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First Gulf Bank opens in Deira
First Gulf Bank announced the opening of its branch in Deira. The new branch is located in Abu Bakr Al Siddique Road, opposite the Marriott Hotel. The bank will provide a full range of retail banking products and services.
QNB offers client-cost promotion
QNB Al Islami, the shariah-finance wing of Qatar National Bank has launched a promotion for new customers who open salaried accounts. Tawlia offers the sale of a service at no profit to the bank. This includes customers being able to benefit from financing up to twice their monthly salary subject to a maximum of QR50,000 which can be repaid in 12 installments with no profits.
Trade Bank opens Najaf branch
Trade Bank of Iraq (TBI) has opened its first branch in Najaf, in southern Iraq. The branch is the company's eighth nationwide. TBI has also installed an ATM machine in the branch and one in the airport, marking the first ever such machines in the city.
STS launches prepaid account
Jordan-based IT solutions provider STS has launched a pre-paid virtual account system through its BussinessONE e-division. The system, PayOne AMS, will allow companies to create prepaid physical or virtual cards that can be used to pay salaries, or in transaction debit systems such as petrol payment cards.
Gold falls to 7-month low
Gold, silver and platinum all plunged on international markets as the dollar strength reduced their appeal as hedge bets. Gold fell as much as 2.6% to $802.34 an ounce, the lowest since 21 December, and 22% below its 17 March record of $1,032.70 an ounce. Platinum fell as much as 3.4% and silver by 4.5%, Bloomberg reported.
Anti-laundering plans enforced
The UAE Central Bank has ordered financial institutions to register the personal details of anyone exchange or transferring over Dhs2,000, according the a report in The National. The initiative is to help prevent money laundering. The Central Bank circular says that anyone who wishes to change more than Dh2,000 must register their name, address and account number. They can also be subject to questions about the origin and destination of the money.
Western Union expands in Iraq
Western Union has partnered with Al Ameen Exchange to offer the Western Union Money Transfer service through the Al Ameen Exchange branch network in Iraq. The service will be available at the five locations of Al Ameen Exchange in the cities of Baghdad, Mosul, Al Hella, Al Najaf, Karablaa and Basra.
BMI launches 'One Account'
Bahrain-based BMI Bank has launched 'One Account,' offering customers flexibility of a current account while offering customers the benefit of higher returns currently offered by fixed deposits. The account is available in Bahraini dinars only and interest is paid on an Average Monthly Balance, higher than the interest paid on minimum balances.
UAE Central Bank to curb loans
The UAE Central Bank is considering new regulations to curb personal loans and bank lending to small businesses, Gulf News has reported. The existing rules allow UAE nationals and expatriates to obtain a personal loan of up to Dhs250,000 while UAE nationals can avail themselves of loans up to Dhs2m if they own a business.
Sakana mortgage on Tashyeed
Sakana Holistic Housing Solutions has signed a deal with Tashyeed Properties to offer housing financial solutions for current and potential homeowners of all Tashyeed Properties' development projects. Sakana is an Islamic mortgage provider in Bahrain.
Money transfer made easier
Emirates Post has signed a deal with national postal services in Egypt, Jordan, Morocco, Qatar, Syria, Tunisia and Yemen to facilitate international money transfers. For a fee of $3 to $6 people will be able to send wire money from a post office in one country for immediate collection from a post office in one of the other member countries. A similar service is already in place between teh UAE and India.
Dubai First signs MOU with Emirates NBD
Consumer finance company Dubai First has signed a Memorandum of Understanding (MoU) with bank Emirates NBD (ENBD) that allows its customers to settle their monthly credit card bills at any of the ENBD cash deposit machines. Payments will be effective immediately on the card member's account and is offered without any additional charge.
Poor customer service costs banks millions
A report by A T Kearney has found that GCC banks are losing millions of dollars in potential revenue due to poor customer service. The report found that though regional bank profits are growing at double digit rates the gap between customer expectations and the service received remains high. During the survey, held in Dubai, 50% of UAE nationals found their experience to be neutral or negative. The figure for Western expatriates was over 90%.
Western Union expands in Jordan
Western Union money transfer service has announced that it has partnered with Jordan Post to expand its service in the country. Jordan Post will offer a complete range of Western Union options in all of its 365 branches.
Emirates NBD offers ice rink pass
Emirates NBD bank has launched a promotion in conjunction with the Hyatt Regency Galleria Ice Rink in Dubai, offering customers free membership for themselves or a child. The offer applies to customers who apply for a credit card, personal or car loan at the bank's Galleria Branch at the Hyatt Regency.
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