2003
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BankMuscat guaranteed fund
BankMuscat has launched a USD20m capital guaranteed fund IP 320 managed by Man Investments with subscriptions open until October 15. The fund will target returns of 18 per cent in the medium term. An earlier Muscat IP 220 fund launched in May 1999 has achieved a 16.3 per cent annualised return.
NBK, pay school fees online
The National Bank of Kuwait has launched a new service to allow clients to pay school fees online at www.nbk.com. The system is secured by Watani Online. Most of the top schools in the emirate are participating in the system so that fees can be paid at anytime, anywhere in the world.
NBD, aggressive retail drive
The National Bank of Dubai told Gulf News its credit card business had almost doubled to 150,000 cards over the past year. Officials said cards remained at the core on an agressive shift into retail banking. Every promotion has paid for itself, they added.
Citibank loan, no salary transfer
Citibank's new Easy Loan is available without the need to transfer your salary to the bank. This offer includes a free credit card for the first year, and can be taken even if you already have a loan with another bank. For details visit, www.citibank.co.ae.
UNB certificates, win apartment
Anyone who invests in the Union National Bank's Al Awwal Savings Certificates before December 15 will have the chance to win an Emaar apartment in The Greens near the Emirates Golf Club. Plus 100 winners will get the value of their certificates as a prize. For more details visit, www.unb.com.
Gold hits USD377 an ounce
Gold prices have surged to USD377 per ounce, levels not seen since last February before the war in Iraq. Investors traditionally see gold as a safe haven in troubled financial markets and the higher gold price may suggest that markets could be due for some turbulence this autumn.
EFS launches free service for HNWIs
Emirates Financial Services (EFS) has launched the Portfolio Diagnostic Service for clients with a minimum relationship value of USD270,000 with Emirates Bank Group. The service will be free and is available initially to UAE nationals and expatriate Indians covering portfolios in the UAE and India, officials said.
Cheques against credit cards
RAKBank has allowed its customers to issue cheques against its credit cards. The Dial-a-CCC service allows cardholders to pay for a variety of things. Repayment can stretch up to 55 days as in credit cards. Every USD135 spent through this service allows a chance to win six Mercedes Benz S350 and USD162,000 in monthly draws.
Good response for Dubai Bank plan
Dubai Bank said UAE nationals, with a large percentage of women, account for half of the demand for its Children's Plan launched ten months ago. The plan secures a child's future and offers regular tenure options ranging from 5 to 21 years. It also offers capital protection and a minimum rate of return.
Visa launches card promotion
All Visa credit card holders who spend USD40 or more at any of the five Carrefour outlets in the UAE, will receive a coupon for the prize draw offering ten LG 5300 mobile phones every week. The Visa card promotion began on August 14 and will run on until September 17.
Pakistan plans long-term bonds
Pakstan is considering the issue of bonds with maturities longer than 10-years, according to Finance Minister Shaukat Aziz. Timing is yet to be decided. Government's lower borrowing needs are also a factor, and it is now left to the country's central bank to decide when to issue the bonds.
NBAD cover for cardholders
NBAD has launched Credit Shield insurance cover for cardholders and their dependents. Up to USD13,500 of the outstanding balance will be waived in certain adverse circumstances. In case of permanent disability or death due to accident, an additional USD13,500 will be paid. The scheme also covers medical ailments.
Stanchart opens fund for NRIs
Standard Chartered Mutual Fund has launched the Grindlays Fixed Savings Scheme - Annual Plan, which is a fixed maturity closed-ended rupee scheme targetted at expatriate Indians. The one-year scheme opened on August 21 and will close on September 2. It is not a capital guaranteed scheme.
NGI to provide bank insurance
National General Insurance will be the first insurance firm in the UAE to provide bank insurance from later this year, along with individual insurance. General manager Dr Abdul Zahra said the firm had 25 per cent average growth yearly and profitability of some 30pc. Some 45pc of premium income goes to health, while the rest is general insurance, of which 50pc is from motor.
Takaful awards 7.25pc allotment
Following oversubscription in the USD8.9m IPO of Abu Dhabi National Takaful Co., promoters have decide to award 7.25 per cent allotment to all subscribers. More 2,815 investors had oversubscribed the IPO by 13 times to total USD124m. Takaful has a capital of USD16.2m.
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