2007
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Darkom loans with Bindar
Darkom, Jordan's first housing loan insurance company, has signed an agreement with Bindar Trading and Investment Company to provide Bindar's clients with affordable housing loans, lower down payments, and more lucrative payment conditions aligned with competitive interest rates.
AUB (Egypt) travel offer
To celebrate its recent launch, Ahli United Bank (Egypt) is sponsoring a travel deal to Tahiti Beach in Marina and is holding a raffle prize draw for customers who take Ahli United Bank's (Egypt) Credit Card while vacationing on Tahiti Beach in Marina. The credit card offers travel insurance valued at up to US $250,000, which includes cover for the family.
Commercialbank's Waseela reopens
Commercialbank's Al Waseela Funds has reopened for subscription offering monthly liquidity to both Qataris and foreigners. This offer was made after it kicked off to a promising start between April 16th and July 15th 2007, generating sterling return of 16 per cent.
UAE health cover worry
UAE based insurance firms have said health cover premiums could be set to rise due to increased treatment costs, reported Gulf News. No likely timescale has been disclosed as to when this might happen but local insurers have admitted that inflation rates, coupled with the weak US dollar, have driven up costs by as much as 75% and this could lead to a hike in the near future.
DIB offers refinance product
The Dubai Islamic Bank has launched the shariah compliant Al Islami Home Refinance product which enables customers to channel the equity gained on their property into another asset. The refinancing product is available to customers who own a freehold property, regardless of whether they have an existing mortgage. The DIB will offer finance of up to 85% of the value of the property for a tenure of up to 25 years.
More gold for Dubai
The Chairman of the Dubai Gold and Commodities Exchange, Colin Griffith, has said that although the price of gold is still quite high, he expects an increase in imports of the metal in H2, reported Reuters. Griffith suggested that buyers had grown accustomed to current price levels and Dubai was now getting the 'lion's share' of the gold business. Gold was trading at $676.4 an ounce on Friday.
Emcredit to go national
Dubai based credit information firm Emcredit, which was launched late last year, is set to become the UAE's official federal credit bureau, reported Gulf News citing Moneyworks magazine. Emcredit CEO Bashar Saleh Qallab said a ministerial decree was presently being drawn up and the firm was working alongside the UAE's Ministry of Finance. Emcredit recently unveiled Embounce, alongside Dubai Police, which provides information on bounced cheques.
Gulf Bank salary for life
Kuwait's Gulf Bank is offering customers the chance win their salary for life. Customers who transfer their monthly salaries to Gulf Bank will automatically be entered into a draw. Four account holders have already won. The next draw is on 16 September 2007.
CBD mobile banking
Commercial Bank of Dubai has introduced a range of new banking services available via mobile phone through SMS. Customers can access their account details and retrieve a record of recent transactions, as well as carry out a range of payments through the bank's Attijari SMS system.
Doha personal loan winner
Doha Bank has given back the whole value of a loan worth QR910,000 to a customer as part of a promotional campaign, the Peninsula reported. The bank has distributed QR4m in cash prizes overall for a range of promotions including its Dana savings scheme, and Dream credit cards.
AOIC, Tamweel tie-up
The Arab Orient Insurance Company has teamed up with mortgage provider Tamweel to offer a new home finance product in the UAE. The AOIC's product offers comprehensive protection against everyday hazards that can damage or destroy homes and cover can be extended beyond the repayment period. The product covers the full range of Tamweel funded properties, including developments by Emaar Properties and Nakheel.
National Bonds online sales
The National Bonds Corporation has revealed that its online sales have brought in substantial revenues and generated a strong response in a number of markets. Revenue from online sales of the shariah compliant bonds has now exceeded $4m with a sizeable number of customers from Europe, the US, Canada, Australia as well as the GCC. The savings scheme has a customer base of more than 340,000 bond holders.
Fake dollars in Dubai
Dubai government officials have said while the smuggling of counterfeit US dollars into the city has declined, the practice is still ongoing, reported Gulf News. Last week, customs officials seized more than $35,000 worth of fake notes and 13 instances of smuggling were recorded last year. Dr B.R. Shetty, the MD of the UAE Exchange Centre, said tighter regulations and increased vigilance had helped reduce the problem.
Western Union expands in Jordan
Jordan Islamic Bank will provide Western Union money transfer services following the signing of an agency agreement. Western Union's network in the Jordan comprises 400 locations with services provided by Cairo Amman Bank, Jordan Commercial Bank, Kamal Exchange, The Housing Bank for Trade and Finance and now Jordan Islamic Bank.
Kahlifa Fund to help SMEs
A fund set up to help SMEs in the UAE will begin dealing out loans over the next few weeks, an official told Gulf News. Under the Khalifa Fund, businesses will receive loans of up to Dhs5m. Money will be given to both start-up and existing businesses.
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