2007
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EB SMS remittances
Emirates Bank will offer a low cost banking and remittance service in a tie-up the US' Infospan. Using the service, expatriates in the UAE can have salaries paid into bank accounts and make remittances through a range of channels including SMS, call centres, and ATMs.
UNB, Dubai eGov tie-up
Union National Bank account holders can now use a direct debit service to pay government accounts online through Dubai eGovernment. The direct debit service is part of the government's ePay initiative, which accounted for Dhs55m of payments in 2006.
Bankers hail loan ceiling
Bankers say a decision by Qatar's central bank to cap personal loans will help ease social problems brought about when borrowers get caught in a repayment trap, the Peninsula reported. Easy access to long-term personal loans has led to depression and family suffering, bankers said. Some banks had been offering loans 100 times a borrower's monthly salary.
Dubai gold sales surge 34%
Dubai gold sales rose 34% in June 2007 compared to June 2006 on increased demand by Middle Eastern buyers and expatriates ahead of summer holidays, Reuters reported. The value of gold sales in the emirate rose 40% on the year in Q2 and 35% in H1, according to Dubai Gold and Jewellery Group MD Tawhid Abdullah. The volume of Abu Dhabi gold sales was unchanged in June from the same month last year.
Saudi credit fraud grows
Credit card fraud is growing in Saudi Arabia, according to Arab News. Residents are reporting an increase in unauthorised transactions on their cards from outside the country. High risk countries include Malaysia, Indonesia, Thailand, Taiwan, the UK, Spain, Italy and Sri Lanka. Using chip and PIN credit cards will decrease 50% of card fraud, according to a senior banker.
New cheque clearing process
Jordan's central bank starts a new cheque clearing process from today, the Jordan Times reported. Cheques will be cleared on the same day they are submitted for collection - a procedure that used to take two to three days.
Arabs remit $40bn
A World Bank survey has found Arab expatriates living outside the Middle East remitted about $40bn home in 2006, 5% more than the year before, according to a report in Al Hayat, cited by Gulf News. About 11.8m Arabs live away from their home countries.
Emaar online bank payments
Emirates Bank is offering online bill payments for owners and renters of Emaar properties. The service is available to the bank's account holders, and services all Emaar bill payments such as purchase installments, rents, service fees, maintenance fees and late payment charges.
EB holiday loan promotion
Emirates Bank is offering 60 family holiday packages in a summer promotion. Customers taking out personal loans or topping up existing loans in July and August will be entered into a daily draw with the chance to win a trip to one of ten destinations. To participate customers are required to take a minimum loan amount of Dhs30, 000.
Forsa raises $68m
Forsa, an investment company dedicated to women, has raised $68m through the closure of two funds. Forsa is also starting an asset management arm through a partnership with Abu Dhabi-based The National Investor. Forsa was created by Dubai World to encourage investment by women across the GCC.
Durrat, Reef mortgage deal
Durrat Al Bahrain, a residential, commercial and resort development in the kingdom, has signed an agreement with the Reef Real Estate Finance Company which will see the latter provide shariah compliant mortgages to Durrat customers. Reef is the second company after the Kuwait Finance House - Bahrain to provide home finance packages to purchasers at Durrat Al Bahrain.
MasterCard UAE promotion
MasterCard Worldwide has launched a summer promotion in the UAE which runs until September 7. Every time cardholders from participating banks use their MasterCard credit or debit cards to make purchases, either at home or abroad during the promotional period, they will be entered into a draw with a total prize pool of Dhs360,000. Cardholders in Dubai can also take advantage of holiday offers from Dnata Holidays.
EBG Salik recharge service
The Emirates Bank has launched a recharging service for Salik toll cards through its electronic banking channels. The service is presently available through Banknet, the bank's Internet banking service, and meMobile, its SMS pull service. The recharging service should also become available through its ATM and CDM machines by the end of the week to anyone wishing to top up their cards, whether they are Emirates Bank customers or not.
AUB, Gulf Air tie-up
Bahrain's Ahli United Bank has agreed a tie-up with Gulf Air to offer its credit card customers the chance to earn frequent flyer miles. Under the agreement, points earned by AUB customers via its pearl rewards loyalty programme can be converted into an equal number of Gulf Air frequent flyer miles. The alliance covers those holding credit cards from the AUB's subsidiary and associate banks in Bahrain, Kuwait, Qatar and Egypt.
IBQ expands SMS offering
The International Bank of Qatar has added further features to its SMS mobile phone banking service, with customers now able to transfer funds both locally and internationally via SMS. IBQ's service allows subscribers to manage their bank accounts, check their balances, order cheque books, pay bills as well as carry out other banking transactions.
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