September 26, 2017

Dubai Electricity and Water Authority, DEWA, has signed an agreement with Dubai Islamic Bank, DIB, allowing customers to pay their bills in instalments of up to 12 months without additional fees when they use DIB credit cards.

This is part of DEWA’s efforts to make its customers happier, and its strategy to work with government and private organisations to provide its services according to the highest international standards.

Commenting on signing the MoU, Saeed Mohammed Al Tayer, MD and CEO of DEWA, said, 'We strive to adopt innovative ways and mechanisms"...

September 24, 2017

The number of UAE consumers applying for Islamic banking products has declined since last year, according to a new study from yallacompare, the Middle East comparison website.

Yallacompare data revealed during the first half of 2017 10.5 percent fewer people applied for Islamic banking products than in the first half of 2016.

It said in a statement that this is down to a significant lull in demand for both Islamic car finance and Islamic personal finance.

In the first half of 2017, 34.6 percent fewer people applied for Islamic car finance, compared to the first half of 2016, while the number of applicants for Islamic personal finance dropped by 22.41 percent during the same period....

September 14, 2017

(AETOS Wire)-- In light of recent news regarding the New York branch of Habib Bank Limited (HBL), Habib Bank AG Zurich wishes to clarify that it has no legal or beneficial, direct or indirect affiliation, or shared ownership in HBL, a Pakistan-based financial institution.

Habib Bank AG Zurich was established in 1967 in Switzerland and operates in various global locations through branches and subsidiaries. Its international banking network comprises of:

• Switzerland - Habib Bank AG Zurich
• United Kingdom - Habib Bank Zurich plc
• Hong Kong - Habib Bank Zurich (Hong Kong) Limited
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September 13, 2017

The Dubai Centre for Islamic Banking and Finance at the Hamdan Bin Mohammed Smart University, HBMSU, and the Dubai Islamic Economy Development Centre have successfully concluded the 2nd China-UAE Conference on Islamic Banking and Finance.

The two-day event held in Shenzhen, China, formed part of efforts to drive economic growth and comprehensive development through the Islamic economy, in line with the objectives of the ‘One Belt, One Road’ initiative. It was organised in co-operation with the China Islamic Finance Club, ZhiShang Intercultural Communication, and Knowledge Partner Thomson Reuters.

This"...

September 4, 2017

Emirates Islamic’s net profit for the first half of 2017 stood at AED387 million compared to AED137 million for the same period last year, reflecting the success of its investment deposits.

One-year deposits offered 1.95 percent per annum in the second quarter of 2017, up by 50 bps since the end of 2016, while two-year deposits offered 2.35 percent per annum. The Investment Term Deposit is a distinctive profit-bearing product in which profits are generated and distributed from the common Mudharaba pool, which is a joint investment pool between depositors and shareholders.

Jamal"...