2007
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Technology aids remmittances
The growth in remittances by Filipino expatriate workers is largely due to technological innovation in transfer systems by financial institutions, according to the Philippines central bank, quoted by the Khaleej Times. Filipino workers sent home $972m from the Middle East between January and May 2007, representing an increase of about 50% over the same period in 2006.
$100m Lusail fund closes
Al Rayan Bank and Qatari Diar have successfully closed subscription for their $100m Lusail Waterfront Real Estate Fund. The fund will invest in the Lusail residential and commercial waterfront project. Al Rayan is the lead manager and placement agent.
Markaz funds outperform market
The Kuwait Financial Centre says its Markaz Islamic Fund has delivered a return of 39.3% this year, outperforming the Al Mal Sharia index by 9.3%. Markaz claims its other funds have outperformed the market year-to-date: the Markaz Fund for Excellent Yields gained 44.5%; Markaz Investment & Development Fund 26.4%; and Markaz Forsa Financial Fund, - a fund that invests in the options market - has returned 24.8%.
EB cards get jewellery discounts
Emirates Bank is offering customers up to 60% discounts on diamond jewellery at an exhibition at the Dubai Exhibition & Convention Centre. The exhibition is open 19-23 July and the discounts are available to debit and credit cardholders with the bank.
DIB opens Al Islami centre
Dubai Islamic Bank has opened a centre for its non-resident wealth management clients. The Al Islami GCC Centre offers current and deposit accounts, investment management, real estate services, remittance services and financial advice. Concierge services, such as hotel booking and airport pickup are also featured.
Savings account for teens
Kuwait's Gulf Bank has introduced a savings account, called Freedom, for teenagers aged 14-17. No minimum opening deposit is required and accounts have no fees, a choice of interest or non-interest bearing options, and a Visa Electron ATM card. Gulf Bank says that teenagers learn about being financially independent by having their own savings account.
NBAD Al Na'eem fund gains
The National Bank of Abu Dhabi said its Al Na'eem shariah-compliant fund has posted returns of 13.9% this year to 28 June 2007, and is up 30% since it was launched in January 2005. The fund has invested primarily in the UAE, but has taken some long-term positions in other Mena markets. Al Na'eem has outperformed the NBAD Islamic Index by 2.3% in 2007.
International Islamic loan scheme
Qatar International Islamic Bank is offering loans to residents for up to three times their salary under its Hassan scheme, the Peninsula reported. Residents with a minimum monthly salary of QR10K are eligible, with the offer open from 15 July to 31 August 2007.
Sakana $3.3m home finance
A Bahraini company is offering mortgage finance of up to $3.3m, which it claims is the country's highest ever. Sakana Holistic Housing Solutions says its product gives customers a line of credit to finance larger property deals. The finance can be used across a number of separate mortgages, or one big one.
Gold to rise 10% in 2007
Average gold prices will rise nearly 10% in 2007 and gain further in 2008, according to a Reuters poll. The poll of analysts and traders picked a median price of gold XAU of $670 an ounce, up from $612.10 in 2006. The precious metal is forecast to rise to an average of $681 in 2008. Investor interest will be boosted by a weak dollar outlook and less aggressive sales by central banks, according to Reuters.
Kuwait credit card boom
Kuwait's credit card market is set for a major increase over the next few years, according to retail banking consultancy Lafferty, quoted by MEED. There are currently 550,000 credit cards in Kuwait, and by 2008 this will have increased by 69%, well above the average 43% of all GCC countries. Kuwait has one of the highest average-spend-per-credit card ratios in the region, Lafferty said.
Daman fund grows 10% in Q1
UAE-based Daman Investments reports its Second Daman Investment Fund made gains of 10.45% in Q2 2007, the fund's inaugural quarter. The fund will pay a dividend of Dh1 per share resulting in an ex-dividend net asset value of Dhs109.45 for subscribers into the fund at the 1 July subscription date. The UAE-focused Dhs200m fund Fund is open for subscription at the beginning of every month and allows for quarterly redemptions.
ABN Amro card for NRIs
ABN Amro is targeting non-resident Indians in the UAE with a new credit card. The MasterCard credit card has features such as free monthly remittances and life insurance, domestic flights on Kingfisher Airlines, rent-free mobile SIM cards and dining discounts at select premier outlets in India.
Finance House hybrid deposits
Abu Dhabi-based Finance House has launched a hybrid deposit account - Flexi Deposit - aimed at SMEs in the UAE. The account pays interest of up to 5% a year on daily balances and operates like a current or call account, Finance House said. Third party payments and inter-bank transfers are a feature.
CBD Visa Infinite for Al Dana
Commercial Bank of Dubai has released a credit card pitched at its wealthy clients. The Visa Infinite credit card will be available to clients in the bank's Al Dana Wealth Management programme. Cards come with 'unlimited purchasing power' and a range of features such as a personal concierge service, CBD said.
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