banking

February 20, 2018

The Islamic Development Bank (IDB) – the Jeddah-based multilateral development bank with a subcsribed capital of $33 billion – is launching a new fund which will provide seed money to innovative start-ups and SMEs, helping them implement development projects related to the UN’s Sustainable Development Goals.

The IDB’s new Transform fund, which has a target capital of $500 million, will run in tandem with a new online hub called Engage, designed to connect innovators to each other and assist them in developing their ideas.

Speaking exclusively"...

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February 20, 2018

Investment Corporation of Dubai is seeking to raise a $1 billion loan to refinance existing debt, according to two people with knowledge of the plan.

The emirate’s main state-owned holding company is talking to banks to raise a five-year loan to partly repay a $2.55 billion facility that matures in June, said the people, asking not to be identified because the information is private. ICD will use its own cash to repay the rest of the loan, they said.

ICD owns stakes in some of Dubai’s biggest companies including Emirates, the world’s biggest carrier"...

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February 19, 2018

Slow credit growth driven by weak credit demand in UAE in 2017 is expected linger on this year, economists and analysts have said.

UAE Central Bank Data on credit growth released in December showed weak credit demand in 2017. Gross loans fell 0.9 per cent month-on-month in December, resulting in an annual growth of just 1.7 per cent.

“The monthly fall in total loans in December appears to be a seasonal effect, with similar trends seen in the previous three years. Lower GRE [government-related"...

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February 17, 2018

Emirates Investment Bank (EIBank) has announced that its net profit increased 66.8 per cent to AED 56.52 million, compared with 2016’s AED 33.89 million, while operating income was AED 172.15 million, a 20.4 per cent increase on AED 142.98 million in 2016.

According to the bank's preliminary financial results for the fiscal year ending 31 December 2017, total assets under EIBank’s management decreased 9.5 per cent to AED 10.53 billion from AED 11.63 billion in the same period last year.

'2017 was a positive year for Emirates Investment Bank despite"...

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February 15, 2018

Noor Bank, a leading Shari’a compliant bank in the UAE, has won the 'Best Social Media Customer Experience' award and the runner-up title in the 'Best Benchmarking Index: Overall Best Bank' category at the 2017 Service Olympian Awards hosted by Ethos Integrated Solutions.

Commenting on the recognition, John Iossifidis, CEO, Noor Bank, said, 'We are humbled to be recognised as a bank with the Best Social Media Customer Experience and earning the runner-up award for the Overall Best Bank. Being agile is a core value and to this end we have set up a robust customer-response system, which not only includes interactive"...

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February 15, 2018

The total value of fund transfers among the UAE's banks amounted to AED604.33 billion during January 2018, an increase of AED60.9 billion over December 2017.

According to the UAE Central Bank figures, the transactions of January account for 7 percent of the total money transfer recorded throughout 2017, which stood at AED8.7 trillion, a growth of 14.5 percent over the transfers of 2016.

The transactions are made through the UAE Fund Transfer System (UAEFTS) that enables the lenders to conduct all interbank local fund transfers.

Money"...

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February 14, 2018

Emirates NBD today announced its position as the UAE’s most valuable banking brand with a US$3.534 billion brand valuation in The Banker’s annual brand valuation league table. The bank also secured a spot among the top 100 global banking brands, coming in seventy-first worldwide up from seventy-fifth in 2017.

Emirates NBD has moved up four places from its 2017 spot in The Brand Finance Banking 500, a prestigious ranking of the world’s 500 biggest banks, conducted by leading brand valuation consultancy, Brand Finance, and published in the February edition of The Banker. The Bank has been ranked second among all banks in the"...

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February 14, 2018

(AETOS Wire) -- Fiorano Software announced today that I&M Bank, Kenya has chosen the Fiorano platform to achieve digital transformation to reduce time-to-market while integrating its Finacle, Core Banking System. I&M Bank’s need for digital transformation arose from its new strategy aimed at giving each market segment a customized proposition to complement their lifestyle and financial requirements."...

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February 11, 2018

The economic and financial development of any country largely depends on its regulatory framework and security. Nations around the world lose billions of dollars due to poor law and order and non-implementation of regulations, which badly affect their competitiveness.

But this is not the case with the UAE as the country has the best legal system in the region and the same is reflected in the World Justice Project's Rule of Law Index 2017-18, which placed the Emirate at 32nd position among 113 countries, one notch higher over the previous year.

According to industry"...

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February 7, 2018

First Abu Dhabi Bank, FAB, has secured a licence from the Capital Market Authority, CMA, to establish an investment banking subsidiary in Saudi Arabia, 'FAB Investment KSA'.

The subsidiary is wholly owned by FAB and will provide arranging and advisory services throughout the Kingdom to both KSA corporate clients and institutions looking to access international markets. It will enable FAB to grow stronger and to enhance its regional presence.

Abdulhamid Saeed, Group CEO of FAB, said, 'This is a landmark development for both FAB Group and our market-leading"...

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