August 7, 2018

Abu Dhabi Islamic Bank, ADIB, has appointed Serhat Yildirim as its new Chief Digital Officer. This comes as part of the bank’s continuous efforts to accelerate its digital transformation strategy and enhance customers’ experience.

Serhat joins ADIB from Finansbank, one of the largest banks in Turkey, where he was responsible for leading a revolutionary digital payment system project. Prior to that, he was managing Akbank Direct, Turkey’s fastest growing digital banking platform, with a key responsibility of managing and developing Akbank’s self-service channels which included ATM, internet and mobile platforms. He also"...

August 4, 2018

Assets of Islamic banks operating in the UAE amounted to AED565 billion by the end of H1 2018, a 6.7 percent growth of AED35.5 billion over the corresponding period in 2017, according to CBUAE figures.

The noticeable growth in Sharia-compliant financial operations in the country mirror the significant development of this kind of banking products which have been enjoying impressive growth across the region over the past few years, with their assets accounting for 20.55 percent of total bank assets in UAE, valued at AED2.749 trillion, by the end of June 2018.

According"...

August 1, 2018

Al Hilal Bank has announced a new partnership with the Abu Dhabi Global Market, ADGM, aimed at promoting Islamic Finance in Abu Dhabi and across the UAE.

The Memorandum of Understanding, MoU, was signed by Alex Coelho, CEO at Al Hilal Bank, and Richard Teng, CEO of the Financial Services Regulatory Authority, FSRA, at ADGM premises.

The MoU provides an official platform for both Al Hilal Bank and ADGM to share and exchange key knowledge exchange, consult and collaborate on mutually beneficial initiatives to further support and build an innovative and competitive environment"...

July 30, 2018

Al Jalila Foundation, a global philanthropic organisation dedicated to transforming lives through medical education and research, announced that it has received a donation of AED 3 million from Dubai Islamic Bank, DIB, to support its A’awen (treatment in Arabic) programme which helps patients in need.

Since its inception in 2013, Al Jalila Foundation has supported 467 patients from 36 nationalities, including 190 children, and invested AED34 million to provide relief to patients who have suffered a number of chronic illnesses and life-threatening conditions. The treatment costs for patients, newborn to 90 years of age, have ranged from"...

July 24, 2018

The Business Registration and Licensing, BRL, sector in the Department of Economic Development, DED, Dubai, has signed an agreement with Emirates Islamic to support holders of the e-Trader licences being issued by DED to facilitate and regulate business activity through social media and ensure transparency across such business activity.

The agreement was signed by Omar Bushahab, CEO of BRL, and Wasim Saifi, Deputy CEO, Consumer Banking and Wealth Management at Emirates Islamic, in the presence of officials from both sides Commenting on the agreement, Bushahab said it’s part of BRL’s commitment to supporting and facilitating business"...

July 23, 2018

Bahrain-based GFH Financial Group (GFH) said it has awarded a turnkey engineering, procurement and contracting (EPC) deal to China Machinery and Engineering Corporation (CMEC) for the construction and financing of up to 85 per cent of its Dubailand-based project - California Village - for $150 million.

One of the high-end mixed-use development and gated communities located in Dubailand, California Village will boast more than 200 private villas and 400 branded residence opposite to the well-known IMG park on Sheikh Mohammed Bin Zayed Highway in Dubai.

CMEC, which is listed on the Hong Kong Stock Exchange with a market capitalisation of $15 billion and owned by the state government of China, will"...

July 23, 2018

Bahrain-based Ithmaar Holding has announced its exposure to embattled equity firm Abraaj Group on Sunday, taking the tally to 14 companies.

Ithmaar, which is listed in Dubai, Kuwait and Bahrain, announced that it has direct and indirect exposure to Abraaj, which is facing allegations of misusing investor funds.

The company said it has one per cent investment in Abraaj Holding worth $15 million (Dh55 million), indirectly through Abraaj Capital Co-Investors Limited. In addition, it holds a five per cent stake in the Infrastructure and Growth Capital Fund LP (IGCF LP) and 24.5 per cent in IGCF General Partner Limited.

Arab Insurance Group also announced it had exposure through its subsidiary"...

July 16, 2018

Abu Dhabi Islamic Bank, the biggest Sharia-compliant lender in the emirate, said on Sunday its second quarter net profit rose 3.8 per cent as the cost of credit dropped and the number of customers increased.

The bank's net profit rose to Dh572.7 million in the three months ending June 30, ADIB said in an emailed statement. It missed EFG-Hermes' net income estimate of Dh595m for the period. Revenue decreased 3.1 per cent to Dh1.36 billion.

ADIB 'has continued to attract new customers to the bank while also reducing costs which has resulted in our increased"...