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Dubai Bank launches utility payment service
Water and electricity utility Abu Dhabi Distribution has teamed up with Dubai Bank to launch an electronic bill payment service. It will allow customers to use Dubai Bank's internet and phone banking services as well as ATMs to make payments towards their utility bills. The service is available for all Dubai Bank customers.
Saudi banks healthy despite downturn
Nomura Saudi Arabia has said that Saudi Arabian banks are resilient to the global economic downturn, due to the relative strength of the region, solid fundamentals and a conservative regulatory environment. Saudi lenders should see profits boosted as rates rise, the brokerage added. But while banks have reduced their exposure in investment securities, Nomura warned that asset-quality was likely to deteriorate if banks continued to grant loans based mainly on a client's reputation, in turn damaging the strength of that profitability and offsetting top-line expansion.
Ahli United Bank to repay $400m of $1.2bn loan
Bahrain-based Ahli United Bank is to repay $400m of a $1.2bn syndicated loan by the end of August, ahead of the final maturity date. The three-year $1.2bn loan facility was signed in October 2006 with the participation of 51 international banks. The loan will be refinanced by the two-year $800m forward start facility, which was signed in September 2008, the bank has said.
Dubai Bank female staff to wear abayas
All female staff at Dubai Bank - both Muslim and non-Muslim - must wear a shailah (head scarf) and abaya starting this Ramadan, Gulf News has reported, citing a memo sent by the bank to staff on Thursday. The dress code decision was made by the bank's Fatwa and Sharia Supervisory Board in June and endorsed by the management. The move is intended to follow Shariah principles and to gain customer confidence and help market the bank's products.
ADNIC given A- rating
Standard & Poor's has reaffirmed Abu Dhabi National Insurance Company's financial strength rating as Strong (A-) with a 'stable' outlook. 'ADNIC has very strong capitalization and of high quality, driven by extremely strong risk-based capital adequacy. Its capital has grown entirely through internal resources,' the rating agency gas said.
Qatar National postpones loan repayments
Qatar National Bank (QNB) has announced the postponement of personal and vehicle loan installments due in the months of August and September 2009. The bank's decision was made in conjunction with the holy month of Ramadan. The promotion is applicable to customers holding salaried accounts with QNB. Postponement charges, normally applicable on the finance amounts during August and September, will be automatically waived, QNB has said.
Al Watany H1 profits up
Al-Watany Bank of Egypt, a member of the National Bank of Kuwait (NBK) Group, has recorded an H1 net profit of $38.46m, a 5.5% increase over the same period of last year, NBK has said. Annual return on assets was 3.12%, up from 2.75% in 2008, the lender has said. Average of annual return divided by shareholders' equity was at 32%, it said.
Fitch reaffirms Gulf International ratings
Fitch Ratings has re-affirmed Gulf International Bank's long-term issuer default and short-term ratings at 'A' and 'F1' respectively, with a stable outlook. The agency also re-affirmed the bank's Individual Rating at 'C/D' and its subordinated debt obligations at 'A'-. GIB's ratings 'reflect expected support from its shareholders, in case of need,' Fitch has said.
Jordan Islamic posts 3% H1 rise
Jordan Islamic Bank, a subsidiary of Bahrain-based Albaraka Banking Corp, has recorded a 3% rise in first-half net profit to JD20.7m ($29.2m) compared to the same period a year ago, Reuters has reported. Total assets rose 5% to JD2.28bn ($3.2bn) at the end of June 2009 against JD2.17bn at the end of 2008, the Islamic lender has said. The bank's loan portfolio increased 9% in the first six months of the year to JD1.216bn at the end of June 2009 from JD1.115bn at the end of 2008, while total customer deposits rose 8.8% in six months to JD1.685bn from JD1.550bn at end of 2008.
Credit Suisse open Mena fund
Credit Suisse has announced the launch of the Credit Suisse SICAV One (Lux) Equity Middle East & North Africa Fund. The UCITS III compliant fund is targeting both institutional and retail investors. Portfolio construction will be limited to 40-60 stocks and adheres to high standards of risk management. Credit Suisse has so far raised $40m for the fund from institutional and private discretionary clients. The fund will be managed by Credit Suisse's Portfolio team in Dubai.
Qatar Islamic posts H1 profit
Qatar Islamic Bank, the country's largest Shariah-compliant lender, has reported a net profit for the first half of 2009 of QR812.6m, with a 32% increase over the first quarter of 2009. The lender's income from financing operations has climbed 52.3% from QR555m in H1 2008 to QR845m. Total assets have grown by 32.3% to QR35.6bn from QR26.9bn in the first half of last year. Depositors' profit shares have reached QR198m, compared to QR166m from the same period last year.
Dawood Islamic given 'AA' rating
Islamic International Rating Agency (IIRA) has assigned Shariah Quality Rating of 'AA' to Pakistan-based Dawood Islamic Bank Limited (DIBL). The rating reflects IIRA's opinion that DIBL conforms to very high standards of Shari'ah compliance in all aspects of Shari'ah quality analysis. DIBL is a joint venture between Pakistan-based First Dawood Group and the Islamic Corporation for the Development of the Private Sector (ICD) in Jeddah, Unicorn Investment Bank in Bahrain, Al Safat Investment Company in Kuwait, Gargash Enterprises in Dubai, in addition to individual investors from Singapore and Saudi Arabia.
Moody's: Bahrain banking sector facing negative outlook
Moody's Investors Service has said that the fundamental credit outlook on the Bahraini banking sector is negative, considering the expected weakening in the financial metrics of rated Bahraini banks within the context of weaker regional economies. Moody's outlook expresses the rating agency's view on the likely future direction of fundamental credit conditions in the industry over the next 12 to 18 months. For the most part, these expectations are already incorporated in current bank ratings, the rating agency has said.
Gulf Finance holds 'BB' rating
Gulf Finance Corporation, a wholly owned subsidiary of Shuaa Capital, has announced that Capital Intelligence, the regional credit rating agency, has reaffirmed its long-term 'BB' rating with a stable outlook. Capital Intelligence has highlighted the low level of non-performing loans, adequately capitalised balance sheet and the management capability as the basis for the rating decision.
National Finance House profits up
Bahrain-based National Finance House (NFH), a closed Bahraini shareholding company, has recorded an increase of 117% net profit at BD470,000 for the first half of this year, compared to the same period last year. Assets had increased by 22% to BD33.3m, while operating profit rose by 105% to BD1.465m. During the first half of this year, NFH car loan financing rose by 49% to BD10.7m, compared to the same period last year.
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