2004
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Visa tackles Net fraud
Visa International is rolling out its Verified by Visa programme around the world which gives cardholders a PIN to verify online transactions. Banks in the Middle East are steadily preparing to launch the system which stamps out the vast majority of Internet frauds, with the National Bank of Abu Dhabi an early adopter.
Islamic deposits, higher returns
Some Islamic banks paid four per cent on deposits last year compared with two per cent at conventional banks. Emirates Islamic Bank CEO Ebrahim Fayez Al Shamsi told Gulf News this might be one of the reasons that a lot of depositors have shifted their loyalty to Islamic banks. The EIB is the UAE's newest Islamic bank.
HSBC, free inter-group transfers
With an HSBC International Premier account you can transfer money to any account in the HSBC group worldwide free of charge if you use automated telephone banking or the Internet. This is the latest example of technology lowering bank charges. Premier account holders must maintain a minimum USD100,000 investment with the bank.
UAE speeds dollar, euro deposits
The UAE Central Bank is allowing local financial institutions to hold US dollar and euro accounts so that they can quickly settle dollar and euro cheque deposits. Previously there were often long delays while the cheques were sent abroad for clearing which was also expensive.
Stocks surge in the UAE
This has been a bumper week for shares in the UAE with the Dubai Financial Market particularly active and shares that allow foreign ownership are in demand, such as Emaar Properties, Amlak Finance and Tabreed. The foor of the DFM has become very crowded with traders and observers.
Citibank, 50pc more rewards
Citibank UAE is offering 50 per cent more Skyward Miles and 50 per cent more CitiDollars for local spending between September 15 and November 15. This offer is a competitive response to the MeMiles promotion from Emirates Bank International. Visit www.citibank.co.ae.
Smart cards to tighten security
Europay, MasterCard and Visa have joined forces to introduce a new industry standard smart card, the EMV. In Oman it will be mandatory for banks to adopt the new card by the end of 2005, or the banks will have to meet any cost of fraud, Central Bank Vice President Iqbal Ali Khamis Al Lawati told Gulf News.
Juilius Baer enters the DIFC
Julius Baer has become the first international private bank licensed to operate in the newly created Dubai International Financial Centre. The combination of a local presence and the progressive legal and regulatory environment now allows Julius Baer to offer a range and quality of client service in the area as well as in Europe, said Board Member Michael P. Baer, member of the Group Executive Board.
EBI launches meLady banking
Emirates Bank International has launched its meLady banking service exclusively for ladies-only. This offers three levels of service with a waiving of fees on current and savings accounts, free ATM withdrawals and average balance requirements are scrapped.
Sell US dollar, Morgan Stanley
Morgan Stanley Chief Investment Officer Simon Brewer told an audience from Emirates Bank International Bank's Al Shaheen Club last night to avoid the US dollar and invest in gold, oil and Asian equities (see Financial Planning article). He said the US economy was finally facing its day of reckoning and investors should beware of US equities in particular.
ADCB extends working hours
The Abu Dhabi Commercial Bank has extended its working hours by two hours for the convenience of customers. The new hours are 8am to 3pm except on Thursday which is 8am to mid-day. ADCB has a network of 25 branches across the UAE and has recently upgraded its brand identity and services.
UAE negative list for cards
The UAE Central Bank is establishing a negative list system for credit cards in a move to monitor spending on cards and default problems, Governor Sultan bin Nasser Al Suwaidi told a MEED conference. He said there was also a separate risk monitoring bureau and details can be accessed by member banks.
Mashreq Indian Select
MashreqInvestments has launched Mashreq Indian Select, its first-ever investment fund linked to the rapidly expanding Indian stock market. It is a 100 per cent principal-guaranteed, US dollar-denominated investment. The underlying investment portfolio contains fixed income instruments and diversified mutual funds invested in the Indian stock market.
HSBC launches growth funds
HSBC Bank International has launched two new capital secured growth funds. The European Bonus Fund and the US Growth Fund will offer capital protection, a minimum return and the potential for additional bonuses at the end of the five-year term.
NBD, month loan holiday
The National Bank of Dubai is offering its personal loan holders the chance to take a month off repayments to catch up from the expenses of the summer vacation. Anyone who applies before October 31 will have deferment fees waived on this service.
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