2006
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Etisalat, Visa link up
Etisalat and Visa have launched a joint initiative to explore and offer payment solutions utilising new technologies. They will be showcasing demo versions of a range of technologies in payment systems at the Etisalat booth at Gulfcomms 2006, which takes place at the Dubai World Trade Centre from December 18-22. These will include paying via smart phones, contactless payments and wireless points of sale.
Tamweel, Al Sondos deal
Tamweel has teamed up with Al Sondos Holding to offer up to 95% finance on the purchase of apartments at Marina Mansions, a new development at Dubai Marina. Potential buyers can visit the Tamweel Sales Centre at the Grosvenor House Hotel from November 25-27 between 9am and 6pm where they can arrange viewings and book properties. Tamweel will offer on-the-spot finance approval without any real estate or transfer fees.
BSB, online trading
The Bahraini Saudi Bank has launched an online trading platform that is easily accessible from BSB's website. Individuals and institutions, both locally and internationally, can now conduct their trading operations in currencies, silver and gold from any terminal around the world. The platform offers news, market overview, trading commentary, technical analysis and historical charts.
UAE remittance cost factors
UAE workers who send money back to their home countries consider cost and convenience to be key factors when deciding how to make remittances, reported Gulf News. Many of those sending cash prefer to use a 24 hour service as this works out much cheaper than immediate wiring which takes only minutes but can cost three times as much. E-transfers, which avoid the need to queue up, are increasingly popular.
$20bn remittances from GCC
Remittances from the GCC are worth nearly $20bn a year, representing around 12.5% of global financial flows associated with immigration, according to migration experts speaking at an international postal conference. Remittances worldwide are estimated by the World Bank at $137bn and considered to be the most direct link between migration and development.
Citibank 'instant' car loans
Citibank says it has introduced a product that gives its credit card holders 'instant approval' for car loans in the UAE. Called Swipe&Drive, customers pay a 10% down payment through a credit card which gives them finance for up to 90% of the value of the car. The bank says it has recently reduced interest rates and increased loan tenors up to six years.
IBQ, SMS banking
The International Bank of Qatar has introduced SMS banking services, reported The Peninsula. It is offered in Arabic and English. The two-way system is carried on Qtel's GSM data network.
Bapco workers get pay rise
Bahrain state-owned company Bapco is giving its workers pay increases from 8%-19%, with the lowest paid workers getting the higher increases, reported Gulf Daily News. Management will get increases of 8%. The package covering the company's 3,200 employees is worth $1.55m.
Amlak discount on finance
Amlak Finance is offering a 0.5% discount on profit rates for existing customers when they take out a second loan. The publicly-listed Islamic finance company has also introduced Amlak-Bonus, which gives a discount on profit rate for the first year of the financing period under its refinancing scheme.
NBD offers rewards on loans
National Bank of Dubai is running a 10-week promotion to encourage more people to take out loans. Under its 'One loan, many rewards' campaign, customers taking out loans of Dhs25,000 or more receive up to Dhs1,500 worth of benefits including air travel, the bank said in a statement. Reward points are loaded on an NBD-Dnata credit card which can redeemed for trips.
UAE VAT some time off
The introduction in the UAE of a value-added tax is at least 12 months away, according to a senior executive with KPMG quoted by Emirates Today. There is a shift in world economies away from direct and into indirect taxation, according to Ashok Hariharan, head of tax at KPMG in the UAE and Oman. He said the tax would not be 'hugely detrimental' to the UAE's economy.
IBQ, SMS banking service
The International Bank of Qatar has introduced an SMS banking service for its customers. The service, which is available in both Arabic and English, allows customers to perform basic banking transactions using their mobile phones. The service has been introduced in co-operation with Qtel using its GSM data network, which has been designed to allow for numerous banking commands.
Takaful guidelines needed
The Islamic insurance sector needs to develop a unified and standardised set of guidelines according to an industry expert cited in the Gulf News. A.B.M Nurul Haq, a member of the Takaful and Re-Takaful Committee set up by Jeddah's Islamic Development Bank, said that uniformity is needed among takaful operators rather than a reliance on individual shariah boards. Assets held in Shariah compliant accounts worldwide total up to $500bn.
Jade looks to Gulf and Europe
Dubai's Jade Alternative Investment Advisors has said that it is targeting contributions from both the Gulf and Europe for its recently launched Cayman Islands-registered $150m Jade China Value Partners L.P. Fund, reported Gulf News. Jade is looking to raise $50m by January, with the remainder by the end of 2007. Director Jonas Lindblad has revealed that 20% of the fund will be used to invest in industries making consumer goods.
$2bn UAE insurance premiums
Premiums underwritten by the UAE's insurance industry jumped 27.7% last year to $2bn according to figures released by the Ministry of Economy and cited by Gulf News. The general insurance sector witnessed the biggest growth with premiums increasing by 30.4% to $1.7bn. The insurance industry's investment portfolio was estimated at just under $5bn at the end of 2005.
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