2005
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Selevision, AFS, MasterCard tie-up
Selevision and Arab Financial Services have signed an agreement worth $550m to cover the issuance and ongoing management of the Selevision MasterCard Loyalty Card, a membership and loyalty card, based on a personalized MasterCard Unembossed Prepaid Card. This card will be issued to all the satellite set-top box receiver customers in UAE and Saudi Arabia by the end of 2005.
Gold powers to 9-month high
Gold prices hit a nine month high with the yellow metal closing at $453 an ounce. Traders said that this rally appeared to have more strength behind it that the one at the end of 2004, and forecast higher prices in the week ahead.
Saudi banks, Keycorp solution
Australia-based Keycorp, which makes smartcard operating systems, said the Saudi Arabian Central Bank had engaged it to provide technology to enable the kingdom's banks to migrate to a new card platform, according to Reuters. The Keycorp solution will allow the Saudi payment network to transfer to the Europay Mastercard Visa smartcard platform.
Shuaa plans Islamic fund
UAE investment bank Shuaa Capital will launch its first Islamic equity fund by the end of 2005 to tap into a market that is growing at up to 25% a year, head of asset management Haissam Arabi told Reuters. The fund will target a regional client base.
Takaful expands products
The Abu Dhabi National Takaful Company is introducing several new products, to include life takaful and savings, which it will channel through local banks, GM Oussama A Kaissi told Gulf News. He says the size of the Takaful market is currently close to $100m, and is expected to grow 25% per year over the next three years.
Emirates Post to offer remittances
Emirates Post can now offer remittance services and money exchange facilities after a decree governing the operations of the UAE's official postal service was amended, reported Gulf News. EP has acquired a 60% stake in Wall Street Exchange Centre, a leading UAE money exchange house, which has a chain of centres in the Middle East, the Asian sub-continent, Europe, the US, and the Far East.
Islamic financial planning
Bahrain-based Solidarity-Family Takaful is holding a series of seminars to educate the public about the importance of financial planning. The seminars on Islamic financial planning are being supported by the Bahrain Financial Harbour and outline the latest available savings, investment and protection Takaful plans.
Mideast market fund, StanChart
Standard Chartered Bank has launched its six-year Khazana investment product which taps the high growth potential of the Middle East and Emerging Europe, with a 100% capital guarantee from Societe Generale. Minimum investment is $20,000 and the offer closes September 18.
StanChart, Hindi, Urdu calls
Standard Chartered has added Hindi and Urdu to its phone banking interactive voice response service - the first international bank in the emirates to do so. Hindi and Urdu now join the round-the-clock service, which already operates in English and Arabic.
ADCB fund collects $550m
Abu Dhabi Commercial Bank's first ever mutual fund has collected $550m in the past five months, reported Gulf News. Officials said the net asset value of the fund was up by 52% since inception and is likely to grow further despite the market slump in June to July.
Gold up, dollar down
The price of gold starts this week at $444 an ounce, its highest level for several weeks, a reflection of the recent weakening of the US dollar which opens the week at $1.25 to the euro. More commentators are beginning to recommend gold as a hedge against inflation and a weaker dollar.
ADIB, Islamic auto finance
The Abu Dhabi Islamic Bank is set to launch a new Islamic auto finance product with a profit rate of 3.7% and no payment for six months. The Sahel auto finance product also allows clients the opportunity to postpone two installments per year.
Shuaa to add more GCC funds
UAE investment bank Shuaa Capital is to add 10-15 more GCC mutual funds before the end of the year, raising $600-$800m, managing director Haissam Arabi told Gulf News. The focus will be mainly on equities but also include fixed income, hedge funds, property and Sharia compliant funds.
Gold at a four-week low
A stronger dollar yesterday prompted some dealers to offload gold bullion leading to a fall in prices from $436 to $430 per ounce, a four-week low. However, gold is also seen as a hedge against inflation from high oil prices, and traders said this move was likely to be temporary.
QIIB opens Al Hassan loans
The Qatar International Islamic Bank has introduced the Al Hassan loan scheme for 2005, which advances up to double the applicant's monthly salary. Loan applications will be taken from 28 August to 27 October Loans, and are available to both Qatari nationals and expatriates.
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