Banking

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SME Banking

Oman banks switch to five-day week
The Central Bank of Oman has adopted a new measure in which all banks operating in the Sultanate will switch to a five-day week from July 1. The working work will extend from Sunday to Thursday, with banks remaining closed on Fridays and Saturdays, reported Gulf News.
Oman: Wednesday, June 11 - 2008 at 09:04

Shuaa to delist from Kuwait exchange
Shuaa Capital, the largest investment bank in the UAE, plans to delist its shares from the Kuwaiti Stock Exchange, reported Bloomberg. Shuaa shareholders will discuss the measure at an extraordinary meeting on Tuesday, the company said.
United Arab Emirates: Wednesday, June 11 - 2008 at 07:24

Doha Bank eyes acquisitions
Doha Bank is eyeing opportunities for acquisitions and investments as part of its expansion strategy, reported Gulf News. After recently raising its capital by 15%, the bank now has funds to expand beyond Qatar, as the local market is saturated. The bank has plans to go for global depositary receipts by year-end or the beginning of next year, said Shaikh Abdul Rahman MJ Al Thani, the bank's managing director and CEO.
Qatar: Wednesday, June 11 - 2008 at 07:06

Saudi British Bank price estimate cut
Credit Suisse Group cut the price estimate of Saudi British Bank by 37% after the bank issued bonus shares, reported Bloomberg. The price estimate cut was based 'solely on the back of the bonus issue', according to a note to clients. Credit Suisse added that it 'continues to see Saudi British Bank as one of the best managed banks in the region'. Credit Suisse cut the 12-month price estimate for the bank to 102.74 riyals from 161.85 riyals and maintained a 'neutral' recommendation on the stock.
Saudi Arabia: Tuesday, June 10 - 2008 at 07:36

Bahrain, Kuwait SWFs 'most transparent'
Bahraini Sovereign Wealth Fund, Bahrain Mumtalakat Holding Company, and the Kuwait Investment Authority have been named the most transparent in the region by the independent Sovereign Wealth Fund Institute. Both funds scored a rating of six points. Ten Gulf funds were covered by the study.
Middle East: Monday, June 09 - 2008 at 15:15

Khaleeji Bank to list
Islamic finance house Khaleeji Commercial Bank is preparing to list on the Bahrain Stock Exchange. Trading is to begin 12 June. The announcement follows strong Q1 results. Net income increased by 213% to BD12.6m, compared to BD4m for the corresponding period in 2007.
Bahrain: Monday, June 09 - 2008 at 08:40

Shamil Bank posts $24m profit
Ithmaar Bank's wholly-owned Islamic subsidiary Shamil Bank has posted a $24.4m ne profit for the financial year ending in March 2008. The Bahrain-based finance house's growth was spurred by the launch of several Shariah-compliant investment vehicles but remains $4m lower than figures posted for the previous financial year.
Bahrain: Sunday, June 08 - 2008 at 08:28

Former Dubai Islamic Bank VP detained
A former vice president of Dubai Islamic Bank has been detained as part of a fraud investigation, reported Bloomberg. Rifaat Othmani, a Pakistani national, is being questioned about 'bribery allegations and receiving kickbacks from clients in return for favours', according to his lawyer Tony Maalouli. Othmani's detention is not linked to the investigation into financial irregularities at Dubai developer Deyaar, which is 41% owned by DIB, Maalouli added.
United Arab Emirates: Saturday, June 07 - 2008 at 10:30

Index : Banking : Page 36