Banking

Related Content

SME Banking

Qatar Islamic profit hikes 25%
Qatar Islamic Bank (QIB) announced it made 25.2% growth on profit for 2007, reaching QR1.255bn. The QIB board recommended to distribute cash dividends of 20%, or QR2 per share, as well as 50% bonus shares. The board also recommends a further increase of capital by a privilege rights issue amounting to 20%.
Qatar: Saturday, March 15 - 2008 at 08:23

BMI gains Seychelles approval
Bahrain-based BankMuscat International (BMI) has announced that it has received a license from the Central Bank of Seychelles to set up its Offshore Banking venture. BMI will manage BMI Offshore Bank, a Joint Venture with locally incorporated Nouvobanq, the largest bank in Seychelles. BMI Offshore Bank will engage in Offshore Banking and Private Banking services and provide access to Trust and Investment services. The new venture is expected to be operational by the third Quarter of 2008.
Bahrain: Thursday, March 13 - 2008 at 14:45

US cracks down on Bahrain bank
The US has announced financial sanctions against a Bahrain bank it alleges is controlled by Iran's Bank Melli, which has been accused of providing support to Iran's nuclear programme, reported AP. The Treasury Department's action on Wednesday targets Future Bank BSC. Any bank accounts or other financial assets found in the US belonging to the bank must be frozen. Americans also are prohibited from doing business with the bank. Future Bank was established in 2004 as a joint venture between two Iranian state-owned banks - Bank Melli and Bank Saderat - and a private bank based in Bahrain, the department said.
Bahrain: Thursday, March 13 - 2008 at 06:49

IIB net income jumps 56%
Bahrain-based International Investment Bank has announced that its net income rose $21.1m last year, up 56.3% from the $13.5m it earned in 2006, reported Gulf Daily News. IIB's chairman Saeed Abdul Jalil Mohammad Al Fahim said the numbers reflect the continued growth of IIB's business and its ability to effectively develop and offer a diverse range of attractive investment opportunities. Total income increased by 39.4% to $34.3m from $24.6m, mainly from investment banking fees that increased by 33.3% to $22.8m from $17.1m in 2006, generated from the structuring, underwriting and the placement of new investments.
Bahrain: Wednesday, March 12 - 2008 at 12:40

Bahrain Islamic Bank appoints CEO
Bahrain Islamic Bank has appointed Mohammed Ebrahim Mohammed to be its CEO, reported Bloomberg. Mohammed joined the bank in April 2007 and previously worked for companies including Bank of Bahrain & Kuwait and Saudi Arabia's National Commercial Bank, the bank said in a statement. Bahrain Islamic Bank is the country's oldest lender complying with Muslim Shariah law.
Bahrain: Wednesday, March 12 - 2008 at 11:15

Abu Dhabi Group buys Georgian bank
The Abu Dhabi Group has purchased Georgia's Standard Bank for $42m, reported Reuters. as it seeks to tap economic growth in the former Soviet state. The Abu Dhabi Group is an investment company owned by a member of the ruling family of the emirate. Bashir Tahir, the group's CEO, said there is also a lot of interest in the former Soviet state from Europe and the US, and some neighbouring countries. He said the group's investment in the Georgian bank is long-term.
United Arab Emirates: Wednesday, March 12 - 2008 at 07:02

UNB to set up Qatar branch
Union National Bank has received approval from the Qatar Financial Centre Regulatory Authority to set up a branch in the Qatar Financial Centre. The branch's permitted activities include accepting deposits and providing and arranging of credit facilities within the QFC to wholesale customers. UNB is the first bank from the UAE to achieve this status.
Qatar: Tuesday, March 11 - 2008 at 13:27

DIB appoints new chairman
Dubai Islamic Bank has announced the appointment of the new chairman of its board of directors, Mohammad Ebrahim Al Shaibani, who currently serves as director-general of the Ruler's Court and board member and CEO of the Investment Corporation of Dubai. Al Shaibani replaces Dr Mohammad Khalfan Bin Kharbash, who is stepping down as chairman following the conclusion of the three-year tenure of the current board.
United Arab Emirates: Tuesday, March 11 - 2008 at 11:23

Index : Banking : Page 15