August 14, 2018

Exchange houses in Oman are gearing up for a substantial boost in business as the Indian rupee hit an all-time low on Monday coinciding with Eid salaries being credited into employee accounts.

The rupee touched 69.62, tumbling by 79 paise against the US dollar in morning trade on Monday in line with weakening domestic equities and global markets rout, reported news agency Press Trust of India.

P K Subudhi, general manager Mustafa Sultan Exchange, said, “We’re definitely expecting an uptick in business as the news reaches the Indian community and people"...

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August 12, 2018

Liv., the lifestyle digital bank by Emirates NBD for millennials, has announced that they are working with Al Etihad Credit Bureau (AECB) to provide customers access to their credit score.

The bank said customers can now simply click on the CreditCheck feature on their Liv. app, a first for the UAE's banking sector.

Liv. was established last year and is now the fastest growing bank in the country, a statement said.

“With over a 100,000 customers now, Liv. is fast becoming the bank of choice for young customers in the UAE,” said Suvo Sarkar,"...

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August 11, 2018

Emirates Investment Bank (EIBank) today announced its financial results for the second quarter and first half of 2018.

According to figures, Q2 2018 net profit up 33.3 percent on same period last year to AED 11.81 million (Q2 2017: AED 8.86 million) H1 2018 net profit up 5.6 percent to AED 26.85 million (H1 2017: AED 25.43 million) H1 2018 operating income decreased 13.4 percent to AED 77.88 million (H1 2017: AED 89.89 million) while total assets under EIBank’s management increased 4.8 percent to AED 11.04 billion (FY 2017: AED 10.53 billion) Khaled Sifri, CEO of Emirates Investment Bank, said,'Over the first six months of 2018, Emirates"...

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August 9, 2018

The Real Estate Regulatory Agency, RERA, at Dubai Land Department, signed a partnership agreement with Commercial Bank of Dubai, CBD, focusing on offering escrow account management services to Owners’ Association communities in Dubai.

The agreement was signed by Marwan Ahmad bin Ghalita, Chief Executive Officer of RERA, and Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai.

Through this agreement, Dubai Commercial Bank under the supervision of RERA, will open escrow accounts for Owners’ Association to help regulate the relations"...

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August 7, 2018

Britain's Asia-focused bank HSBC on Monday revealed a $765 million US fine over the lender's actions in the run-up to the subprime crisis, as it also logged rising first-half profits.

HSBC said it has agreed to pay the large US penalty over its conduct in residential mortgage-backed securities (RMBS), a type of investment derivative that bundled home loans into securities and was sold to investors before the 2008 financial meltdown.

'HSBC reached a settlement-in-principle to resolve the Department of Justice's civil claims relating to its investigation of HSBC's legacy RMBS origination and securitisation activities from 2005 to 2007,' the lender announced in a results"...

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August 6, 2018

United Arab Bank, UAB, has announced the successful conclusion of its US$185 million syndicated term financing facilities signed on 30th July, 2018.

The two-year bullet term financing facilities comprise a conventional facility and a commodity murabaha financing facility, each carrying a margin of 1.50 % p.a. over Libor. Both facilities have a 1-year extension option at the end of second year at the discretion of each lender. Proceeds of the facility will be used for general corporate purposes and the refinancing of an existing syndicated facility.

The facilities were"...

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August 4, 2018

A US firm led by a former JPMorgan Chase & Co banker is in talks with the Dubai ruler’s investment company to jointly pursue deals in the Middle East, according to people familiar with the matter.

New York-based boutique Certares, led by veteran banker Michael Gregory O’Hara, has held discussions with Dubai Holding regarding a partnership, the people said, asking not to be identified as the information is confidential. The talks may still fall apart, they said.

Representatives for Dubai Holding declined to comment, while Certares didn’t respond"...

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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.


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August 2, 2018

The aggregate capital and reserves of banks operating in the country grew at a faster pace year-on-year in the second quarter of 2018 to reach Dh330.2 billion, according to the latest Central Bank of the UAE data.

The total capital and reserves of the lenders rose by 4.4 per cent at the end of the three-month period to June 30, compared to a 1.5 per cent increase at the end of the corresponding period in 2017, state news agency WAM reported, citing statistics from the banking regulator.

The capital adequacy ratio (CAR) during the period climbed by 3.4 per cent, in"...

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August 1, 2018

In yet another indicator of the growth in economic sentiments in the country, the number of automatic teller machines, ATM, operated by banks in the UAE hit a total of 5261 by end of June, an increase of 42 facilities from 5219 in the same month in 2017, according to CBUAE statistics.

The continued rise in ATMs in the country reflects the UAE banking sector's commitment to forging ahead with its plans to automate services in a way that optimises costs and streamlines business.

On a different note, Central Bank statistics released recently on the latest financial"...

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