2004
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ADIB, Islamic education loans
The Abu Dhabi Islamic Bank is promoting its Noor education finance product to help parents pay for their children's studies or finance individuals who want to pursue higher degree programmes. The Noor product claims it will make education finance simple.
Gold price outlook brighter
Gold producers are forecasting a bullish market for the yellow metal over the next few months with the US dollar weakening and demand strong in China. AME Info columnist Dr. Marc Faber is also a gold bull and advised buying the metal in his most recent column.
KFH, Ijara card launch
The Kuwait Finance House has launched its Ijara card which allows the purchase of goods from approved Bahrain merchants on a lease-to-own basis. There are more than 100 stores signed up for the scheme which provides Islamic personal finance in an innovative way.
DIB, Asian Islamic realty fund
Dubai Islamic Bank has joined with the Cheung Kong Group to offer Islamic investors access to Asia's property markets through the Al Islami Far Eastern Real Estate Fund managed by ARA Asset Management. The Islamic fund has USD450m to invest in commercial, retail and residential projects in major Asian cities such as Hong Kong, Singapore, Kuala Lumpur, Seoul, Beijing and Shanghai.
Newmont forecasts USD450 gold
The world's largest gold mining company Newmont Mining expects gold to trade in the range USD380-450 an ounce over the next 12 months, and possibly higher, due to the poor outlook for the US dollar and economy, reported Reuters. Other analysts see gold repeating its 1970s performance in line with rising oil prices.
Doha Bank, win QR1m!
Doha Bank has announced a new savings scheme, Al Dana, with prizes worth a total of USD645,472. A minimum balance of QR1,000 has to be maintained at all times and a grand raffle draw will take place in 12 months' time when one account holder will have the chance to win a prize of QR1m.
NBS, Haj, Umrah finance
The National Bank of Sharjah has launched its Haj and Umrah finance facilities, Labbayk which fully comply with Shariah principles. There is no salary transfer, first installment after three months, repayments from 12 to 72 months and a free Islamic Visa card for the first year.
Amex 50pc discount deals
Regional American Express cardmembers can enjoy discounts of up to 50 per cent on hotels, restaurants, car rentals and at many shopping outlets in Egypt, Jordan, Lebanon and Morocco. The offers are available until the end of September 2004.
Storm clouds over UK, US property
Negative indicators are beginning to accumulate for UK and US property investors, particularly on the residential side. New mortgage figures were sharply down last month, and estate agents report falling numbers of potential buyers. It could be a difficult autumn for real estate after several boom years.
DIB, US realty fund up 21pc
The Dubai Islamic Bank has sold two of the largest properties in its US Real Estate Fund and declared a 21 per cent annual gain in 11 months. DIB said the return was ahead of expectations of around 10.6 per cent. The bank also recently launched a French Property Fund.
Poor outlook for global equities
US equities are likely to disappoint investors for some years to come, according to an article in The Economist. It argues that profit margins have past their peak and will now fall, dragging down equity valuations. Share valuations are also above their long term average at present.
Rakbank, Golden 2 Series Fund
Rakbank has announced its Golden Series 2 Fund with 100 per cent capital protection from Societe Generale Acceptance plus a guaranteed 10 per cent coupon in the first two years. There is also the option to earn eight per cent in year three and an entry in a Mercedes prize draw for every USD2,500 invested.
Towry Law, USD250m at risk
Towry Law may have additional liabilities of more than USD250m, even after a record payout to settle claims relating to two fraudulent hedge funds this month, reported Bloomberg. On August 17 Towry Law made an offer of USD32.8m with respect to the funds. Documents showed that Towry Law placed more than USD450m of clients money in leveraged funds between 1998 and 2003.
CBD launches Net banking
The Commercial Bank of Dubai has launched Internet banking under the trade name Attijari Online. The new website, www.cbdonline.ae allows customers to review their accounts and conduct other banking transactions while logged on to the Internet from anywhere, anytime.
HSBC, Geant, Visa tie-up
Fu-Com International, the Mideast franchise holder of Géant Hypermarkets and HSBC have unveiled Bahrain's first co-branded Hypermarket Visa credit card, Géant La Carte. It is supported by the Visa network and cardholders will collect Géant points for all their purchases worldwide which they can redeem for Géant vouchers.
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