islamic finance

July 19, 2017

ADCorp announced on Monday the launch of its operations in Abu Dhabi Global Market (ADGM), making it the first Islamic financial institution located in ADGM.

Making the announcement, Jassim Alseddiqi, Executive Chairman of ADCorp, said, “We are pleased with the launch of operations at ADCorp after having received the relevant regulatory approvals. We have a strong team of qualified professionals with vast experience in Islamic banking and asset management, and we are confident of adding further depth and value to this world-class Islamic financial institution.”

The"...

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July 18, 2017

IMA® (Institute of Management Accountants) today introduced a revision to its Statement of Ethical Professional Practice (SEPP), designed to help guide the ethical aspects of the business, as well as personal decisions of IMA members and other management accounting professionals. The SEPP, effective July 1, 2017, replaces the previous version published in 2005 and reflects changes in the business and regulatory environment, as well as the globalization of the management accounting profession.

The"...

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July 18, 2017

(ME NewsWire)-- Bank of America reported its second-quarter 2017 financial results today. The news release, supplemental filing and investor presentation can be accessed in the following ways: Bank of America newsroom at http://newsroom.bankofamerica.com. Bank of America Investor Relations website at http://investor.bankofamerica.com. Business Wire’s news webpage at http://www.businesswire.com/portal/site/home/news. Investor Conference Call information Bank of America Chief Executive Officer Brian Moynihan and Chief Financial Officer Paul Donofrio will discuss the company’s results in a conference call at 8:30 a.m. ET today. For a listen-only connection to the investor presentation, dial 1.877.200.4456 (U.S.) or 1.785.424.1732 (international). The conference ID is 79795. Please dial in 10 minutes prior to the start of the call. Investors can also listen to a live audio webcast of the conference call and view the presentation slides by visiting the “Events & Presentations” section of the company’s Investor Relations website. Replay information for Investor Conference Call Investors can access replays of the conference call by visiting the Investor......

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July 17, 2017

The new Islamic bank established by Abu Dhabi Financial Group (ADFG) and GFH Financial Group has commenced operations in Abu Dhabi’s financial free zone, it said on Monday.

ADCorp becomes the first Islamic finance institution to start operating within Abu Dhabi Global Market (ADGM), and follows ADGM’s decision on July 4 to allow the bank to operate as a Category 5 Islamic financial institution under the free zone’s regulations.

The move also follows ADCorp’s successful $100 million capital raise earlier this year, and the board is considering increasing the capital to $150 million, the bank said.

ADCorp provides banking services including Sharia-compliant"...

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July 16, 2017

Abu Dhabi Islamic Bank (ADIB) has removed the external cladding from its new headquarters in Abu Dhabi amid ongoing concern over building fire safety.

ADIB said in a statement it was replacing the recently installed cladding panels from the outside walls of its new HQ on Airport Road, Abu Dhabi.

The building is still under construction and ADIB is expected to move in by early 2018.

ADIB’s chief operations officer Sagheer Mufti said in the statement: “ADIB is continuing work on"...

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July 16, 2017

Sharjah Islamic Bank, SIB, has posted a net profit of AED 272.9 million for the first half of 2017 compared to AED 257.0 million for the same period last year, with an increase of 6.2 per cent.

Total assets reached AED 36.9 billion at the end of the 2nd quarter 2017 compared to AED 33.5 billion at the end of 2016. Liquid assets reached AED 8.4 billion or 22.8 per cent of the balance sheet, reflecting the strong liquidity position of the bank and the strength of its financial position.

Net customer receivables of the bank amounted to AED 19.0 billion at the end of the"...

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July 12, 2017

Dubai International Financial Centre (DIFC) has signed a memorandum of understanding (MoU) with Dubai Islamic Economy Development Centre as part of its commitment to Islamic finance under the DIFC 2024 Strategy and in line with the vision of 'Dubai: The Capital of Islamic Economy'.

FinTech Hive at DIFC, launched earlier this year, contributes to Dubai's efforts to become the global hub of Islamic FinTech by providing a platform that brings financial firms and technology companies together in one collaborative, disruptive innovation supply chain.

'With"...

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July 3, 2017

The latest ransomware attack known as “Petya” paralyzed many organizations in Europe and the US. This is the second worldwide ransomware attack in the past two months, and we believe these attacks will only increase in frequency and become more sophisticated. The continuous string of attacks means that we need to face the reality that we are in a state of continuous compromise when it comes to cyberattacks.

Traditional Endpoint Security Solutions fall short

An antivirus software is not sufficient to protect you from advanced malware attacks. A fragmented"...

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June 26, 2017

The global $2 trillion (Dh7.35 trillion) Islamic finance industry will continue to expand this year, but lose some momentum in 2018. In the GCC, however, the slowdown at Islamic banks will persist in 2017 after asset growth declined to 5.3 per cent in 2016 from 10.7 per cent in 2014, analysts said.

Industry experts think Islamic finance sector growth rate will stabilise at about five per cent in 2017 and 2018, which is lower than the average over the past decade.

The Islamic finance industry's assets reached $2 trillion at year-end 2016, although slightly below"...

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June 23, 2017

Emirates Islamic has announced that it will introduce blockchain technology into its cheques as a fraud prevention measure.

Termed Cheque Chain, Emirates Islamic said it is the first Islamic bank in UAE to undertake this initiative to enhance security in the popular payment method.

Emirates Islamic will issue new cheque books carrying a unique QR (Quick Response) code on every leaf, along with a string of 20 random characters.

A second phase of the Cheque Chain project will see the bank have"...

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