2004
- The news you choose »
- Login to Add to Watchlist
UAE CB approves Calyon bank name
Credit Lyonnais and Credit Agricole Indosuez, the French banking giants that merged earlier this year, have received UAE Central Bank approval to use their new name, Calyon Corporate and Investment Bank. Credit Agricole Indosuez has two branches in the UAE, one in Abu Dhabi and one in Dubai, while Credit Lyonnais has a representative office in Abu Dhabi.
BankMuscat wins Internet award
Global Finance magazine named BankMuscat the Best Consumer Internet Bank in Oman for 2004. AbdulRazak Ali Issa, chief executive of BankMuscat, said the bank believes it is its duty to provide customers with the latest technology-based products and services to make banking easier and more convenient.
Shamil, Solidarity, Takaful deal
The Shamil Bank of Bahrain and insurance group Solidarity have signed a distribution deal for the latter's Takaful products. Officials said the demand for Sharia-compliant products is higher than ever, and that the new deal would help to meet client requirements.
Citibank, Internet scam warning
Citibank officials told Gulf News that the bank never asks customers for information on the Internet after a fraudulent Citibank website appeared that demands their banking details. The bank warned customers to beware and said that it reports such websites to the authorities and would try to get them closed down.
Oil prices hit global equities
High oil prices and the prospect of higher inflation and interest rates are keeping investors sitting on cash and on the sidelines of global stock markets. Analysts expect it will not be until the autumn season that a clear investment trend emerges again and stocks move up or down.
HSBC Amanah, Islamic tracker fund
HSBC Amanah has introduced the HSBC Amanah Global Equity Index Fund, the first Shariah compliant index tracker fund to invest in the 100 largest Shariah compliant companies by market capitalisation. The Fund is designed to achieve long-term appreciation of capital and aims to fully replicate the performance of the Dow Jones Islamic Market Titans 100 Index.
DIB launches Visa giveaway
Dubai Islamic Bank has launched a Dhs100,000 summer promotion for customers using the DIB Visa card. The promotion, which runs from August 1 to September 30, offers 20 cash prizes of Dhs5,000 each. Each time a customer uses a DIB Visa card they receive an entry into the prize draw to win one of the cash prizes.
Virgin credit card big success
Mashreqbank and Virgin Megastore say their co-branded Mastercard has been a big success. Steven Pinto, Head of Retail Banking Group at Mashreqbank, says the experiment proves that niche marketing of personal finance products is highly effective in the UAE market. The Virin Megastore credit card is targeted specifically at young customers.
ADCB redesigns its website
The Abu Dhabi Commercial Bank has announced that its redesigned website, www.adcb.com, has gone live. The website offers information on the bank's products as well as a feedback channel for communication with the bank which has recently upgrades its public image.
Towry Law moves Bahrain office
Towry Law International is moving its Bahrain office to Room 906, Building 315, Diplomat Tower, Block 317, Diplomatic Area, Manama, reported local papers. The financial services advisor had previously intended to close its office in Bahrain and relocate to Hong Kong but the Bahrain Monetary Agency has insisted a local presence is maintained.
NBAD pays interest in advance
The National Bank of Abu Dhabi has launched its innovative Smart Deposit, a long-term deposit account that pays interest in advance that can be reinvested. An overdraft can also be secured against the fixed deposit, and capital and returns are guaranteed. For details visit, www.nbad.com.
ADCB, Red Crescent tie-up
Every time you use an ATM belonging to the Abu Dhabi Commercial Bank you will have the option of giving Dhs1 to the Red Crescent medical charity. Under a new tie-up deal a pop-up screen will appear on the bank's 81 ATMs to ask users if they want to give Dhs1 to the Red Crescent.
Shuaa, new Oman mutual fund
Dubai based Shuaa Capital has launced the Oman Gateway Fund to invest in listed Omani securites, which is open to all nationalities. The dollar-denominated fund offers a 4.5 per cent dividend yield. Shuaa reckons the Omani bourse is undervalued as shares trade on 12 times forward earnings compared with 18-20 in the rest of the GCC.
ADIB card, Takaful protection
The Abu Dhabi Islamic Bank Sharia-compliant Visa card comes with comprehensive Islamic travel insurance and purchase protection Takaful. It also has a 55 day grace period and several convenient repayment options. Visit, www.e-adib.com.
RakBank, credit card cheque
RakBank is promoting its innovative credit card cheque that gives you the convenience of a banker's cheque to pay where other credit cards are not accepted. The cards are available from Visa and MasterCard and provide up to 55 days of interest free credit, plus entry into draws for big prizes.
It looks like you are using a Mac - check out our 
Web Feeds