2005
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SC Visa card in Oman
Standard Chartered is introducing its Visa card into Oman. Benefits will include purchase protection, loss of card cover, travel accident insurance, and travel inconvenience benefits. The card will initially be available for Ruwi and Muscat residents who earn a minimum monthly income of $780.
Saudi farmers in loan grip
Saudi's Agriculture Bank is taking action to freeze accounts and hold the properties of farmers refusing to pay loan installments. The bank also intends stopping more than 120 farmers from travelling abroad who are refusing to pay installments, which nationally total around $1.9bn, reported Al-Madinah newspaper.
Dollar up on euro
The US dollar hit a two-week high against the euro yesterday as US producer prices went up 1.0% in July due to higher prices for automobiles and gasoline. The dollar stood at $1.2290 to the euro in late European trading.
Fatwas stifle investment
Saudi investors are being held back by random religious rulings, or fatwas, being placed on various investments, according to the Al-Riyadh newspaper. Banking experts say that local sheikhs inexperienced in financial matters issue fatwas that ban investment in some companies while permitting investment in others; this creates confusion and is affecting private-sector growth.
Lloyds raises lending rates
Lloyds TSB Dubai has announced an increase to its US dollar and UAE dirham prime lending rates for corporate and commercial customers. Dollar PLR rates are now 3.75% per annum and dirham rates are up to 4%, effective 11 August.
Brokers protest fee change
UAE stock brokers have requested the market regulator to review a decision to cut brokerage fees, reported Gulf News. The Securities and Commodities Authority cut fees to 0.35% from 0.5% on all trades worth more than $4,083, of which brokers retain 0.15%. Brokers used to receive a fee of 0.3% on trades.
DGCX membership drive
The Dubai Gold and Commodities Exchange says it has received 230 applications for its various types of memberships. Applications have come from international and regional banks, bullion dealers and brokers. The DGCX will start trading in November 2005, operating seven days a week from 10.00am to 11.00pm to overlap with trading hours in US, Europe and the Far East.
Pakistan investor service in UAE
Habib Bank will offer investor services in the UAE from November to attract more investment into Pakistan's capital markets. The Central Depository Company, the only securities depository entity in Pakistan, is outsourcing its investor account services to Habib. Nearly 700 companies are listed in the three stock exchanges of Karachi, Lahore and Islamabad.
NBK online banking award
National Bank of Kuwait has been judged the best consumer internet bank in Kuwait by Global Finance magazine. The bank has offered internet banking designed for both corporate and intuitional customers through its Watani Online Corporate banking tool since 2003. Clients can use system make payments directly through the WOLC payment gateway, rather then issuing cheques.
Lloyds opens centre at DHC
Lloyds TSB Dubai will open a customer service centre at Dubai Healthcare City, following an agreement. The centre will be open six days a week from 8am to 6pm and offer the bank's full range of retail and commercial banking services, including home and car loans.
Amwal, $275m Qatar Gate Fund
Qatar-based investment company Amwal has introduced the Qatar Gate Fund, with the potential to secure $275m, according to The Peninsula. The fund is looking to achieve above average long-term capital growth through investing in regional securities, with its main focus on the Qatar market. The open-ended equity based mutual fund is open to Qataris and non-Qataris through two separate sub-funds.
Daman fund up 69%
The Daman UAE Value Fund has grown almost 69% so far in 2005, despite a check in the UAE stock markets during July. The Fund has returned total dividends of $14.40 per share since opening in July 2001, the most recent being $2.18 per share for Q2 2005.
Makaseeb, three more funds
Bahrain-registered Makaseeb Funds, the mutual funds unit of Dubai's Mashreqbank, is looking to introduce four funds in the next three months that will invest in the region. The funds will be open-ended and require a minimum investment of $10,000. Makaseeb will start marketing the funds once it gets approval from the Bahrain Monetary Agency and UAE Central Bank.
Dubai shares up 2%
Dubai shares continued their recent recovery heading up 2.4% in trading yesterday. Dubai Islamic Bank led the charge with a 10.58% jump to Dh23, after trading in the stock had resumed following the bank's 10:1 stock split and decision to allow foreigners to buy up to 15% of its shares. The UAE's combined share index is now up 86.1% since the beginning of the year, pushed along by a booming economy and strong corporate earnings.
Amyal fund on target
Sharjah Islamic Bank officials say the bank's Amyal Islamic leasing fund, launched last week, has received a good response from investors and may close earlier than scheduled. Amyal is a feeder investment scheme into the Bahamas-based Millennium Aircraft Leasing Company set up by Kuwait Finance House. Amyal aims to raise $20m from the issue.
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