October 11, 2018

Abu Dhabi Islamic Bank (ADIB) has successfully raised AED1 billion ($272 million) through a rights issue aimed at supporting the bank’s growth strategy.

The offer for new shares was approximately five times oversubscribed, the bank said in a statement.

Following the close of the subscription period on October 9, the designated 464 million new shares will be fully allocated on October 16, it added.

Subscription for the AED1 billion ADIB Rights Issue generated investor demand in excess"...

October 10, 2018

WAM) -- Noor Bank and the Jumeirah Group today announced a comprehensive partnership to launch a suite of premium rewards available to Noor Bank customers.

As part of the roll-out, select retail banking clients will receive complimentary Jumeirah Sirius memberships that allow them to enjoy a range of exclusive experiences and privileges across Jumeirah’s extensive portfolio of luxury hotels, residences, resorts and restaurants around the world.

The collaboration reinforces the bank’s commitment to introducing unique and innovative propositions and providing"...

October 10, 2018

(WAM) -- The interest rates charged by the Emirates Inter-Bank Offered Rate (EIBOR) hit new highs of 30.7- 48.6 percent across all terms since the beginning of the year, according to the Central Bank of UAE figures.

The interest hike is attributed to the US Federal Reserve's decision to raise interest rates more than one time since the beginning of the year, the most recent of which in September.

The new hikes come after the CBUAE started to enforce the new EIBOR system effective mid-April, under which the Bank stopped acting as the calculating agent of EIBOR,"...

October 10, 2018

QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the nine months ended 30 September 2018.

For the nine months ended 30 September 2018, Net Profit reached QAR10.8 billion (USD3.0 billion), up by 6% compared to same period last year, despite the impact of the Turkish Lira devaluation.

Total assets increased to QAR853 billion (USD234 billion), up by 8% from September 2017.The key driver of total assets growth was from loans and advances which grew by 4% to reach QAR604"...

October 9, 2018

WAM) -- The UAE Dirham has continued to appreciate in Q2 2018 against the currencies of the country's top 10 non-dollarised trade partners, according to Central Bank of the UAE statistics.

From the import side, the weighted Dirham’s appreciation against its top-10 non-dollarised import partners, which claim 52.3 percent of the UAE total imports, was 1.3 percent, with the highest quarterly appreciation recorded against India's Rupee at 4.03 percent and 3.16 percent over the EURO.

The recent decline in the Chinese Yuan against the US currency bolstered"...

October 8, 2018

Two-thirds of UAE residents have never moved their primary banking relationship to another bank, according to findings from Souqalmal.com’s latest survey.

The survey, carried out for Arabian Business, found that 67 percent of UAE account holders still operate the primary bank account they first opened after landing in the country.

Souqalmal founder and CEO Ambareen Musa said while it would appear that most are happy with their current bank, account holders in the UAE remained with their current financial institution for a number of key reasons.

'The"...

October 8, 2018

(WAM) -- The Central Bank has announced that the Money Supply aggregate, M1, decreased by 1.7 percent, from AED496.4 billion at the end of July 2018, to AED488.1 billion at the end of August 2018.

M2 also decreased by 1.8 percent, from AED1,302.3 billion at the end of July 2018, to AED1,278.9 billion at the end of August 2018, the Central bank added in a statement.

However, the Money Supply aggregate M3 increased by 0.1 percent, from AED1,556 billion at the end of July 2018, to AED1,556.9 billion at the end of August 2018. The reduction in M1 was mainly due to a decrease"...

October 4, 2018

Emirates NBD has announced the introduction of Friday banking at three of its mall branches – Dubai Mall, Mall of the Emirates, and Mirdif City Centre.

Customers now have the flexibility to conduct banking at their own convenience, with these branches now open on Friday between 3 pm and 9 pm.

The new Friday hours will enable customers to open accounts, apply for credit cards or loans, and use the bank’s"...

October 4, 2018

The Dubai government has enacted changes to the Dubai International Financial Centre's anti-money laundering laws following a self-assessment of the free zone’s capacity to fight financial crime.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and the Ruler of Dubai, enacted the regulatory law of the DIFC, and subsequent changes to regulator the Dubai Financial Services Authority’s Anti-Money Laundering (AML) rules, with the changes to take effect on October 29, the government’s media office said in a statement on Wednesday.

The"...

September 27, 2018

US financial services corporation Mastercard has been named as the official payments technology partner of Expo 2020 Dubai with the aim of creating a 'seamless' experience for visitors, the company and Expo officials said on Wednesday.

The announcement - which came during Mastercard's Connecting Tomorrow event in Barcelona - was made by Girish Nanda, Mastercard's general manager for the UAE and Oman, along with Mohammed Al Hashmi, Expo 2020 Dubai's senior vice president for innovation and future technologies and Expo senior vice president Gillian Hamburger, who is responsible for partnerships, licensing and retail for the"...