2004
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NBAD, new Global Growth Funds
The National Bank of Abu Dhabi has launched the India Equities Fund and Global Debt Securities Fund as part of its Global Growth Funds. Both funds use best of class fund managers. The India Equities Fund comes at a time of significant investor interest in the long-term growth potential of India.
NBS, Islamic education product
The National Bank of Sharjah has launched Shahadati, an Islamic product for education finance at all levels from school to university and postgraduate studies. The Shahadati adds a profit margin to the money disbursed by the bank according to Ijara rules.
Maestro reports 10pc growth
MasterCard International has reported a 10 per cent year-on-year rise in its Maestro online debit activity worldwide. There has also been continuous growth for its ATM card brand Cirrus now in use at more than 900,000 ATMs around the globe.
EBI hosts investment seminar
Emirates Bank International's Al Shaheen Club is hosting an investment seminar on September 20 in Dubai for its Al Shaheen Club priority banking customers. The key speaker at the event will be Simon Brewer from Morgan Stanley, Chief Investment Officer for the Private Wealth Management Services, Europe.
NBD launches Gulf Balanced Fund
The National Bank of Dubai has launched its new Gulf Balanced Fund which will invest in regional shares and bonds, the first of its new Aafaq Investment Funds. The open-ended fund has a minimum subscription of USD27,000 and has no residency requirement. For global investors this offers access to GCC markets that tend to be uncorrelated to major equity markets.
UAE stocks attract investors
Regional stock brokers report a strong upsurge in interest in the UAE stock market this fall, and this has resulted in strong gains for speculative stocks in recent days. The UAE bourse trades on a price-to-earnings multiple of 22 which is lower than 30 plus in neighboring Saudi Arabia and Kuwait.
First Hypermarket Visa card
Bahrain has its first co-branded Hypermarket Visa card, Geant La Carte, thanks to a deal between HSBC and local Geant partner Fu-Com International. The card is accepted at 22m retail outlets worldwide, said Geant General Manager Jean Marc Le Brun.
Bill Gates to buy Indian stocks
The world's richest man, Microsoft Chairman Bill Gates is close to appointing managers for an Indian share portfolio, reported The Financial Times. The managers will invest the personal investment capital of the Microsoft founder, although not in the IT sector where he has sufficient exposure.
ABN Amro, HNW Sharjah roadshow
ABN Amro is taking its Van Gogh Preferred Banking service mobile lounge roadshow to Sharjah to introduce tailormade investment and banking services to high net worth individuals. Since the roadshow started last June it has attracted a lot of interest across the UAE, said officials.
EFF pays 10pc extra dividend
The Emirates Flagship Fund is to pay out an additional 10 per cent dividend, half in cash and half in stock units. Emirates Financial Services General Manager Suresh Kumar said that the fund continued to benefit from favourable market conditions in the UAE equity market.
NBB rewards customer complaints
National Bank of Bahrain has launched a new service quality initiative called the Customer Consultant Award. The award is being introduced to recognise and reward customers whose complaints or suggestions lead to a process or service improvement within the Bank.
GCC, USD1.5tr in private wealth
The private wealth in the GCC states is estimated at USD1.5tr, according to research commissioned for the International Islamic Finance Forum that takes place in Istanbul later this month. Of this sum, USD400bn is managed by international institutions and USD250bn is with Islamic entities.
ADCB launches Bancassurance
Abu Dhabi Commercial Bank's Wealth Management Division has launched its new ADCB Family Protector Coverage plan providing total peace of mind in the event of an accident, not limited to transportation accidents. This new range of Bancassurance plans caters to the needs of all sections of UAE society.
SCB launches mini Visa card
Standard Chartered Bank has launched a new mini Visa credit card, the first of its kind in the UAE. The new card is almost half the size of a regular credit card and with its stylish and practical design, it is convenient to carry as an accessory.
HSBC Islamic protected fund
HSBC Amanah has re-opened subscriptions in the Dynamic Allocation Shield Fund, the fifth issue in the Shariah compliant HSBC Amanah Principal Protected Fund series which invests in a diversified portfolio of up to 60 stocks selected from the DJIM World Index to deliver long term capital appreciation.
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