Dubai: Kuwait’s Islamic financial services sector is growing rapidly, with Islamic banking emerging as the most developed component of the industry, according to a recent study by the International Monetary Fund (IMF). Kuwait’s Islamic banking industry …
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UAE Food Bank receives 25 tonnes of food in two months
During Ramadan, hundreds of low-income families and labourers benefitted from surplus food donated by supermarkets and hotels through the first location of the UAE Food Bank. Since its launch back in April, the bank has received 25 tonnes of canned food …
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“Unlawful” sukuk threaten Dubai’s Islamic finance ambitions
* Dana Gas seeking to have $700 mln sukuk declared invalid * Says Islamic finance has evolved since they were issued * Could increase perceived risk of sukuk issued in UAE * Dana seeking ruling in UAE court * Creditors would prefer English courts By …
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Saudi Aramco takes steps to maximize IPO valuation
DUBAI: The government of Saudi Arabia and Saudi Aramco are taking … accounts was a normal part of the preparation process for an initial public offering (IPO) of shares on a stock exchange. There has been some skepticism among international energy …
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UAE Food Bank gets first permanent sponsor
Dubai: Easa Saleh Al Gurg Charity Foundation has become the first permanent sponsor of the UAE Food Bank. An agreement in this regard was signed by Dr. Raja Easa Saleh Al Gurg, chairperson of the foundation, and Hussain Nasser Lootah, director-general of …
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Blackstone-Backed GEMS Said Valued at $4 Billion in London IPO
Emaar Properties PJSC said it plans an IPO of its real estate development unit later this year, while Emirates Global Aluminium, jointly owned by Abu Dhabi and Dubai, is also planning to sell shares, people familiar with the plans said in March.
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Islamic Finance Risks Raised by Dana Gas Case
the assets underpinning them are governed by UAE law) and this court has granted Dana Gas an injunction protecting it from claims until the case is decided (the first hearing is scheduled for end of December 2017). Test case for broad Islamic finance …
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Millennials key to future of Islamic banking
In the UAE, it is estimated Islamic financing assets constitute about 30 per cent of the local banking sector, a figure that has increased rapidly in recent years. “Islamic banking has been growing at roughly double the pace of conventional banking in …
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Analysis: Pakistan’s Islamic banking just amazes everyone
Everyone in Pakistan is pleasantly amazed over the fast-track popularity of Islamic banking, latest reports show. Add to this the success story of Dubai Islamic Bank of Pakistan. The market share of Islamic bank deposits rose to 13.2 per cent from 12.9 per …
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Dubai Updates Cybersecurity Strategy
See Also: 2017 Predictions on Data Security: Insights on Important Trends in Security for the Banking Industry The new strategy, designed to help portray Dubai as a world leader in cybersecurity, eventually could be expanded nationwide. “The strategy’s a …
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UAE banks boost lending, revenues
said in its UAE Banking Pulse report. The increase in lending between the first quarter of 2017 and the final quarter of 2016 came after these banks’ loan books fell 0.13 per cent between third and fourth quarter of 2016, signalling the end of a period …
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Daimler Invests in Dubai Ride-Hailing Firm Careem’s Latest Funding Round
Dubai-based ride-hailing firm Careem will step up expansion … Participants also included venture capital firm DCM Ventures and hedge fund Coatue Management. Sheikha said Careem could speed up existing plans to expand its number of registered drivers …
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Qatar National Bank sees no big deposit outflows
DUBAI, June 14 (Reuters) – Qatar National Bank (QNB), the largest bank in the Middle East and Africa, has seen no significant outflows of deposits since a diplomatic rift started between Qatar and certain other Arab countries, it said on Wednesday.
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Daimler, Saudi’s Kingdom Holding invest in ride-hailing firm Careem
have taken part in an $150 million investment in Dubai-based ride-hailing firm Careem. Venture capital firm DCM Ventures and hedge fund Coatue Management also took park in the Uber-rival’s fundraising, Careem said in a statement. Kingdom Holding …
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MIDEAST DEBT-Islamic finance industry frets as Dana Gas deems its sukuk invalid
Dana says won’t redeem $700 mln of maturing sukuk * UAE firm cites evolution of Islamic finance for move * Dana proposes new instruments with lower profit rates * Industry fears sharia risk could become “toxic” * Higher costs, delays in corporate sukuk …
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UPDATE 1-Qatar National Bank sees no big deposit outflows
DUBAI, June 14 Qatar National Bank (QNB), the largest bank in the Middle East and Africa, has seen no significant outflows of deposits since a diplomatic rift started between Qatar and certain other Arab countries, it said on Wednesday. Last week …
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‘UAE paid $3bn to finance Turkey coup attempt’
The United Arab Emirates financed a high-profile coup attempt last year in Turkey and paid about three billion dollars to the putschists, a columnist in a Turkish daily has claimed. Mehmet Acet, a columnist for Yeni Safak daily, said on Tuesday that …
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