Personal Finance
- The news you choose »
- Login to Add to Watchlist
Categories
UAE banks on top of ATM fraud
Banks in the UAE has said they will continue vigilance against ATM fraud, as some have reimbursed losses for clients who were affected by the recent fraudulent card transactions, Gulf News has reported. Some banks have blocked international use of ATM cards as a preventive measure. Emirates NBD, Abu Dhabi Commercial Bank and HSBC has said none of their cash machines have been tampered with.
EIB launches Ramadan promotion
Emirates Islamic Bank has launched new banking promotion for Ramadan based on the Islamic banking concept of Murabaha. The INTALEQ (Vehicle Finance) promotion, which will run until the second of October, offers an array of benefits and features such as no insistence on a salary transfer, zero down payment and an option to start the monthly repayment after a period of 90 days, according to a press statement.
Banks warn customers of card fraud
HSBC, Emirates NBD, Dubai Islamic Bank and National Bank of Abu Dhabi are among the UAE banks that have warned their customers of recent incidents where customers' ATM cards have been copied by criminals, reported Gulf News. The banks are advising customers to change their PIN numbers to avoid falling victim to this fraud.
Barclays launches Ramadan promotion
Barclays has launced a new Ramadan promotion across the UAE in which Barclaycard holders can enter to win a BMW X5. Anyone who applies for a Barclaycard during the month of Ramadan is immediately entered in the grand draw. Existing Barclaycard holders simply have to use their card for purchases during Ramadan to enter. For certain purchase on Barclaycard at partner outlets such as Apparel Group, Home Centre, Hour Choice, Shoe Mart and Paris Gallery, customers could win Dhs500,000 worth of gifts.
Emirates Islamic to open in Aswaaq
Emirates Islamic Bank has expanded its network in a recent agreement with Aswaaq, a newly-formed community centre in Dubai. Aswaaq has awarded the contract to lease an area of its second community centre in Al-Mizhar, scheduled to open in the last quarter of this year.
Salama, BNP offer Islamic fund
Salama has teamed up with BNP Paribas Investment Partners to offer the BNP Paribas flagship Islamic Fund, the Global Equity Optimizer to its investors. The fund is linked to Shariah compliant global equity markets. Salama is offering its customers with Shari'ah compliant insurance together with value-added investment services catering to clients' long term investment needs.
Amex in CBD payment tie up
American Express Middle East and North Africa has signed agreement with Commercial Bank of Dubai (CBD), which now allows UAE-based American Express cardmembers to settle their monthly bills online through CBD's website. Payments will be processed the next working day.
Ahli United Bank unveils special offers
Bahrain-based Ahli United Bank has unveiled a range of special promotions and new financial products to celebrate Ramadan. Throughout the month, customers can avail of special offers on 'MyHome' mortgage loans, 'MyCar' auto loans and AUB Credit Cards. At the same time AUB is also launching 'FlexiLoan' - a new product that allows customers to set off their monthly savings and bonus payments against outstanding loan amount and thereby reduce monthly interest expenses.
Volatility emboldens UAE investors
A new survey has found that wealthy investors in the UAE are most likely to consider switching their fund manager in response to volatility, while many of them consider the current global financial turmoil as an opportunity to diversify their portfolios, reported Gulf News. The report, by Barclays and Economist Intelligence Unit, found that 43% of the high networth respondents from the UAE said they are more likely to increase the level of risk in their portfolios - indicating that they regard the current environment as one of opportunity rather than a hindrance. Also, in a period of increased economic volatility, 48% of respondents from the UAE are likely to switch their fund managers, while wealthy investors from the US (23%) are least likely to select a new manager.
NCB unveils personal Islamic finance scheme
Saudi Arabia-based National Commercial Bank has introduced a personal Islamic finance scheme that will enable a person to seek finance or a real estate mortgage deal from SR1.5 million to SR3 million, subject to approval from the Saudi Arabian Monetary Agency. The offer includes a chance to win SR10,000 in a daily raffle draw and a free Islamic credit card over the 90-day period from August 25 when the scheme was introduced, reported Khaleej Times.
Low-income Saudis to get $306m
King Abdullah of Saudi Arabia has granted $306m to be distributed to low-income Saudi families covered by social welfare to help them 'fulfil their urgent needs during Ramadan', Reuters has cited the Saudi Press Agency. The grant comes as the country witnesses more than 10% surge in inflation.
Qatar Islamic opens in Ras Laffan
Qatar Islamic Bank has opened its 22nd branch located in Ras Laffan Industrial City (Commercial Center). The bank is the first and only full fledge Islamic bank catering to its clients in the area, and seeking to serve prospective customers.
UAE worries on consumer debt
A potential debt crisis is beginning to worry analysts due to rising inflation in the UAE. Inflation is seen as fueling consumers to turn to borrowing to finance the soaring cost of living in the UAE, Khaleej Times has reported. The UAE central bank data has recorded loans advances and overdrafts surging to Dhs43.9bn in the year to March 2008, a 38% increase over the same period in 2007. It also noted the UAE's daily per capita consumer spending is among the highest in the world at $27, against an average of $3.50 in the rest of the Arab world.
BMI opens branches, ATM sites
Bahrai-based BMI Bank has opened its fifth full-service branch in located in East Riffa. The branch will be open Sunday to Thursday from 7:30 am to 1:00 pm and in the evenings on Mondays, Wednesdays and Thursdays from 4:30 pm - 6:30 pm. The bank has also unveiled its extended network with two new branches at Al Helli and Ramez supermarkets in Tubli and Riffa respectively, as well as 4 new offsite ATM's at Home Electronics in Isa Town, Last Chance supermarket in Manama and stand-alone machines at Hamla and Saar.
Global launches new hedge fund
Kuwait-basd Global Investment House has launched The Mayur Hedge Fund, a long short absolute return growth oriented fund with a net long bias. This is the first direct India-focused product by Global which will aim to achieve capital growth and provide investors the opportunity to benefit from the long term growth of the Indian market, according to a press statement.
It looks like you are using a Mac - check out our 
Web Feeds