Banking & Finance

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CEO of Emirates NBD, Shayne Nelson, said in-market mergers  work better monetarily (File/AFP)
August 26, 2014 - 07:31 GMT
It's getting too crowded in the UAE banking sector with too many lenders competing with one another to please a small population, according to a senior banker.

July 7, 2014

The International Finance Corporation
10:05 GMT

ACWA Power today announced the signing of the subscription agreement by International Financial Corporation (IFC), a member of the World Bank Group.

Abdul-Aziz Al-Ghurair, CEO of Mashreq Bank
09:44 GMT
(press release)

Mashreq announced that its Internal Audit function had been assessed to be in “Conformance” with The IIA’s International Standards for the Professional Practice of Internal Auditing.

The tax on other alcoholic beverages, such as wine and spirits manufactured locally or imported from abroad, has been increased by 150%.
02:06 GMT

The resolution replaces old amendments to the Sales Tax Act, which were not implemented and were postponed after facing broad popular opposition.

July 6, 2014

Islamic Banking Centre in the UAE
10:29 GMT
(press release)

Standard Chartered Saadiq, the Islamic Banking division of Standard Chartered Bank, inaugurated its first dedicated Islamic Banking Center in the UAE at the Al Khalidiya Branch in Abu Dhabi.

Dr. Adnan Chilwan, CEO DIB
06:58 GMT
(press release)

Dubai Islamic Bank, the largest Islamic bank in the UAE, has announced the launch of Smart Bank.

July 3, 2014

Jamal Bin Ghalaita, CEO - Emirates Islamic with winners of the Innovation Challenge
09:39 GMT
(press release)

Emirates Islamic announced Middlesex University as the winners of the Innovation Challenge, a competition which invites students from UAE Universities to devise social media solutions for the banking industry.

“It [the company] was also acquitted of any violation of Egypt’s tax laws, and thus did not take this decision into consideration,” the company added.
03:00 GMT

AhramOnline reported Tuesday that the construction tycoon has been sentenced in absentia to three years imprisonment on charges of tax evasion.

July 2, 2014

Aref Al Ramli, Head of electronic business and innovation at Mashreq
09:20 GMT
(press release)

Mashreq, one of the UAE’s leading financial institutions, today launched the world’s first online & international mobile top-up and bill payment service, another quick and hassle free payment facility for consumers.

Al Hilal Bank
07:53 GMT
(press release)

Al Hilal Bank has successfully priced USD 500 million Perpetual Additional Tier 1 sukuk certificates, marking the first Tier 1 issuance out of the Middle East since May 2013.

The National Bank of Abu Dhabi
07:29 GMT

The National Bank of Abu Dhabi (NBAD) has launched the Cash Plus Fund, a fund designed to offer liquidity, capital preservation and yield enhancement.

July 1, 2014

The finance minister said the budget would push debt down from 94% of GDP, registered in the FY 2013/2014 budget, to around 90% of GDP
11:23 GMT

“The wages system in Egypt is closer to randomness than to being organised,” the minister said, adding that “a project for income law will be submitted to the cabinet during the coming period.”

Faisal Aqil, Deputy CEO – Consumer Wealth Management, Emirates Islamic
10:57 GMT
(press release)

Emirates Islamic, one of the leading Islamic financial institutions in the UAE, announced the launch of a 360º community outreach programme.

United Arab Bank branch
09:39 GMT
(press release)

United Arab Bank, the fastest growing bank in the Middle East, has announced the completion of a 3-year syndicated Murabaha facility worth US$100m with four banks based in the UAE, Bahrain, and Kuwait.

Keith Luck CIMA President 2014-15
06:23 GMT
(press release)

Keith Luck FCMA, CGMA is the new President of the Chartered Institute of Management Accountants (CIMA), the world’s largest professional body of management accountants.

June 30, 2014

After swinging wildly this month in response to Arabtec’s gyrations, the Dubai index is down 22 percent from its multi-year peak in mid-May
14:09 GMT

The collapse marks a continuation of the builder’s downward trend on the Dubai bourse