2004
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NBD cards, low-cost phone calls
National Bank of Dubai credit card holders can benefit from a service that allows them to make international telephone calls to the UAE and other countries while travelling, with charges billed to their credit cards. The Bank has teamed up with GlobalTel-Digital to introduce this service, which is a cost effective method of making calls while abroad.
HSBC, bonds close August 17
HSBC's latest issue of Capital Secured Growth Funds will close on August 17 or earlier if oversubscribed. The latest issues are the Nasdaq Bonus Fund and Asia Bonus Fund. Both are five-year bonds with a minimum investment of USD5,000 and bonus features. For details visit, www.uae.hsbc.com.
MeBank, Al Ansari exchange tie-up
MeBank products will be distributed from selected Al Ansari Exchange branches in the UAE under a marketing agreement announced today. General Manager Louis A. Scotto said that the top six Ansari branches would have MeBank ATMs, with Al Ansari staff selling MeBank credit cards and other financial products.
ADCB plans mutual funds
Abu Dhabi Commercial Bank plans to launch UAE and offshore mutual funds in the last quarter of this year, CEO Eirvin Knox told Gulf News. He said high oil prices and more disposable income will ensure the success of the funds which will be available to expatriates and nationals.
Mashreqbank, Topaz up to 6pc
Mashreqbank is offering up to six per cent a year plus a 100 per cent principal guarantee on its new Topaz investment product which is linked to six-month USD Libor. Interest is paid every six months with maturity in five years. For details visit, www.mashreqbank.com.
Citigroup, family wealth conference
Nearly 50 scions of high net worth families attended a five-day conference in Hong Kong organised by the Citigroup Private Bank. It attracted keen interest from some of the richest families in the region, who encouraged their children to attend for discussions with experts in financial markets as well as family matters.
NBAD funds, record performance
The National Bank of Abu Dhabi's UAE Growth Fund and its UAE Trading Fund rose by 25.3 and 21 per cent respectively in the first half of 2004. Officials said this reflected the buoyant local economy and the growth in local and foreign investor confidence.
DIB, lowest cost car finance
Dubai Islamic Bank claims to be offering the lowest cost car finance in the UAE with a 3.75 per cent profit rate. There is also no salary transfer, no down payment, and competitive auto insurance available from Aman Insurance with free AAA membership. Visit, www.alislami.co.ae.
Local currency credit cards
Local currency credit cards are a great way to budget your holiday expenses and to save on currency exchange commissions. You simply run-up one credit card bill in local currency and pay it off with one transfer on your return. Emirates Bank International and HSBC offer such cards.
UAE, Pakistan, Hawala dominates
The traditional Hawala system of money transfer still dominates the movement of remittances from the UAE to Pakistan, reported Gulf News. But State Bank of Pakistan figures show an overall four per cent decline in cash movements to USD3.8bn in the year to end of June, as more people choose to invest their money in the UAE.
Towry Law keeps Bahrain office open
The Bahrain Monetary Agency said yesterday it was in regular contact with the Towry Law Group in order to protect investors in three funds sold by the group. The BMA has also required Towry Law to keep its Bahrain office open until the matters relating to these funds have been resolved.
DIB, Dnata, Ijara travel expenses
Dubai Islamic Bank has signed an agreement with Dnata to provide Ijara Islamic finance to fund customers' travel expenses. The funds would be repaid in instalments over a period that can vary from 6 to 24 months, with a competitive profit margin.
ADDF, NBAD Visa card
For every Dhs500 spent on the Abu Dhabi Duty Free, National Bank of Abu Dhabi Visa card you get a Dhs50 voucher, and enter a draw for Lufthansa tickets. There are also other offers available to the holders of this card such as 30 per cent off diamond jewellery from Damas.
EBI, 12 branches within 18 months
Emirates Bank International will open 12 new branches within the next 18 months, officials said at the inauguration of three new branches yesterday in Bur Dubai, Sheikh Zayed Road and at National Paints Roundabout in Sharjah. The conversion of the Middle East Bank subsidiary of EBI to Islamic banking is behind the expansion.
HSBC Offshore, 95pc mortgages
HSBC Offshore has enhanced its mortgage scheme by offering 95 per cent loan to value mortgages for expatriates buying residential property in the UK, previously it was 80 per cent. But buy-to-let customers will still be offered a 75 per cent loan to value.
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