2005
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RakBank, EMTN plans
The National Bank of Ras Al Khaimah is establishing a euro medium term note programme, and has appointed National Bank of Abu Dhabi and Standard Chartered as joint arrangers. The two banks will also lead manage the initial tranche which is scheduled for Q4 2005. RakBank says the programme will help diversify its funding sources and raise the bank's profile in debt capital markets.
ICICI, BFC remittance tie-up
ICICI Bank, India's second largest bank, has set up an electronic transfer system with Bahrain Financing Company for account holders at non-ICICI banks to handle remittances from non-resident Indians. The agreement covers 34 banks and 2,209 branches. Remittances to India were valued at $21bn in 2004, with ICICI holding an overall 15% market share.
DIB lifts Dubai stocks
Dubai Islamic Bank dragged Dubai shares up, as $1.2bn worth of the stock changed hands out of a total of $1.5bn for the whole market. The stock lifted Dhs3.85 to close at Dhs33.40 and the DFM index finished up 38 points to 1,096. The bank recently allowed foreigners to own 15% of its shares.
Bahrain, Iran link ATMs
Bahrain and Iran have linked ATM networks allowing cross-access between the countries. Customers can use bank cards, check account balances and make cash withdrawals from bank accounts in either country. The Bahrain-Iran ATM connection uses a satellite link.
BMA, Ijara sukuk issue
The Bahrain Monetary Agency has launched the first issue of a short term Islamic leasing bond. The asset-backed Ijara sukuk will be issued monthly and matures in six months. Each issue will be worth $27m and carry a fixed rental return based on the prevailing six-month Libor, to be paid on maturity.
Caylon offers Rosetta Visa
Caylon Egypt has introduced its Rosetta Visa credit card with smart card technology and regular interest rate and credit limit reviews. Reliable customers are eligible for decreasing interest rates and higher credit limits over time on cards.
SC launches Khazana Note
Standard Chartered UAE has launched a new GCC/Arab equity-linked product, called the Khazana Note, the performance of which is linked to a basket of funds, including Shuaa Capital's Arab Gateway Fund. A minimum investment of $20,000 is required. The note will be issued on 28 September 2005 and matures on 28 September 2011.
$49m treasury bills oversubscribed
The Bahrain Monetary Agency says a $49.8m weekly issue of Government Treasury Bills has been oversubscribed. The bills issue on 24 August and mature on 23 November 2005. The weighted average rate of interest is 3.73%.
NCB offers Intilak card
Saudi-based National Commercial Bank has introduced a new a MasterCard credit card called the Intilak card. The card offers bonus rewards with use and merchandise discounts with the purchase of a $80 gold card or $40 classic card.
HSBC, Qatar fund admin service
HSBC has launched a fund administration service for the growing mutual funds sector in Qatar, becoming the first financial institution in the country to offer such services. The bank's Institutional Fund Services operation will provide administration services, global custody, transfer agency and registrar services for founders and sponsors of mutual funds. The services cover investments in other markets as well as Qatar.
RakBank, $500m EMTN issue
The National Bank of Ras Al Khaimah is planning a $500m Euro Medium Term Note programme which will be listed on the Luxembourg Stock Exchange, reported the Khaleej Times. The initial tranche of $150m will be launched in October. National Bank of Abu Dhabi and Standard Chartered Bank has been appointed lead managers to this issue.
OIB bancassurance scheme
Oman International Bank, in partnership with Muscat Insurance Company and Muscat Life Assurance Company, has introduced bancassurance products. Under the brand name Aman Bancassurance, the insurance companies will offer home, car, personal accident and domestic safe insurance to OIB's 300,000 customers.
HSBC, five new funds
HSBC has re-launched its Capital Secured Growth Funds with five new funds, following the adoption of an EU directive allowing greater use of financial instruments. The funds are: the UK Growth Fund, the UK Bonus Income Fund, the Japan Bonus Fund, the Asia Opportunity Fund and the Global Commodity Income Fund. All five funds are available from 15 August until 4 October, but may close earlier if over-subscribed.
Solidarity savings plan
Bahrain-based Solidarity has introduced a Takaful Protection Benefits scheme for its SolidStart plan. SolidStart is a Sharia'h compliant savings and investment plan in which individuals and families put money aside for future expenses. Investors contribute on a monthly, quarterly or half-yearly basis, with terms of between five and 20 years.
Mubasher market moves
Mubasher, a subsidiary of National Technology Group, has installed Plasma screens outside the Dubai Financial Market entrance which display live stock market information. It is also making Tablet PCs available to investors on the trading floor to keep track of stocks. The company is promoting its real time market information service and online trading engine.
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