios among UAE banks
According to a study on UAE banks by Credit Suisse, First Gulf Bank (FGB) with a cost to income ratio of 20.9% for 1H09 has the highest efficiency ratio amongst UAE banks. FGB has tightened its costs by Dhs36m or 12% quarter-on-quarter, making it one of the most efficient banks in the world. The cost-to-income ratio was 22.2% in 1Q09. FGB has maintained the efficiency ratio at the same level through 1H08 and 1H09 at around 20%.
Profits fall at Jordan's Housing Bank
Operational earnings for the first half of this year at Jordan's Housing Bank for Trade and Finance (HBTF) have fallen 4.7% to JD181.5m, compared to JD190.6m during the same period last year. Pre-tax profit dropped 51% to JD44m for January-June, while profit after tax fell by 57% to JD29.2m. However, assets totalled JD5.6bn, an increase of JD123m compared to last year. Client deposits also climbed, by JD255m to over JD4bn.
NCB issues Shariah credit card
Saudi Arabia's National Commercial Bank has launched Shariah-compliant Visa Platinum Credit Card. The card is available via two loyalty schemes, Bonus (Cash Back) and Amyali (air miles). Cardholders can decide which scheme they wish to take, the lender said.
Mashreq Bank offers debt advice
Dubai-based Mashreq Bank has launched 'Mashreq Assist', a debt counselling service to help customers restructure their outstanding cards, loans and facilities. The service will operate across all the bank's product lines, including loan facilities, cards, overdrafts, credit lines, mortgages and SME products, the lender said.
Boubyan Bank to raise capital by 50%
Kuwait-based Boubyan Bank has agreed to raise its capital by 50%, following the central bank's approval, KUNA has reported. The rise will be allocated to shareholders registered in bank records prior to the board meeting, Ibrahim Al-Qazi, the bank's board chairman said.
Saudi authority fines Bank Al Jazira
Saudi Arabia's Capital Markets Authority has fined Bank Al Jazira SR100,000 ($26,667) for missing a disclosure deadline in the second quarter, according to the Saudi Gazette. The fine was levied for failure to disclose full financials last quarter, the regulator said.
QIIB offers car loans at 3.7%
Qatar International Islamic Bank (QIIB) is offering its customers car loans with profit rates starting at 3.7%, The Peninsula has reported. The offer, which is valid from September 1, 2009 until October 31, 2009, is available for Qatari nationals as well as expatriates for all types of new or used cars, QIIB said.
CBK to buy Dar Al-Istithmar debts
The Commercial Bank of Kuwait will use surplus funds as a result of the sale of Boubyan Bank shares it owns, to purchase debts owed to it of smaller investors in Islamic finance specialist Dar Al Istithmar, KUNA has reported. The bank has made the decision on the condition that it receives its full rights, and does not receive a price less than the original price of purchase.
National Bank of Egypt to arrange loan for Ezz Steel
The National Bank of Egypt with Banque Misr will arrange an EGP1.8bn loan for El Ezz Steel Rebars to fund the company's new direct reduced iron (DRI) project, Egypt's Almasry Alyoum newspaper has reported. More banks are expected to participate in the syndicated loan, the newspaper said.
Emirates NBD aims to raise $2bn in fresh capital
Emirates NBD plans to raise up to Dhs7.34bn ($2bn) in fresh capital this year with the help of a new federal law that guarantees bonds issued by local banks, The National has reported. The bank plans to issue a three to five-year bond under a Euro Medium-Term Note (EMTN) programme, a platform from which bonds of various maturities can be launched. Currently, Emirates NBD has Dhs19.5bn in outstanding EMTNs and syndicated bank borrowing of Dhs5.5bn. So far this year, it has paid back Dhs3.7bn, with Dhs2.2bn left to be repaid by the end of the year.
UAE cuts support facility interest rate
The UAE Central Bank announced today that it has lowered the cost for banks to borrow from its liquidity support facilities to 1.5% from 2.5% to help spur economic growth in the country. Mohamed Sharif Foulathi, chairman of the central bank's board of directors, said the new measure would come into effect as of Tuesday, Sept. 1.
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