Banking
- The news you choose »
- Login to Add to Watchlist
Categories
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.
NBAD ranked among world's 50 safest banks
National Bank of Abu Dhabi has been ranked among 50 safest banks in the world in 2009 by Global Finance. The World's 50 Safest Banks 2009 were selected through a comparison of the long-term credit ratings and total assets of the 500 largest banks around the world.
Arab Bank cuts housing loan interest rate
Arab Bank has lowered its interest rate by 0.5% to 8.25% for its customers in Jordan who take out a housing loan starting September 1, 2009. The lender has lowered prime interest rates twice this year, in addition to lowering interest rates on new personal, auto and housing loans.
Amlak records Q2 net loss
Amlak Finance, the UAE mortgage lender, posted a second-quarter net loss excluding minority interests of Dhs65.6m ($17.9m), compared with a profit of Dhs143m a year earlier, Bloomberg has reported. Revenue had declined to Dhs191m from Dhs346m as the company made impairment provisions of Dhs67m. Income from financing and investments had dropped to Dhs169m from Dhs204m, the company has said.
Abu Dhabi Finance launches non-resident mortgage
Abu Dhabi Finance has launched a mortgage called Compass, aimed at salaried non UAE-residents who want to buy residential property in the capital. It will offer up to 75% mortgage finance. Those who are self-employed will get a maximum of 70% finance. The minimum loan amount will be Dhs250,000, with the maximum depending on the individual applicant's circumstances. Loan length is up to 30 years or when the applicant reaches 70 years old. Applicants can also pay up to 10% of the outstanding loan once a year without incurring early repayment charges.
Al Baraka plans Syrian unit IPO
The initial public offering for Al Baraka Banking Group's Syrian affiliate will open on October 4 and run for one month. "We have to raise $35m, which is 35% of the capital, and it has to be sold for Syrians only," General Manager Mamoun Darkazally told Gulf Daily News. The bank plans to start operations in January next year with a capital of $100m, he added. Bank Bemo Saudi Fransi is managing the sale. Emirates Islamic Bank has a 10% stake in Al Baraka's Syrian unit.
Shuaa Capital issues new shares
Shuaa Capital says it has received necessary permission to issue 515 million new shares to Dubai Banking Group, WAM has reported. The shares represent a 48.4% stake in the company. Dubai Banking will receive the shares in exchange for Dhs1.5bn ($408m) of convertible bonds, the company said.
Noor launches Dubai airport exchange service
Noor Islamic Bank has launched foreign currency exchange services at its Dubai Airport Terminal 3 branch, the Gulf News has reported. It will include buy and sell services at market rates for all major GCC and international currencies and instant money or bank transfers to over 170 countries.
Islamic banks assets grow 66%
The combined assets of top 100 Islamic banks have increased 66% in 2008, defying recession trends, according to a report by The Asian Banker in its annual ranking of the world's top 100 Islamic banks by assets. The report has mentioned Islamic finance assets are largely concentrated in Iran, Kuwait, Malaysia, Saudi Arabia and the UAE while banks in Bahrain, Malaysia, Kuwait, Qatar, Syria, and the United Kingdom have also reported significant double or triple-digit asset growth.
United Gulf Bank rating affirmed
Capital Intelligence has affirmed long- and short-term ratings for Bahrain-based United Gulf Bank's at BBB+ and A2 respectively. The outlook for the ratings remains stable. This reflects the lower level of exits combined with the difficult investment market, the credit ratings agency said.
It looks like you are using a Mac - check out our 
Web Feeds