2003
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No US rate rise until 2005
Leading US investment bank Goldman Sachs predicts that US interest rates will not rise until Q2 2005. By contrast Eurozone and Swedish interest rates are set to follow rises by Australia yesterday and today's expected rise in UK interest rates. GCC interest rates are all linked to the US dollar.
ABN Smart Card for school fees
The holders of ABN Amro Smart Cards in the UAE can pay school fees over the phone, and also opt to pay school fees in monthly installments. Conditions and transaction fees apply for this service. For more details call 0800 4466.
NBS, first UAE Islamic credit card
The National Bank of Sharjah has become the first UAE bank to introduce an Islamic credit card in association with Visa International. The card sets a minimum monthly settlement of 10 per cent of the agreed credit limit. But repayments are structured to be fully compliant with Sharia Law.
StanChart, Ramadan offer
Standard Chartered Bank is giving its UAE credit cardholders a one month payments delay to celebrate Ramadan, providing they have been a cardholder for six months and have a good payment history. But a fee of Dhs50 will apply for payment deferral which can be for either November or December.
India funds not just for NRIs
Gulf Non Resident Indians are increasingly attracted by Indian mutual funds and the largest of them all, the UTI Mutual Fund, is planning expansion in the UAE. Indian stocks are hot at the moment with influential AME Info columnist Dr Marc Faber also backing the subcontinent.
Templeton funds, ABN launch
ABN Amro clients are to be offered funds from Franklin Templeton Investments in the UAE. Head of Consumer Banking Sudhanshu Garg said that it was the bank's policy to follow an open architecture model of third party distribution of leading investment funds.
MeUniversity, student banking
MeBank has launched its MeUniversity package of banking services for students in the UAE. This includes a current account, tuition loan scheme, car loans, credit cards and computer loans. We want to encourage students to be financially responsible and consider this an investment in the local community, said General Manager Louis A. Scotto.
Taib Bank, Swiss-style accounts
Bahrain listed Taib Bank has announced that it is becoming a private bank and will in future focus on serving high net worth individuals and institutional clients. Taib is also boosting its authorised capital from USD125m to USD200m, and intends to offer almost every wealth management requirement, including Swiss-style numbered accounts.
New HSBC Islamic equity fund
HSBC has launched the Amanah Dynamic Allocation Shield Fund, the fifth issue in the Shariah compliant series. The fund allows investors to invest in equity markets while limiting their exposure to losses to a maximum of 10 per cent. Investors will have the opportunity to liquidate their investments without any exit charge, and at the same time benefit from capital protection.
DIB inks Enoc, Eppco ATM deal
Dubai Islamic Bank has inked a deal with Emirates National Oil Company and Emirates Petroleum Products Company to install ATM machines at some petrol stations in Dubai. Officials said the installation of six ATMs would be completed by February and be for the convenience of customers.
NBAD draw for credit card holders
National Bank of Abu Dhabi has launched a monthly cash prize draw for all its credit card holders who use their cards at least three times in a month. Each month, 10 winners will get USD1,350 credited to their card account. The promotion will end at the year-end.
Amex launches Ramadan offer
Amex is offering several benefits on every USD27 spent on its card during Ramadan. These include a guaranteed scratch and win instant prize, a free spot and win entry into a bigger draws for prizes like airline tckets, a free entry into the City That Cares prize draw and donation to local and global charities.
BNP targets RIB proceeds
BNP Paribas is offering a wide range of products to NRIs who have received the RIB maturity proceeds and may be looking for investment opportunities. Products on offer include high yield equity linked notes, fixed income guaranteed products, FX structured deposits, mutual funds and others.
meBank offers student card
The young and trendy arm of Emirates Bank Group, meBank, is offering 18-year olds and above students meUniversity credit cards that come with no annual fees, get all the benefits of a regular meBank credit card as well as special student discount.
NGI launches LifeLine scheme
National General Insurance has come out with LifeLine life cover plan, which it claims offers the lowest premium cost for total reliability. It has an early bird scheme offering two for the price of one dining or one room night offer at Bur Dubai Movenpick Hotel.
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