2005
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Levant spends up on Visa
The number of Visa credit card holders in the Levant increased by 15% to over 2.1m in the 12 months to 30 June, according to figures from Visa International. Jordan led the region with approximately 1.5m cardholders spending $2.6bn on cards, with transactions at retail outlets up 25% to $288m.
Card chip cuts fraud
Microchip and PIN security has helped cut fraud on bank cards in the UK by a third, according to the Association of Payment Clearing Services. Fraud on lost and counterfeit cards fell to $157m in the first six months of 2005, compared to $222m in the same period for 2004. Several Middle East banks are also promoting chipped cards.
Gold hits $482 an ounce
Gold prices headed north again on Monday hitting $482 an ounce in mid-day trading in Europe, a fresh 18-year high for the yellow metal. Traders said gold is likely to be strong in advance of key US inflation figures to be published on Friday. Gold is a traditional hedge against inflation which is usually bad news for shares and bonds.
$400m GCC Equity Fund
Gulf Finance House, Kuwait Finance and Investment Company and Qatar Islamic Bank have launched their $400m Al Basha'er GCC Equity Fund, and Islamic fund investing in local equity markets. The fund will be jointly managed by GFH and KFIC and is regulated by the Bahrain Monetary Agency. Minimum investment is $10,000.
Fastlink, mobile stock prices
Fastlink, one of the MTC group companies has introduced a new service to customers, which allows them to receive latest updates on share prices in the Amman Stock Exchange, live and in real time on their mobile phones using the Fastlink e-gateway.
Lloyds halves credit card rates
Lloyds TSB Dubai has halved its credit card interest rate to 0.99% per month, the equivalent of 11.9% per year. In addition, customers are no longer charged an annual fee for newly issued cards or at time of renewal. This credit card also offers 48-hour lost card protection, easy repayment terms, up to 55 days interest free, a direct debit option, 24 hours assistance, travel & accident insurance and 90 day purchase protection.
Gold gains on inflation fears
Gold prices ended last week at $473 an ounce and are expected to close higher again this week with important US inflation figures due next Friday. Analysts said the buying was from funds who were now hedging against inflation by buying gold.
UTI, UAE Exchange tie-up
India's UTI Bank and the UAE Exchange has announced a tie-up to offer a low-cost remittance facility to the estimated 1.2m Indians living in the UAE. This allows electronic transfers to 80 banks in India with over 10,000 branches.
Bahrain Islamic mortgage scheme
The Bahrain Islamic Bank has launched its Ijara Muntahia Betamleek Islamic mortgage product with a repayment period of up to 20 years. Bahrain Islamic Bank will buy the property and following its acquisition it will be leased to the customer against installments.
Anglo Irish, HNW target
Anglo Irish Bank is looking to target the mid-range high net worth client with more than $200,000 to invest as it expands in the UAE and Middle East. The bank won its licence from the UAE Central Bank last month but is not launching corporate banking in the region.
RakBank, HDFC, launch RAKnri
RakBank has entered into a strategic alliance with HDFC Bank, one of the largest private sector banks in India, and launched RAKnri, an onshore and offshore banking and investment product designed for non-resident Indians in the UAE. Under the arrangement, customers can access products of both banks.
Shamil, $500m facility
Bahrain-based Shamil Bank has mandated BNP Paribas, Boubyan Bank and Gulf International Bank to lead arrange a $100m five-year amortising Murabaha syndicated facility. The transaction is fully underwritten and the above banks have been joined by Commercial Bank of Qatar and Raffeisen Zentralbank of Austria as sub-underwriters.
RakBank's euro notes popular
The National Bank of Ras Al Khaimah says its $200m five-year issue of floating rate notes under its euro medium term note programme has been oversubscribed by more than 150%. The notes are listed on the London Stock Exchange.
Solidarity contribution plan
Bahrain-based Solidarity has introduced a single contribution plan called SolidBond. Features include investment flexibility and the ability to switch funds as the market changes, according to a company statement. The plan requires a minimum investment of $20,000, which can be increased at any time during its lifespan.
Shuaa calls 40:1 fund split
Shuaa Capital has announced a 40:1 split of units in the Emirates Gateway Fund, in an effort to make investment in the fund more affordable to a broader base of investors. Units will be valued on a split-adjusted basis. The fund has recorded a net gain of over 400% since opening in 2002, while year-to-date it has gained of over 90%.
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