banking

November 23, 2017

The UAE banking system has been a long way in utilising artificial intelligence, AI, techniques to optimise operational costs and ultimately boost clientele and increase customer base by ensuring investors' confidence, according to AbdulAziz Al Ghurair, Chairman of the UAE Banks Federation.

Speaking to Emirates News Agency, WAM, on the sidelines of the Middle East Banking Forum 2017 in Abu Dhabi today, Al Ghurair said that the UAE is among advanced nations that have always been blazing a trail over the past years in utilising AI techniques on the back of their significant role in ensuring digitalisation across the banking system in the country.

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November 23, 2017

The governor of the Central Bank of the UAE wants private equity firms to help fill the void left by banks that have cut lending to SMEs in recent years amid lacklustre economic growth.

“The exposure of our financial sector to SMEs is moderate and I think this could be improved tremendously provided that all stakeholders play their role,” Mubarak Rashed Al Mansoori, governor of the Central Bank, told delegates at the Middle East Banking Forum in Abu Dhabi on Wednesday.

“We have to make sure the other stakeholders play their role ... The investor community"...

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November 22, 2017

Al Hilal Bank was awarded the title of 'The Safest Islamic Financial Institution in the Gulf Cooperation Council' for the second year in a row, based on an exclusive survey published in the November 2017 issue of the Global Finance publication.

Alex Coelho, CEO of Al Hilal Bank, attended the Global Finance’s Best Bank Awards Ceremony and 30th Anniversary Celebration as part of the World Bank/International Monetary Fund (IMF) Annual Meetings, held at the IMF headquarters in Washington DC, USA.

Through an evaluation of long-term foreign currency ratings"...

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November 22, 2017

The UAE banking system has maintained its coveted position ahead of its GCC peers in terms of asset performance and capital buffers by the end of September.

According to UAE Central Bank statistics, the asset value of 48 banks operating in the country amounted to around AED2.3 trillion (US$720 billion) by the end of September, a fact which proves that the UAE banking system's solvency profile is not the best among the GCC States only but also across the entire region, according to estimates by leading international financial organisations.

The Saudi Banking system"...

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November 22, 2017

Gross credit and deposits in the UAE's banking sector rose in October amid a surge in money supply, reflecting an upswing in economic activity.

According to the latest monetary data provided by the UAE Central Bank on Tuesday, money supplies in two measures (M1 and M3) grew in October, reflecting an overall uptick in economic activity.

M1, a key gauge of money in circulation that includes all physical money, such as coins and notes, demand deposits and checking accounts, rose by 0.6 per cent to Dh492 billion last month from Dh488.9 billion in September.

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November 21, 2017

The Central Bank's gross bank assets, including bankers' acceptances amounted to around AED2.639 trillion during the month of October against AED2.643 trillion in September.

According to CB statistics released today, gross credit increased to AED1.584 trillion during October, two percent up from AED1.58 trillion in September.

The Money Supply Aggregate M1, increased by six percent from AED488.9 billion during September to AED492 billion by the end of October, while the Money Supply Aggregate M2 declined by 1 percent from AED1.2572 trillion during September"...

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November 20, 2017

Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, today rang the market-opening bell to celebrate the listing of a US$750 million conventional bond on Nasdaq Dubai.

The issuance underlines Emirates NBD’s commitment to growth and expansion, building on recent developments that include increasing its international branch presence, enhancing its digital strategy and investing further in core businesses. Emirates NBD recently announced net profit reached AED6.17 billion in the first nine months of 2017, up 15 percent from the same period in 2016.

Emirates"...

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November 19, 2017

The National Bank of Fujairah, NBF, today announced its participation at the sixth edition of the International Chamber of Commerce, ICC, UAE Trade Finance Conference as the diamond sponsor.

The event, set to take place at the Dubai Chamber of Commerce and Industry on November 20th, will be attended by stakeholders from banking institutions, insurers, fintech firms and corporates.

Stakeholders will join under one roof to exchange ideas and share knowledge and discuss economic climate, and the prevailing challenges and opportunities. In addition, regional developments"...

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November 19, 2017

Reinforcing its pivotal role in driving the continuous growth and development of the country’s banking sector, the UAE Banks Federation, a professional representative body comprising 48 member banks operating in the UAE, has launched a new brand identity.

Inspired by the UAE’s rich calligraphic heritage, the new logo celebrates the country’s success in becoming a thriving financial centre for the wider region while highlighting the elements of cooperation, coordination and unity that have enabled the seven emirates to exert concerted efforts to shape the future of the industry.

Abdul"...

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November 16, 2017

Dubai-based developer Omniyat on Wednesday said it has signed Islamic financing facilities of AED445 million ($121.1 million) with Al Hilal Bank.

The facilities were structured to meet Omniyat’s financing objectives, with particular focus on its One Palm project, a high-end residential development located on the Palm Jumeirah, Dubai, the company said in a statement.

The funding deal follows September’s announcement of One Palm selling the most expensive penthouse in Dubai for AED102 million. The project is scheduled for completion in 2018.

Mahdi"...

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