2006
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NBO, Al Amiyal card
The National Bank of Oman has launched the NBO Al Amiyal credit card in partnership with Oman Air, reported Gulf Today. Anyone who signs up to the card will be entitled to a free flight to one of the airline's regional destinations. The NBO Al Amiyal Gold credit card also offers 6,000 miles which can be added to Oman Air's Sindbad frequent flyer programme; the silver card offers 3,000 miles.
Saudi MasterCard promotion
Saudis and expatriates can win SR20,000 when they use their MasterCard during a promotion running until January 17, reported Arab News. Customers using the ATMs of participating banks and spending a minimum of SR500 in transactions during the campaign will automatically be entered into a prize draw. At the end of the promotion, 35 winners will receive SR20,000 each, which will be credited to their MasterCard credit card.
EIB, Intaleq Eid deal
The Emirates Islamic Bank has launched the Intaleq Eid promotion, a shariah compliant car finance deal which will run until the end of October. Based on the concept of Murabaha, Intaleq offers no profit charges, no insistence on salary transfer, zero down payment and an option to start monthly repayments after 90 days. Customers can also receive a 72 month repayment period and finance amounts up to Dhs350,000.
ADCB launches MMI programme
The Abu Dhabi Commercial Bank has launched a new shariah compliant investment scheme in order to meet the rising demand for Islamic finance products, reported Gulf News. The Meethaq Mudarabah Investment Programme offers tenures of three, six and twelve months. The minimum investment is Dhs25,000 or $10,000.
Virgin VIP Mashreqbank offer
Octane, a Dubai based car service centre for Audi, VW and Peugeot vehicles, has joined up with Virgin to offer a free car service, worth Dhs300, to anyone who applies for the Virgin VIP Mashreqbank Card from October 20 through to November 20. Anyone who then spends Dhs300 with their Virgin VIP Mashreqbank at Virgin Stores or at Octane will receive Octane vouchers for car detailing and cleaning worth Dhs150.
Cheque clearing system delays
A new cheque clearing system for UAE banks is expected to go live early next year, Gulf News reported. The Image Cheque Clearing System was due to start before the end of 2006, but extended trials have delayed its start. The system is designed to give customers faster access to their money.
Credit cards and fraud grows
The Saudi credit-card market is expected to grow between 30%-40% annually despite cash still being the favored method of payment, according to Amex (Saudi Arabia) CEO Priyan Attygalle cited by Arab News. He warned of a rise in card crime regionally, but said the risk of fraud was higher when cards were used in high risk countries abroad.
IBQ opens third branch
International Bank of Qatar opened its third branch in the country Tuesday. It will offer retail, corporate and private banking services. The branch will have extended evening trading hours, from 5pm to 7pm Sunday to Wednesday, starting after Eid Al Fitr.
CBI offers long loans
UAE-based Commercial bank International has introduced a repayment period of up to 200 months for personal loans. Loans come with interest rates from 19.25%, a 90-day grace period for repayment, an overdraft facility and a credit card.
Gold two-week highs
Gold prices rose to two-week highs on Monday, on firmer oil prices, but gains were limited by a stronger US dollar, according to traders quoted in Reuters. Spot gold XAU reached $592/oz, but failed to break past the $600 level. HSBC analyst James Steel says gold has recently shown a much stronger correlation than usual with oil.
QNB, Savings Plus Account
The Qatar National Bank has launched its latest savings scheme, the Savings Plus Account. The QNB Savings Plus programme offers a 2.25% interest rate calculated on the daily average balance compared to the 0.25% interest rate for standard saving accounts. Customers opening a QNB Savings Plus Account before December 21 will get the opportunity to enter draws for prizes including a QR100,000 cash grand prize.
SABB Takaful in Saudi
The SABB Takaful Company has been awarded a licence to operate in the insurance industry in Saudi Arabia, enabling it to offer shariah compliant Takaful products to personal and corporate customers. The SABB Takaful Company will be a public joint stock company with capital of $26.7m. It will be 32.5% owned by SABB and 32.5% owned by subsidiaries of the HSBC Group; the balance will be floated in an IPO.
Amex, airline programme
American Express Middle East is continuing its partnership with Gulf Air and Royal Jordanian Airline in its international airline programme designed for its platinum and gold charge and credit card members. Card holders can receive complimentary companion tickets or selected upgrades from the Middle East and North Africa to various worldwide destinations when purchasing business or first class tickets. The promotion is open until June 30 next year.
Doha Bank, 70 times salary offer
The Doha Bank's Islamic banking division, Doha Islamic, is launching a personal finance promotion for Qatari citizens, reported The Peninsula. The bank is offering customers loans equivalent to 70 times their salary, with repayment periods of up to 180 months. The deal for new finance, topping up existing loans or for finance transferred from other banks is available until the end of the year.
UAE Exchange, Indian licence
The Abu Dhabi-headquartered UAE Exchange & Financial Services Ltd is now able to undertake outward remittances in India after securing the Authorised Dealer Category -2 licence from India's central bank, Gulf News reported. The company, which has 209 branches in India, is the first fully-fledged money changer to get such a licence in around thirty years, according to MD BR Shetty.
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