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Fortress plans hedge fund for Mena region
Fortress Investment Group plans to open a fund to invest in the Middle East and North Africa, reported Bloomberg. The Fortress MENA Fund will be managed by Philippe Peress and is set to begin trading by the end of September.
Takaful House to offer Islamic insurance
Takaful House will be providing services in Takaful (Islamic insurance) in Dubai beginning next month. Islamic insurance companies apply the surplus sharing principle, the company said. It will be offering offering 17 services including auto, fire risks and employment breaks Takaful, among others, as well as covering the consequences of riots and strikes.
al khaliji brings in 'clean' ATMs
al khaliji has launched new automated teller machines (ATMs) in Qatar which is hygienic and environment-friendly. The ATMs are kept clean by means of a specialized biodegradable cleaning set, giving antimicrobial protection that lasts over a week based on nanotechnology. Customers can also do a wide range of transactions as the wide screen also has web services allowing customers to see Reuters news feeds and Doha Securities Market prices in both English and Arabic. The machine also has self-regulating LCD brightness controllers that respond to sunlight, owing to its eco-friendly feature.
Amlak to finance 'young' market
Amlak Finance has launched a new product called 'Amlak Plus', designed for young professionals, expatriates and new families with a reasonable level of disposable income to own a larger home. The product offers Amlak customers to pay lower monthly rental in the initial years of their home financing, with the principal repayment starting at the very beginning of the finance tenor, aimed at reducing the overall profit outflow.
ADCB offers The Gate financing
Sorouh Real Estate has signed a memorandum of understanding with Abu Dhabi Commercial Bank (ADCB) for the financing of residential sales at The Gate Towers, part of Sorouh's flagship project SHAMS Abu Dhabi, on Al Reem Island. ADCB is the first bank to approve financing for residential property sales for towers 1-3 in The Gate District, a joint venture between Sorouh and Tameer Holding Investment LLC.
NBK opens Dubai branch
National Bank of Kuwait (NBK) has opened its new branch in Dubai as part of its regional expansion plans. The largest Kuwaiti bank and the highest rated bank in the Middle East, NBK has Arab and international presence in London, Geneva, Paris, New York, Singapore, Vietnam and China in addition to Turkey, Egypt, Lebanon, Bahrain, Qatar, Jordan, Iraq and Saudi Arabia.
Finance House in E-Vision tie up
Finance House in a joint marketing campaign with E-Vision, is offering its new credit cardholders an E-Vision subscription free for 6 months with zero installation fee plus 30 E-View tokens with every principal Finance House Standard, Gold or Platinum credit card acquired during the promotional period. There is no joining fee or annual fee for the Finance House credit card.
Arab Bank opens new Islamic branch
Arab Bank has opened a new Islamic banking branch in Hamad Grand Street in Doha, Qatar. The new branch will be offering all banking services such as account opening, murabaha, current accounts, savings, investment deposits and financing services, among others.
EIB launches Global Logistix RIA Fund
Emirates Islamic Bank has recently announced the launch of its Global Logistix RIA Fund. The new Investment fund aims to capitalize on the booming economy in India, Mumbai specifically, which is considered one of the fastest growing financial centers in the world. The maximum offer of the Mudarabah fund is Dhs624m with the bank co-investing its own proprietary monies in the fund up to Dhs110m.
Mashreq fund offers daily dealing
In an effort to adopt global best practice in the UAE, Mashreq is now offering Makaseb Arab Tigers Fund investors greater flexibility by offering net asset value at the end of each business day, according to a statement. MATF is Makaseb's second fund to offer daily dealing. Standard and Poor's has assigned the MATF fund an 'AA' high quality rating.
Al Ahlia launches summer promotion
Al Ahlia Insurance Company has launched a unique summer offer for its customers in a tie up with Shangri-La's Barr Al Jissah Resort & Spa. The company will hold a raffle every 2 weeks until 30 September 2008 in which customers can win any of the following: a free night for two at Shangri-La's Barr Al Jissah Resort & Spa for buying a comprehensive Al Ahlia Motor Policy; a free Lunch for two at Shangri-La's Barr Al Jissah Resort & Spa for buying Al Ahlia Household Insurance; and ladies can win an hour at the luxurious CHI, The Spa at the Shangri-La for any insurance policy they buy from Al Ahlia.
Barclays offers Al Raha finance
Barclays Bank UAE will be offering mortgage solutions for Aldar's Al Raha Beach projects. This is the first deal for Aldar involving an international bank. Aldar's Al Raha Beach property will house up to 120,000 residents and will span over 11 kilometres of natural beach front.
QNB Al Islami launches Tawlia
QNB Al Islami has launched Tawlia, the first Islamic finance promotion of its kind in Qatar, offered only to new customers who apply for a salaried account at QNB Al Islami from August 10 to September 25, 2008. Tawlia can be used by customers to purchase any commodity or service at its purchase or cost price with zero profit for the bank.
BisB offers Islamic Visa card
Bahrain Islamic Bank (BisB) is now offering Islamic Visa credit card. The Sharia'a compliant BisB Visa credit card comes in three different categories: Classic card, Gold credit card, and the Platinum Silver.
Arabs remit $28.5bn to MENA
According to a World Bank report, remittances into the Middle East and North Africa (Mena) region have reached to an estimated $28.5bn in 2007, Gulf News has reported. However, remittances from the MENA region increased just 8% in 2007 compared to 2006. The decrease in outflow remittance is seen at 15% to 20% due to inflation in the Gulf.
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