2007
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Al Salam goes online
Al Salam Bank-Bahrain has launched its online banking service. The new service offers its clients to use unique banking services within their accounts including placing standing orders and recurring payments from ASBB account to other beneficiaries with other banks. It will also allow customers to check their investment portfolio, issue bank draft and order cheque book.
FGB to offer Royal Skandia
First Gulf Bank (FGB)'s First Wealth will distribute Royal Skandia's regular savings and lump sum investment plans. The move aims to give customers the ability to invest funds on a regular basis across over 200 mutual funds spread across multiple asset classes, as well as flexibility to switch between funds and rebalance their portfolio.
Philippine peso protests in GCC
Filipino expatriates in the Gulf has called in for a boycott of sending money to the Philippines on Nov 1 and 2, reported Bahrain Tribune. Issued by UAE and Saudi-based Filipino organisations, the call asks their compatriots to join them in a bid to send a strong message to the Manila government to grant their demand for the government to fix a peso-dollar exchange rate for overseas workers.
Islamic mortgage for Sports City
Dubai Islamic Bank (DIB) will provide Islamic financing facilities to meet the needs of prospective owners of villas and apartments at Dubai Sports City (DSC). DIB has signed an MoU with DSC to offer Sharia-compliant financing towards the purchase of apartments at Canal Residence West.
Savings top priority for expats
A new survey by Zurich Wealth Monitor has found that 31% of UAE expats view savings and investments are their top priority, while about 25% say it is their children's education that comes first. In contrast, 37% of expats in Bahrain rated clearing debt as their top financial priority. Across both countries, less than one in ten expats would enlist a financial adviser to help them make their decision.
Premium banking service in Jordan
Jordan Ahli Bank has unveiled a new premium banking service, the first of its kind in Jordan, that will enable customers to enjoy an exclusive range of custom products and services. Customers with an average credit balance equal to or exceeding JD50,000 will receive benefits such as a premium account relationship officer, a dedicated and elegant premium customer lounge, fast-track teller services, and preferential prices on deposits.
Saudi boosts consumer protection
Saudi Arabia is creating a department for consumer protection in an effort to monitor consumer prices more closely, reported Gulf News. The Council of Ministers has approved the move by the Ministry of Commerce and Industry to create the new division at the deputy minister's level. The new department will monitor consumer prices on a regular basis and be open to consumer feedback.
BIsB to finance Landmark
Bahrain Islamic Bank has signed an MoU with Landmark Bahrain to provide finance options to Bahrainis wishing to buy houses or flats sold as part of any of Landmark Bahrain's projects. Finance amount is up to BD400,000 to be repaid over a period of up to 25 years and a finance amount of up to 95% of the property's value.
Ladies' bank in Saudi
Saudi Arabia's National Commercial Bank has opened a new office for ladies in western Jeddah in light of the bank's continued expansion targeted at the ladies sector, reported Arab News. The number of ladies offices in the western region grew to 11 branch offices and a main office in Jeddah.
Wall Street's new India partner
Wall Street Exchange Centre LLC has entered into a remittance arrangement with Indian financial entity, Axis Bank (formerly UTI Bank), to facilitate remittances to India. Under the new partnership, credit into Axis Bank account holders is instantaneous, and credit into beneficiary accounts through other banks takes place via NEFT facility provided by Reserve Bank of India.
dbFX offers in Arabic
dbFX, the online retail foreign exchange margin trading platform of Deutsche Bank has launched its Middle East offering. Its Arabic language web site will offer retail investors the opportunity to maximise what this market presents as an alternative asset class for investment and trading.
Emirates NBD has most ATMs
Emirates NBD, the Dubai-based banking group resulting from the merger of Emirates Bank and National Bank of Dubai, now has the largest ATM network in the UAE with over 430 machines. Customers of each of the two merged banks as well as customers of Emirates Islamic Bank can now withdraw cash and make balance enquiries using their debit cards at the other bank's ATMs free of switch charges.
Tamweel in DWC agreement
Islamic mortgage provider Tamweel is teaming up with Dubai World Central (DWC) in order to provide home finance packages to DWC's customers. The agreement will see Tamweel offer mortgage schemes across all of DWC's real estate developments including Residential City, Commercial City and Golf City. DWC will house around 1m people when it is completed.
Buy Gulf stocks, says NBAD
Investors should take the chance to buy Gulf Arab stocks at the present time, with a particular emphasis on the real estate and energy sectors, according to the National Bank of Abu Dhabi's (NBAD) Nazem Al Kudsi, Head of the bank's Asset Management Group, and cited by Reuters. The NBAD is upbeat on Gulf share prices due to solid economic fundamentals, abundant liquidity and a generally bullish sentiment.
Gold could hit $800
Gold could hit $800 an ounce shortly as record high oil prices and a weak dollar force the yellow metal up to levels not seen in 28 years, reported Reuters. Gold hit $850 an ounce in 1980 and the precious metal is seen as a hedge against oil led inflation. David Holmes, the Director of Precious Metals Sales at Dresdner Kleinwort, said gold was in 'uncharted waters' and 'anything is possible'.
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