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DailyFX Currency Update

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.
Bahrain: Saturday, April 19 - 2008 at 15:56

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.
Thursday, April 17 - 2008 at 09:12

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.
Wednesday, April 16 - 2008 at 09:06

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%.
Tuesday, April 15 - 2008 at 09:21

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.
United Arab Emirates: Monday, April 14 - 2008 at 09:50

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.
United Arab Emirates: Saturday, April 12 - 2008 at 11:36

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.
United Arab Emirates: Thursday, April 10 - 2008 at 07:34

Burgan Bank launches 'king size' offer
Kuwait's Burgan Bank has introduced its new Al Thuraya Salary Account that offers customers the opportunity to live life 'king-size', the company said. The Account entitles holders to enter two draws a year where they can emerge as the lucky recipients of an all-expenses paid lifestyle worth up to KD60,000 for a whole year. Holders are also entitled to 'Scratch and Win' coupons where they can win up to 500 grams of gold, as well as discounts and offers from merchant partners.
Kuwait: Wednesday, April 09 - 2008 at 09:05