June 12, 2018

The Central Bank of the UAE downgraded the licences of seven exchange houses on Monday after the companies violated regulations such as anti-money laundering rules.

The exchange houses are now banned from carrying out any transactions related to remittances or wage payments, the Central Bank said in a statement on Monday. They can only deal in the sale and purchase of foreign currencies and traveller's cheques, it added.

“This decision comes after the failure of these exchange houses to regularise their status during the grace period granted by the Central"...

June 11, 2018

Abu Dhabi Islamic Bank, ADIB, has won the title of 'World’s Best Islamic Bank' in The Banker Magazine’s Awards for Islamic Banks in 2018 the highest accolade that the Financial Times-owned publication awards to Islamic banks.

ADIB also won two regional awards for 'Islamic Bank of the Year – UAE' and 'Islamic Bank of the Year – Middle East' for the fourth consecutive year.

ADIB was distinguished for the size and quality of its offering, led by its innovative digital and mobile services, strong financial performance and"...

June 10, 2018

First Abu Dhabi Bank (FAB) has received approval from Oman’s Capital Market Authority on its request to surrender its license to market non-Omani securities in Oman.

This is in line with FAB’s on-going review of its business strategy across the group and international focus on corporate and investment banking, FAB said in a press statement.

FAB continues to operate and service its customers in the sultanate and reaffirms its long-term commitment to supporting Oman’s economy. The bank thanked the Capital Market Authority of the sultanate for its support"...

June 10, 2018

For the millions of people in Dubai earning between Dh2,000 and Dh10,000, Trriple’s chief executive says that the introduction of mobile wallets such as his “will be a turning moment in history.”

“To financially include these people, to make their lives easier or happier, in as cheap and safe a way as possible” was the driving force behind the M Wallet,” said Paolo Gagliardi, CEO of Trriple, the Dubai-based financial technology company who developed the mobile wallet.

These people are not a target for the financial institutions,"...

June 9, 2018

Emirates NBD has partnered with Diebold Nixdorf to launch Emirates NBD EasyHub, the region’s first integrated digital kiosk that will allow customers to sign up for new products and access a variety of teller services.

The bank said it will function like a mini-branch that is open beyond normal banking hours and all days of the week.

Emirates NBD EasyHub offers customers a self-service banking experience aided by a video banker who will guide customers via onscreen instructions and step by step assistance, the bank added in a statement.

EasyHub"...

June 9, 2018

Emirates Institute of Banking and Financial Studies, EIBFS, recently hosted a conference on blockchain and its application in financial services that drew the participation of more than 170 senior professionals from the banking and insurance industry.

The event aimed to raise awareness about the Dubai government’s strategy on blockchain, its analysis of case studies of its implementation in banking, Islamic finance and insurance, and its outline of the future role of the technology in financial services in the UAE.

In his keynote speech at the conference, Dr."...

June 6, 2018

The health of the UAE’s non-oil private sector improved at the fastest rate in four months in May. Sharper growth in both output and new orders were the key drivers behind the latest expansion, according to the latest UAE PMI survey.

Furthermore, new export business reached a 30-month high alongside reports of stronger demand from neighbouring GCC countries. Responding to robust market conditions, new project wins and strong growth impetus, firms reported the highest degree of confidence towards the year ahead since this index began in early-2012.

The survey,"...

June 5, 2018

Al Hilal Bank’s Human Resources Division has been awarded ISO 9001:2015 certification, for quality management system, QMS. The ISO award was granted by SGS, based in Switzerland, which is the world’s leading inspection, verification, testing and certification company.

The QMS certification is the world’s most established quality recognition, used by more than one million organisations in 170 countries, and sets the standard in quality domain.

Alex Coelho, Al Hilal Bank’s CEO, said, 'Al Hilal Bank is proud to have been awarded this certification,"...

June 4, 2018

Emirates NBD today announced that UAE-based Pioneers Waseet Securities has signed up as a trading member to avail the bank’s settlement and clearing services.

Following the approval by the Securities and Commodities Authority, SCA, as a ‘General Clearing Member’, Emirates NBD has added several clients to its portfolio making it the market leader in providing clearing and settlement services to trading participants of the UAE’s equity markets.

Commenting on the partnership, Tariq bin Hendi, Executive Vice President and Head of Products and Advisory"...

June 4, 2018

In view of financial literacy’s critical role in the success of an economy and the sustainable development of a society, the UAE Banks Federation, UBF, has stepped up its efforts to increase the level of financial awareness in the country.

In response to the growing relevance of financial awareness and closely aligned with the increasing focus of the UAE government and banks in the country on financial education, the UBF released a handbook, titled 'Financial Literacy for SMEs'. Highlighting different aspects of business finance, including governance, financial management, access to finance and borrowing, debt management, the handbook"...