2003
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MasterCard raffle for shoppers
For every USD27 spent at Computer Shopper, Mashreqbank MasterCard members will be able to participate in a raffle which will offer five winners double the value of what they spent, up to a ceilng of about USD1,350. The draw will be held on October 24.
New initiatives from meBank
Several new retail banking initiatives from meBank are to be unveiled during Gitex which runs from October 19-23 at DWTC in Dubai. The bank will debut its priority banking service, as well as meStation, a convenient drive-thru station offering a host of banking transactions.
Assured product from Citibank
Citibank has come out with a Market Linked Desposit that offers an assured annual return of 2 per cent, which it says is four times higher than a conventional time deposit. Potential returns could be up to 4.3 per cent. Minimum investment is at USD10,000. Subscription closes on October 26.
India stocks entering bull phase
Indian equities have an upside potential of 25 per cent over the next 12 months, top DSP Merrill Lynch officials told NRIs in Dubai. With consumption boom just beginning and GDP growth likely to cross 7 per cent, Indian stocks market are entering a bull phase, they said.
LSE to offer trade in Dutch stocks
London Stock Echange will offer trading in Dutch shares from the first quarter of 2004. Dutch shares such as Philips, Unilever, Aegon and ING, have high international profiles and are attractve to rival bourses such as Euronext and Deutsche Boerse.
India may cut savings rate
India may be reduce by 25-50 basis points the interest rate on bank savings deposits in the new monetary policy on Novermber 3. Present regulated interest rate is at 3.5 per cent. A similar cut is expected on fixed deposits. A large segment of Gulf NRIs have parked money in India to take advantage of the difference in interest rates.
ABN Amro offers regular saving plan
ABN Amro has launched a Regular Investment Plan, which can be started off with monthly contributions of just USD150. The plan provides access to over 250 investment funds and allows free switching facility between funds. Optional protection benefits are also on offer.
Haj demand drives rupee down
Haj pilgrims demand for the dollar weakened the Indian rupee somewhat, analysts said. Banks are said to have bought the greenback to feed the pilgrims demand. There was also sporadic corporate demand. The rupee closed Monday at 45.41/41 per dollar against Friday's close of 45.3850/3950.
EBG to launch PDA banking
During Gitex, Emirates Bank Group, will make available Personal Digital Assistance (PDA) banking. The built-in Internet browser of any Pocket PC PDA or Smart Phone will enable customers to access a secure banking website to perform a set of functions like viewing available balances, account and credit cards statements, funds transfer and pay utility bills.
Islamic retail banking with HSBC
HSBC has rolled out the first ever Islamic banking service from a major international bank in the UAE. Sharia compliant current accounts and personal finance facilities are now available to existing and new clients. Local Islamic banks face their biggest challenge yet as HSBC moves into their core market.
ABN Amro one-year scheme for NRIs
ABN Amro has launched a one-year investment plan for NRIs in the Indian debt market offering attractive yields. HDFC Mutual Fund is managing the plan. Maturing Resurgent India Bonds have brought about the need for finding an acceptable fixed investment replacement option.
NRI life and investment scheme
SBI Life Insurance has launched Sethubandhan, a policy for NRIs that combines life insurance with an attractive investment opportunity. The policy offers a guranteed return of 5 per cent annually on the sum assured, and also provides for protection of dependents in India. Benefits are fully repatriable. NRIs can also take loans against the policy.
Al Ahli fund offer closes on Oct 30
Al Ahli Bank of Kuwait has opened the Al Ahli Gulf Fund for subscription until October 30. Units are being sold at USD3.49 each inclusive of 2 per cent sales fee. Subscription/ redemption wil be monthly and the annual management fee is of 1.25 per cent. The fund will invest GCC stocks, which are among the fastest growing.
India firm to tap RIB proceeds
A series of 16 seminars in 18 days are being held in the UAE to showcase investment opportunities in Indian firm, Sundaram Mutual's bonds and equity funds. The seminars are organised by Barjeel Securities and aim at attracting part of the USD3bn that is being repatriated to NRIs from the matured Resurgent India Bonds.
Indian rupee to rally further
Analysts said the Indian rupee is expected to rally further against US dollar in the coming week. Th US currency, to which all Gulf currencies are linked, has been in an extended bearish phase. The rupee had hit a 38-month high at 45.33/3325 on Tuesday. HSBC analysts expect the Indian currency to reach 45.40 to a dollar.
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