Personal Finance

Majid Al Futtaim Group has partnered with two Japanese firms to launch a new credit card in the UAE that offers shoppers discounts at some retail outlets. Customers who sign up for the new Najm JCB card will receive discounts as high as 50% at Carrefour; 20% at MAF-owned fashion stores; 25% at Ski Dubai, and 20% at the Kempinski Hotel at the Mall of the Emirates. Shoppers can also take advantage of one to two per cent cash back on purchases at different store outlets, reported Gulf News.

Dubai First, the consumer finance company of Dubai Group, has announced that its Royale MasterCard has been awarded the 'Best Premium Programme - Credit Award' by MasterCard Worldwide. The Royale is the only credit card in the region embedded with a certified diamond set within a distinctive metal crest and is available by invitation only. It offers unique services and benefits such as a Personal Relationship Manager and a Lifestyle Manager who provide support to every lifestyle aspect, from booking jets to arranging invitations to exclusive openings around the world, according to a press statement.

A US decision to flood the financial system with unlimited dollars has fueled concern inflation may rise and boosted gold's appeal as an alternative asset, reported Bloomberg. The Federal Reserve yesterday led a push by central banks to inject the financial system with as many dollars as banks want, backing up government efforts to revive confidence and helping to reduce money-market rates. Bullion for immediate delivery jumped as much as $18.67, or 2.2%, to $851.72 an ounce before trading at $850.67 at 9:51 a.m. in Singapore.

Qatar Islamic Bank has launched internet banking services for all its personal banking customers. A similar service for corporate customers is expected to be unveiled soon. Customers will be able to transfer money, pay utilities, check balances and oversee their accounts online through secure connections.

Gold fell by 9.6% on Friday as investors dropped the commodity in a search for liquidity. Reversing initial gains as investors sought safety in the stock the value fell to a low of $823.50.

Saudi Arabia's central bank is prepared to provide as much as 150 billion riyals ($40bn) to protect deposits held in the kingdom's banks, reported Bloomberg, citing an article by Al Watan newspaper. This would cover 19 percent of the country's total bank deposits of 809 billion riyals.

Emirates NBD has launched a unique new personal loan education campaign to advise UAE residents to borrow responsibly and within their repayment capacity. This new initiative is in line with the Group's reputation of being a financial institution that cares for its customers, according to a press statement. The initiative will be supported by a sustained media campaign that will advise the UAE residents on the merits of borrowing prudently and avoiding the temptation of high loan amounts.

Qatar National Bank is to offer prizes to holders of its Mastercard credit card. The promotion, which will end in December, will offer weekly and monthly prizes. Holders must spend QR400 to be eligible for entry into the prize draws.

UAE-based Union National Bank has unveiled a new scratch and win promotion for its Al Awwal savings certificate. This promotion will offer two winners a kilo of gold each, plus 200 prizes including 100 (20 gm /each) gold coins and another 100 (10 gm/ each) gold coins. Besides these, each applicant will receive an instant gift through scratching a coupon. The gifts vary from MP3s, USBs, mobile phones & T-shirts. The eligibility to enter the draw is based on a minimum investment in the bank's Al Awwal savings certificates during the promotion period that runs from October 7th 2008 to January 6th 2009.

The Central Bank of the UAE has launched a probe into the ATM fraud that may involve tens of millions of dirhams and continues to affect ATM and credit card users almost a month after the first reports of problems, reported The National. The Central Bank summoned officials from an unknown number of banks to a meeting on Sept 25 in Dubai, where they were informed of the investigation and told to give information to government investigators. Several banks have indicated that they also will make refunds to customers who have lost money from their accounts.

UAE-based private credit bureau Emcredit has asked for greater cooperation from both public and private sector companies, in information sharing and adopting international standards. Saying that these are crucial for long term growth the group's MD called for unity in a bid to increase transparency.

Industry experts have advised that gold prices are set to move higher next year, making the precious metal a good potential investment, according to Emirates Business 24/7. Analysts say that the US $700bn rescue package may have a short term effect on prices but predict an average adjustment to over $900 per ounce by Q2 next year.

Western Union has signed up the Investment Bank of Iraq to offer the complete range of Western Union services across all its 19 branches. The bank has branches in Baghdad, Basra, Karablaa and Najaf.

Abu Dhabi Islamic Bank has implemented new security measures following the recent attacks on the UAE banking system. The new security measures include contacting all customers requesting that they change their PIN number, blocking all withdrawals from ATMs outside the GCC and blocking all card transactions in a defined number of countries outside the GCC, based on information given to the bank about fraudulent activity. ADIB has also launched a new web guide on the internet advising customers how to better protect themselves against fraudulent transactions targeting their bank accounts.

Qatar National Bank announced the launch of a new promotion for all QNB MasterCard Credit Card users, featuring both daily and weekly prize draws. The promotion starts on 5th October and ends on December 2, 2008. For every specific amount of money spent using the QNB MasterCard Credit Card, customers will be automatically entered into the daily draw in which 43 winners in total would win a month's worth of groceries. For the grand draw, every five transactions entitles customers to entry into the six weekly draws, in which each credit cardholder can win a year's worth of groceries.