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New promotion for QNB MasterCard holders
Qatar National Bank announced the launch of a new promotion for all QNB MasterCard Credit Card users, featuring both daily and weekly prize draws. The promotion starts on 5th October and ends on December 2, 2008. For every specific amount of money spent using the QNB MasterCard Credit Card, customers will be automatically entered into the daily draw in which 43 winners in total would win a month's worth of groceries. For the grand draw, every five transactions entitles customers to entry into the six weekly draws, in which each credit cardholder can win a year's worth of groceries.
Wall Street leases in Aswaaq
Wall Street Exchange Company (WSEC) has signed an agreement with Aswaaq to lease space at the latter's community centers all around Dubai. Initially, WSEC will open two 115sqft and 504sqft Wall Street outlets in Aswaaq's Nad Al Hamar and Al Mazhar centers, due to open in the coming months.
Bogus firm swindles Dhs320m from investors
Managers of a fraudulent fund in Abu Dhabi allegedly conned around 1,300 investors into paying Dhs320m ($87m), official news agency WAM has reported. A representative of the fraudulent company, a UAE national, and its Sudanese manager were arrested on charges of conning people into investing into their fund which they claimed was compliant with the Islamic Shariah, according to Colonel Maktoum Al Sharifi, director of the Criminal Investigation Department of Abu Dhabi Police. He said the two suspects used religion to convince victims to sign contracts that prevented them from claiming the full amounts of money they had deposited in the fund.
Emirates NBD keeps card limits unchanged
Emirates NBD, the largest bank in the Middle East by assets, has not changed withdrawal limits on daily transactions conducted by its customers through automated teller machines (ATMs) or on credit cards following a wave of fraudulent transactions noticed recently, reported Gulf News. Suvo Sarkar, general manager for retail banking, said the bank has taken the step of selectively reducing overseas ATM cash withdrawal limits in certain high risk countries to protect the interest of our customers.
Fraudulent assets to be auctioned
Thousands of people in the UAE who bought into a bogus multi-million dirham investment portfolio run by A.A. Qabalan will be invited to share proceeds from the fraudulent fund, reported Gulf News. The assets and properties of Qabalan, an Emirati of Syrian origin, will be put up for auction and the proceeds will be placed in a special account to settle debts of the investors, the Abu Dhabi Court of First Instance has ruled.
New credit card offers Qmiles
QNB Al Islami, the Islamic branch of Qatar National Bank (QNB), has announced that the QNB Al Islami MasterCard credit card now offers Qmiles for its users. Qmiles are the reward miles offered by Qatar Airways' award winning loyalty program. QNB Al Islami is the first Islamic bank to offer Qmiles to its credit card holders. The QNB Al Islami MasterCard credit card comes in Gold and Standard options. Gold card owners will get one Qmile for every QR8 spent and Standard card owners will get one Qmile for every QR10 spent with the card.
Cru investment to offer ethical funds
UK-based Cru Investment Management has unveiled plans to offer its new Africa Agriculture Fund in the Middle East early next year. The fund will invest in commercial agriculture in Sub-Saharan Africa, with the aim of helping to alleviate poverty in the region, while not compromising returns for investors, according to a press statement.
Fraud victims to get money back
Senior bank managers have assured Central Bank officials that 'customers should be confident that they will be reimbursed for all valid claims against fraudulent transactions' according to a statement after a recent meeting with top industry executives in Dubai, Gulf News has reported. The UAE Central Bank has yet to identify the source of the bank card fraud which stole money from UAE bank accounts using fake debit cards.
CBD offers 'Attijari Al Islami'
Commercial Bank of Dubai has launched its Sharia-compliant banking services, called Attijari Al Islami. The brand will offer a range of Islamic financial products to the bank's retail, corporate and investment banking clients. 'Attijari Al Islami' centers are located at the main branch in Dubai and Khalidiya Branch in Abu Dhabi.
Gold prices up nearly 8%
Gold prices surged by almost 8% on Wednesday as fears that the turmoil on Wall Street is not over restored the luster of an established safe haven, reported Reuters. The benchmark New York futures contract GCZ8 hit a 15-day high, storming back above $800 an ounce for the first time since Sept. 9.
NBK launches banking package for women
National Bank of Kuwait has become the first bank in Kuwait to launch a banking package tailored exclusively for women. Under the package, called Laki, NBK will offer the Laki branded Titanium MasterCard - only for ladies - and exclusive to NBK in Kuwait. The Laki package also provides a unique range of features and benefits designed to save time and money whilst helping to enhance the life style of today's woman. Examples include concierge, valet parking and car registration services.
UAE retail sector remains upbeat
Ashish Panjabi, CEO of Jacky's Electronics, said the UAE's retail sector remains buoyant despite the financial crisis, reported Gulf News. Panjabi said he has not seen any impact on retail sales in his company's outlets and he does not expect to see a major impact going forward as well. The Middle East is still viewed as a growth territory for most multinationals, he added.
Dubai Bank to launch mobile banking service
Dubai Bank, a Dubai Group company, has announced that it is in the final stages of its pilot programme for the launch of an innovative new mobile banking service that will provide Dubai Bank customers with access to their accounts to perform a wide variety of banking transactions using their Internet-compatible mobile phones. The multi-functional, icon-based service will soon be launched to all Dubai Bank customers who are already enrolled in Dubai Bank's Internet banking service, 'Dubai Bank Online'. This makes Dubai Bank the first UAE bank to offer such an enriched mobile banking service to its customers.
Bank customers rush to change PINS
As thousands of customers in the UAE thronged ATM machines to change their card PINs (personal identification number) over the past three days, most banks in the UAE said they would continue the state of alert against the fraud, reported Khaleej Times. Meanwhile, some banks in the UAE have slashed the daily cash withdrawal limit of ATM users by almost half after hackers used counterfeit bank and credit cards to steal funds from customer accounts. Some banks even blocked international use of ATM cards as a preventive measure while HSBC Bank temporarily reduced the daily withdrawal limit to Dhs6,000 ($1,635) for premier card members and Dhs4,000 for others as part of measures to contain the damage.
QNB to postpone loan installments
To celebrate Ramadan, Qatar National Bank has announced that it will postpone all installments for the month of September 2008 on vehicle and personal loans due from customers holding salaried accounts at the bank. The bank will also waive the postponement charge normally applicable on these loans during September as a gesture of goodwill. However interest will be accrued for the whole period of the loan.
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