2006
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NCB, Emerging Markets Fund
Saudi Arabia's National Commercial Bank has launched a shariah compliant Emerging Markets Fund, aimed at capitalising on fast growth in markets such as Brazil, Russia, India and China. The open ended fund is to be managed by Lazard and the minimum investment is $2,000.
Finance House, card offer
Abu Dhabi based Finance House has launched a new credit card promotion, reported Gulf News. Applicants will receive free annual subscription to Gulf News, Aquarius and InsideOut. Finance House is also offering a 13 month auto insurance package through Takaful, with cover for up to two vehicles per customer and premium rates starting from 3.25%.
Aviva help for NRIs
The Doha Bank has signed a deal with Aviva Life Insurance of India to assist non-resident Indians living in Qatar in their subscription to personal finance products, reported The Peninsula. The Doha Bank will provide information about investment products being offered by Aviva Life Insurance and facilitate the movement of documents and funds if necessary. Products available include the Child Education Plan, the Growth Plan and the Retirement Plan.
Nicbm sukuk price guide
Kuwait's National Industries Company for Building Materials' five year sukuk should offer a return of around 100 basis points above six month dollar Libor, according to a source at one of the lead managers for the certificate and cited by agency reports. Kuwait Financial House and Standard Chartered are leading the deal. The Nicbm is Kuwait's largest manufacturer of building materials.
Shuaa, new Islamic fund
Shuaa Asset Management has launched the Arab Islamic Gateway Fund, its first Islamic product; the fund will invest in equities listed on Arab stock markets in the GCC, North Africa and the Levant according to shariah principles. The fund will have monthly liquidity and the minimum subscription amount is $50,000. It is open to both local and foreign investors and the closing date for subscription is September 25.
KFH, $200m China sukuk
The Kuwait Finance House is set to launch the first Islamic bond issue in China, reported Reuters. The $200m sukuk for a Chinese private sector corporate firm will be used to fund a power plant project. Salman Younis, who heads up KFH's regional operations, said that the sukuk is a few weeks away from being issued.
EB upgrades student card
Emirates Bank has introduced a revised version of its meUNI credit card for students. Benefits include a credit limit of up to Dhs4,000, free for student life, no salary requirement, low interest rate, free online and mobile banking, free road assist and worldwide acceptance through Visa.
ADIB, Al Shuruq fund
Abu Dhabi Islamic Bank is offering a new Islamic investment product, Al Shuruq, which will put funds into emerging and blue chip stocks. Minimum investment is Dhs200,000. The fund is targeting a profit rate of 6% per annum.
QNB, double your salary
Qatar National Bank is offering salaried current account holders the chance to double their monthly income for a year. Account holders who have a minimum salary transfer of QR10,000 or more are eligible. The promotion runs for three months and winners will be drawn monthly.
Lebanon recovery fund
Argent Financial Group International has launched a private equity fund, which will be domiciled in the Dubai International Financial Centre, which will invest in the re-building of Lebanon's infrastructure and industry. The Constans Lebanon Recovery Investment Fund aims to generate returns of more than 25% per annum over an expected seven-year term. The fund is targeting $500m.
Citibank, tiered current account
Citibank in the UAE has announced a new tiered current account, called CitiBest, which offers increased rates based on average account balances, reaching 6% return per annum. Interest accruing on the account, as based on daily outstanding amounts, is paid monthly. Other features include an unlimited checking facility, fee-free debit card, 24-hour online internet banking phone banking.
Islamic products take slowly
Sharia-compliant financial products have been taken up by only 20% of Muslims in GCC countries despite strong growth in the sector, reported Gulf News. DIFC chief economist Nasser Saidi said the Islamic products are being aimed at institutional investors, with less emphasis on retail investors. But oversubscription of recent Islamic bond issues shows there is huge potential, say officials.
Cash withdrawal warning
Sharjah police has warned residents to be particularly vigilant when they withdraw large amounts of cash from the bank, reported Gulf News. A Dutch expatriate, who had withdrawn Dhs40,2000 from a bank in King Faisal Road in Sharjah, had his car broken into, and the money stolen, when he stopped for an errand in the Al Muraijah area. Police believe the man was followed after leaving the bank.
Bangladesh, $513m remittances
Remittances sent to Bangladesh from expatriate workers in the UAE rose by 15.9% in the last financial year, reaching a total of $512.6m, according to figures released by the Bangladesh Bank and cited by Gulf News. The statistics reveal that, on average, each of the 400,000 non-resident Bangladeshis in the UAE sent around $1,280 per annum back home. Bangladeshis make up about 10% of the UAE's 4.1m population.
Shuaa, Arab-Asia fund
Shuaa Capital is planning on launching a new Arab-Asia fund this month in order to take advantage of the rapid economic growth in both regions, reported Gulf News. The fund will be a joint venture with UK investment firm, Forsyth Partners. Shuaa is hoping that the fund will generate returns of around 12-15%.
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