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GCC is largest takaful market
Ernst and Young's inaugural World Takaful Report 2008 has found that the GCC is the largest takaful market globally, contributing more than 50% of the total contributions, reported Gulf News. The GCC contributions exceeded $1bn compared to global contributions of $2bn in 2006, the report said. Of the world total of 133 takaful operators, 59 are within the GCC.
Tuesday, April 15 - 2008 at 07:06

UAE markets slightly down
The Dubai Financial Market ended the day, Monday at 5,422.82, slightly down by 0.34%. Meanwhile, the Abu Dhabi Securities Market also slightly dipped, ending the day at 4,842.22, down by 0.23%.
United Arab Emirates: Monday, April 14 - 2008 at 14:30

Oman inflation surges 10%
Annual inflation in Oman has surged above 10% this year for the first time in at least 18 years, reported Reuters. The consumer price index was at 120 points on February 29, compared with 108 points a year earlier.
Oman: Monday, April 14 - 2008 at 09:57

Dubai to issue dirham bonds
The Dubai government plans to issue dirham denominated bonds to access the debt capital markets. It will be done under the Dhs15bn medium-term note programme, reports Gulf News. Funds raised will be used to pay for local infrastructure needs and help develop the domestic bond market. The programme is being run by Emirates NBD and Standard Chartered Bank.
United Arab Emirates: Monday, April 14 - 2008 at 08:50

Muhammad Yunus calls for social business to end poverty
Muhammad Yunus, founder and MD of micro-credit bank Grameen has called for more emphasis on social businesses that help the poor. 'Take off your profit maximising glasses and put on your social business glasses and the world will look so different,' he told delegates at the International Islamic Finance Forum today in Dubai. Social business, he said, is more than just CSR programmes and can help people climb out of the poverty trap. In Bahrain, Grameen is involved in a government-backed micro-credit bank being launched called Family Bank. Similar schemes are now available around the world, including Jordan, Yemen and Lebanon.
United Arab Emirates: Sunday, April 13 - 2008 at 19:23

Dinar gains 9% after de-peg
The Kuwaiti dinar has gained a cumulative 9.07% since dropping peg to the US dollar, and has let its currency rise its peak to the dollar in 26 years as dollar continued weakness, reported Reuters. Saudi Arabia, the United Arab Emirates and Qatar are among Gulf Arab states under pressure to drop their pegs to the dollar, but has remained committed to the currency.
Kuwait: Saturday, April 12 - 2008 at 08:45

UAE markets end higher
The Dubai Financial Market ended the day, Thursday, with a modest gain of 20.77 points, or 0.38%, to end the day on 5,452. Salam International was the day's big gainer, up 8.02%. Meanwhile, the Abu Dhabi Securities Market ended a strong week by gaining 72.99 points, or 1.52%, to close on 4,877.
United Arab Emirates: Thursday, April 10 - 2008 at 14:15

Al-Deera Holding to buy Int'l Investment Projects
Al-Deera Holding Co has announced that it will acquire International Investment Projects Co, reported Bloomberg. The two Kuwait-based investment companies approved the take over after holding talks separately over the past few days.
Kuwait: Thursday, April 10 - 2008 at 13:24