Shuaa Capital soars as bank unveils new strategy, applies for Islamic banking licence
- United Arab Emirates: Wednesday, October 03 - 2012 at 14:27
Shuaa Capital soars as investment bank presents strategy, applies for Islamic banking The Dubai Financial Market General Index (DFMGI) gained 1.20% to reach 1,623.24, the highest index level since May 1 2012, amid strong trading volumes. According to bank HSCB, the headline seasonally adjusted HSBC United Arab Emirates PMI™ - a composite indicator for the performance of the non-oil private sector - recorded a level of 53.8 in September, up from August's 53.3 and "indicative of a solid improvement in operating conditions during the latest survey period". Emaar added 2.52% to reach Dhs3.66. Shares of Shuaa Capital jumped 3.66%, closing at Dhs0.623. Earlier in the day H. H. Sheikh Maktoum bin Hasher Al Maktoum, Chairman of the Board of Directors, at Shuaa presented to the media the investment bank's strategic roadmap. Shuaa will increase its loan and credit advisory business for SMEs and will continue to operate in an "extremely cost-efficient way", H. H. Sheikh Maktoum said, who is a member of Dubai's ruling family. So far Shuaa has cut costs by 52% since the financial crisis hit its former core business which was capital market operations. Shuaa Capital's objective is to return to profits in 2013. The investment bank has applied for an Islamic banking licence at the UAE central bank and plans to open an Islamic window in Q1 next year, mainly in order to provide Shari'ah-compliant financing for SMEs. The bank's return on investment is expected to improve this year to minus 4.3%, up from minus 19.9% in 2011.
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