Banking

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UAE mortgage assets set to hit $17bn by 2011
A new report projects that the UAE's housing mortgage assets will double to Dhs64bn ($17bn) by 2011 from Dhs32bn in 2007. The companies that command the greatest share of the mortgage market in the UAE are Tamweel (34%) and Amlak (29%), according to the Damac Capital International report. The remaining 37% of the market is divided among 23 mortgage providers, primarily commercial banks, reported Gulf News.
United Arab Emirates: Thursday, May 22 - 2008 at 07:07

First Gulf to open bank in Libya
First Gulf Bank, Abu Dhabi's second-biggest bank by market value, has won approval from Libya's central bank to open a venture in the North African state, the bank said in a statement. First Gulf Libyan Bank will be owned equally by the UAE lender and Libya's state Economic and Social fund.
United Arab Emirates: Wednesday, May 21 - 2008 at 13:34

Qatari-owned bank plans $500m Malaysia fund
Asian Finance Bank, which is 70% owned by Qatar Islamic Bank, said yesterday it plans to launch a $500mn Islamic real estate fund in 2009 to invest in property in Malaysia. The bank also plans to set up a fully-fledged Islamic bank in Indonesia in 2010 in line with its efforts to expand in Asia, reported Reuters.
Qatar: Wednesday, May 21 - 2008 at 10:50

Deyaar probe harms DIB's rating
Dubai Islamic Bank, the UAE's largest Islamic bank, was cut to 'neutral' from 'buy' at Merrill Lynch & Co, which cited a corruption probe affecting Deyaar, a unit of DIB, reported Bloomberg. DIB owns 41% of real estate developer Deyaar, whose CEO is being investigated for fraud. Merrill said bad loans at the bank are also a 'worry'.
United Arab Emirates: Wednesday, May 21 - 2008 at 07:12

Ithmaar Bank launches $1bn energy fund
Bahrain-based Ithmaar Bank has launched a $1bn energy fund in partnership with Kazyna Capital Management. The fund is expected to have a term of 10 years. It will target Kazakhstan and the Commonwealth of Independent States' surging requirement for investment in the energy sectors and is expected to act as the catalyst for capital investment of up to $10bn.
Bahrain: Tuesday, May 20 - 2008 at 09:21

Egypt to sell 80% stake of Banque du Caire
Egypt plans to sell an 80% stake in Banque du Caire, the country's third-largest bank, within weeks to a strategic investor, Prime Minister Ahmed Nazif told Bloomberg. Egypt is selling off state-owned banks to strengthen the banking industry.
Egypt: Tuesday, May 20 - 2008 at 07:03

Islamic bank signs major GCC deals
The Islamic Bank of Asia, which is co-owned by DBS Bank and 34 investors from families and industrial groups in the GCC, signed 20 cross-border capital transactions worth more than $500m in its first year. To coincide with completing its first year of business, it has also opened an office in Bahrain, giving easier access to shareholders and Gulf customers and said it has done $200m of deals in the first quarter of 2008.
Middle East: Monday, May 19 - 2008 at 16:46

Mawarid to issue certificates of deposit
Mawarid Finance was yesterday given the green light to issue certificates of deposit by the Dubai Department of Economic Development. Marwarid, a privately owned joint stock company, provides Shariah compliant financial services and usually certificates of deposit can only be done by one of the 46 banks operating in the UAE. It means Marwarid is now considered to be one of the banks operating in the country.
United Arab Emirates: Sunday, May 18 - 2008 at 10:59

Index : Banking : Page 29