Personal Finance
- The news you choose »
- Login to Add to Watchlist
Categories
Emirates NBD integrates deposit network
Emirates NBD, the holding company of National Bank of Dubai, Emirates Bank and Emirates Islamic Bank, has finalised the integration of its Smart Deposit Machines network. The newly aligned platform allows customers of the three banks to use any of the 92 machines free of charge.
Emirates Islamic offers Skyward
Emirates Islamic Bank in partnership with Emirates Skywards and VISAhas launched the first Islamic co-brand airline credit card, called Skywards Emirates Islamic Bank Credit Card. The product offers exclusive travel benefits, which include complimentary lounge access at Dubai International Airport with free secretarial services, free buffet, internet connection, reading material and 24-Hour porter facilities.
UN warns of food 'tsunami'
Soaring food costs are creating a 'silent tsunami' that threatens to plunge over 100 million people into hunger, the United Nations said yesterday. Josette Sheeran, head of the World Food Programme said large-scale, high-level action by the global community is needed. The Asian Development Bank said there was enough food to go round, and the key was to help the poor afford it. It said Asian governments which have curbed food exports were over-reacting, reported Reuters.
FNC probes personal debt laws
The UAE's Federal National Council has issued a series of recommendations to tackle soaring personal debt. These include the setting up of a debt tracking system to monitor individual exposure. Personal loan defaults have risen in line with borrowing, which exceeded $190bn in 2007.
Credit card companies boost offerings
Competition among credit card companies has intensified, with some of them offering cash-back features, reported Khaleej Times. American Express has recently begun offering a 5% cash-back for the first three months, more than the market leader Capital One's offering of 4% for the same period. Cash-back cards currently make up 10% of the cards on the market and the average interest rate on purchases through credit cards has been 0.72%.
Citibank offers personal finance tips
Citibank has created a new section on its website that offers tips on how to use credit cards and personal loans safely and wisely. The new section, 'Use Credit Responsibly' can be found at www.citibank.com/bahrain.
UAE Xchange in Bahrain expansion
The UAE Xchange is planning to open four more branches in Bahrain by August, reported Bahrain Tribune. The money transfer company has two existing branches in the kingdom and has plans to take the number of branches in Bahrain to 15 by the end of 2009.
BMI acquires Diners Club
Bahrain-based BankMuscat International recently announced it has acquired Diners Club Bahrain from Orient 1. Diners Club's range of services will beincluded in BMI offers such SME banking, mortgage, consumer and vehicle loans. The bank also plans to shortly launch Visa Electron Cards.
BMI offers Sapphire
BankMuscat International has launched a new product called Sapphire to cater to its affluent customers. It offers exclusive products and tailor-made solutions which include a dedicated Relationship Manager for day-to-day banking and all other financial needs and requirements.
Gold to rise in long term
Gold will continue to rally in the long run on demand in the Middle East, India, China, and Russia, while short-term gains are 'difficult' because of a drop in fabrication demand, according to a Citigroup analyst. John Hill said the factors that have boosted gold for the past five years are intact, and perhaps intensifying. He added that gold may double from its current price beyond 2010, as investors seek a hedge against inflation, reported Bloomberg.
Consumer confidence dips in ME
Consumer confidence is down across the Middle East, dipping by more than 12 index points in Egypt, 11 in Kuwait and 8 points in Algeria, according to a study by research specialists YouGovSiraj. There was also a slightly lower level of optimism in relatively strong markets of Saudi and Qatar where the decline was 6 and 3 index points respectively. The Consumer Confidence Index, which is a measure of a country's economic well being, reflects residents' satisfaction on various elements of the economy including inflation, job opportunities and cost of living.
Number of credit card holders to dip slightly
The number of credit card holders in the Middle East will marginally fall this year from 48% in the second half of 2007 to 47% in the first half of the current year, according to a MasterCard Worldwide survey. Meanwhile, people with prepaid cards are expected to rise from 11% to 12%, while number of people with debit cards is expected to remain the same at 63%.
IIFF takes off with the 'poorest'
The International Islamic Finance Forum (IIFF) took off yesterday in Dubai with 'Banker to the poor' Professor Yunus, the founder and Managing Director of Grameen Bank, explaining how the bank operates, giving priority to the poorest customers, instead of the richest as compared to conventional banking. Grameen Bank has issued more than $5.1bn in loans to 5.3 million borrowers, maintaining a hugely successful repayment rate of 99%. IIFF will discuss topics ranging from harmonisation of Islamic finance; the growth of Sukuk; the potential of Takaful; accounting standards; social responsibility; alternative asset classes; treasury management; hedge and electronic trading funds.
Capital Club opens in DIFC
The Capital Club has opened in DIFC Gate Village, which houses restaurants, lounges, private meeting rooms, a wellness area, and guest rooms. Since its launch in late 2006, the Capital Club has attracted almost 1,000 members, including some of the region's most senior decision-makers, and leaders in business, finance and government. Signature Clubs International is the developer of Capital Club.
New Islamic co-branded airline credit card
Emirates Islamic Bank (EIB), Emirates Airlines, and VISA have joined forces to develop the EIB Skywards Credit Card, the first ever Islamic co-branded airline credit card in the UAE. The new card is packed with unique and unprecedented benefits to cater to the needs of discerning customers, the companies said.
It looks like you are using a Mac - check out our 
Web Feeds