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Saudi bank deposits up by 6%
- The total bank deposits in Saudi Arabia has reached SR761.6bn during the first quarter of 2008, Khaleej Times has reported. This is an increase of 6.1% as against an increase of 6.3% during the preceding quarter, according to a report by the Saudi Arabian Monetary Agency. The report said that bank deposits achieved an annual rise of 24.35% at the end of the first quarter of 2008.
- Saudi Arabia: Monday, June 23 - 2008 at 13:11
UAE updates money laundering rules
- The UAE's central bank is updating its money laundering regulations, and has notified banks and exchange houses of 13 new regulations, reported the Financial Times. The new regulations include bringing down the threshold at which banks are forced to verify the name and address of remitters from Dhs40,000 to Dh3,500. UAE's first anti-money laundering law was enforced in November 2000.
- United Arab Emirates: Monday, June 23 - 2008 at 11:07
Bank of Sharjah expands in Lebanon
- The Bank of Sharjah's subsidiary in Lebanon, the Emirates Lebanon Bank, and BNP Paribas are in the process of sealing a partnership as the former will acquire 81% of the Lebanese branch of Banque Nationale de Paris Intercontinentale, a fully-owned subsidiary of BNP Paribas. The Bank of Sharjah had earlier increased the share capital of Emirates Lebanon Bank to $50m, and injected a cash contribution of $100m, in order to boost the bank's equity to $150m.
- Lebanon: Monday, June 23 - 2008 at 09:00 |
KFB-Bahrain buys stakes in Jordan
- Kuwait Finance House-Bahrain (KFH-B) has acquired a 28% stake in Deera Investment and Real Estate Development Company Jordan through its subsidiary KFH-Jordan, reported the Bahrain Tribune. Deera's capital has increased to JD40m, following the acquisition.
- Jordan: Sunday, June 22 - 2008 at 08:56 |
New 'financial mall' in Abu Dhabi
- Al Hilal Islamic bank has launched in Abu Dhabi highlighting a different approach to banking with its 'financial mall' concept. Al Hilal has brought a shopping mall feel to consumer banking, offering products and services into a retail environment. The 360-degree approach to banking is divided into a variety of sections that specialize in each customer's requirements in real estate, automotive, and personal banking.
- United Arab Emirates: Saturday, June 21 - 2008 at 09:39 |
ABC Islamic Bank raises $100m
- Bahrain-based ABC Islamic Bank successfully closed syndication for a $100m, three-year syndicated revolving Murabaha financing facility on behalf of Kuwait-based real estate company, Munshaat Real Estate Projects Company. This is the debut syndication for Munshaat and the funds will be used to finance development of prime properties in the Haram area in Makkah and Madinah, Saudi Arabia.
- Bahrain: Thursday, June 19 - 2008 at 11:24 |
Mashreqbank gets A+ rating
- Capital Intelligence, the international rating agency, has raised the long-term and financial strength ratings of Mashreqbank to A+ from A. The continuing strong financial performance, solid asset quality, and good liquidity are the principal rating drivers supporting the upgrade. The bank ranks among the larger commercial banks in the UAE, with total assets of $23.5bn at end 2007.
- United Arab Emirates: Thursday, June 19 - 2008 at 08:00
IDB allocates $1.5bn for food crisis
- The Islamic Development Bank is allocating $1.5bn to support efforts to help offset the food crisis in its least developed member countries, according to a statement. The five year program is targeting needy countries in particular with programs that aim to build a strategic inventory of food security. The bulk of financing, or $1.05bn, will come from IDB itself in form of grants and soft financing.
- Wednesday, June 18 - 2008 at 07:30
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