2006
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Oman money-laundering pledge
Oman is working closely with world bodies to enforce international money laundering measures, the central bank's executive president Hamood bin Sangour Al Zadjali told delegates at the launch of the Oman Programme for Anti-Money Laundering. He said a major challenge was to apply rapid advances in information technology as effectively as criminals use it for crime.
$8bn loans defaulted
Saudi's Real Estate Development Fund says borrowers have defaulted on $8bn worth of housing loans, reported Arab News. A spokesman said that many Saudis believe they don't have to repay loans, since the money belongs to the government. Borrowers in future will have repayments deducted from their bank accounts.
DIB closes Al Islami Shipping Fund
Dubai Islamic Bank has closed subscription to its Al Islami Shipping Fund, which had opened on 3 July 2006. The Islamic fund will invest $32m in selected shipping assets through Musharka joint ventures. It is aiming for a profit rate of 8.5% per annum with quarterly distribution.
Al Rajhi widens money transfers
Saudi-based Al Rajhi Bank has ramped up its money transfer business by opening two new exchange and transfer centres, according to Arab News. The remittance offices, known as Tahweel Al Rajhi centres, were set up in Jeddah and Rabigh. They offer the bank's "cash click" and "cash online" services, which it recently introduced.
UAE credit jumps 43%
The UAE's 46 domestic and foreign banks advanced $96.2bn in loans in 2005, 43% more than in 2005, according to central bank figures cited by Gulf News. This was driven by demand for personal loans for business purposes, which doubled to $19.2bn. Banks posted record profit rises in 2005 on a surging economy and bullish bourses. Balance sheets will be more modest in 2006, mainly due to a decline in activity on stock markets.
Al Madina, $26m Tilal Fund
The Al Madina Financial and Investment Services Company has launched the Tilal Fund, reported the Times of Oman. Subscription to the real estate offering will close on September 14. The $26.1m project is to be located in Al Khuwair and will be a mixed use development.
Amex aims for more Saudis
Amex Saudi Arabia, the kingdom's American Express operator, has introduced a simplified application procedure in order to attract more customers, reported Arab News. Applicants will no longer need to submit several documents before receiving their cards. The company is also aiming to relaunch a number of its products with added features and looking to increase the number of locations across the country where Amex is accepted.
UAE health scheme doing well
Daman, the company licensed to provide health insurance cover for both government and private sector companies, has said that implementation of the mandatory health scheme which came into effect on July 1 has been going well. 35,000 health insurance cards have already been issued and 100,000 are to be sent out. The first phase involves insuring employees of private, public and semi-governmental companies containing more than 1,000 workers.
Amlak launches Bayti
Amlak Finance has launched Amlak-Bayti, a scheme whereby Amlak will offer finance options for UAE and other GCC nationals wishing to construct and own their own home. Amlak-Bayti is an enhancement of Amlak's existing construction scheme and applies to villas and low rise buildings. The shariah compliant product offers up to 90% finance over a period extending up to 25 years.
BoB, product enhancement
India's Bank of Baroda is in the process of setting up a joint venture with an as yet un-named company to offer life insurance policies to its customers, many of whom are based in the Gulf region, reported Gulf News. The bank is also launching a home loan scheme for non resident Indians in Oman and the UAE to obtain 100% finance on properties in India.
HSBC encourages e-banking
HSBC is running a campaign to encourage customers to use its personal internet and phone banking services, according to the Bahrain Tribune. Every registration to either service comes with a chance to win one of two home theatre systems on offer. The draw will be held on October 18.
Lloyds TSB UK student account
Lloyds TSB has introduced the UK's first student account aimed at Muslims attending university, according to AFP. The new student account will not pay or charge interest and customers' deposits will be kept separately. The bank's UK branches already offer a current account which complies with Islamic law.
SC to lift cash points
Standard Chartered plans to add 45 more cash delivery outlets in the UAE this year, made up of 15 mini branches and 30 ATMs, according to Gulf News. The UAE is one of the bank's top five revenue earners in 56 countries. It is the second-biggest international bank in the UAE.
Man MGS Access launched
Man Investments has launched a capital guaranteed product, the Man MGS Access, which will target medium term capital growth. The product is available in US dollars and euros, with a targeted annualised return of 13-16% for the dollar class bond and 11-14% for the euro class bond. The minimum holding is 50,000 bonds, with each bond costing either $1 or Euro 1, and the offer period ends on October 3.
Visa, UAE home delivery offer
Visa International has teamed up with UAE restaurants Chili's and The Pizza Company to offer customers the chance to win prizes, including two family trips to Disneyland Resort Paris, when paying for home deliveries with any Visa payment card. Any Visa card transaction made between now and September 30 will enter customers into a draw for the prizes which need to be taken by July 2007.
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