A new financial regulatory committee will help oversee financial restructuring procedures outside of court rooms, according to a newly issued government resolution. The resolution – No. 4 of 2018 – creates a nine-member committee chaired by the …
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Dubai Investments to set up $100m Islamic bank in DIFC
Dubai Investments, a diversified company in which Investment Corporation of Dubai, the emirate’s sovereign wealth fund has an 11.54 per cent stake, is leading a group of investors who will set up a $100 million Islamic bank that will list on Nasdaq Dubai.
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Risk and funding costs weigh on UAE banks
according to the latest UAE Banking Pulse report from Alvarez & Marsal (A&M), a global professional services firm. Data for the last quarter of 2017 showed a rise in costs and lower loan growth, moderating profitability of top 10 UAE banks by assets.
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UAE bank loans and deposits forecast to rise in 2018
Loan growth will increase in the UAE this year as the country’s macroeconomic outlook improves and infrastructure investment creates new opportunities, according to a new report from BMI Research. According to the report, deposits will also rise, as …
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Mashreq Bank Drives Innovation With Alipay Payment Partnership
Mashreq Bank, the UAE’s leading financial institution, today announced its partnership with Alipay, the world’s largest online and mobile payment platform operated by Ant Financial Services Group. This, first-of-its-kind association with Alipay …
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Qatar asks U.S. to investigate UAE bank for ‘financial warfare’
Qatar has asked U.S. regulators to investigate the US subsidiary of the largest bank in the United Arab Emirates, accusing it of “bogus” foreign exchange deals designed to harm its economy as part of a blockade by Gulf neighbors. The Central Bank of Qatar …
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UAE lender FAB denies Qatari allegations of currency manipulation
First Abu Dhabi Bank, the UAE’s biggest lender by assets, denied a media report stating allegations by Qatar that it attempted to undermine the country’s currency in a bid to harm its economy, as Doha’s standoff with neighbouring states continues.
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Noor Bank Receives ‘Generally Conforms’ Rating From UAE Internal Auditors Association
Noor Bank, a leading Shari’a compliant bank in the UAE, today announced that its Internal Audit function has received the “Generally Conforms” rating, which stands as the highest rating, following a quality assessment review by the UAE Internal …
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Qatar asks US to probe ‘financial warfare’ by UAE bank
Qatar has asked the US to investigate reports that the American subsidiary of the largest bank in the UAE is manipulating the Qatari currency to harm the country’s economy amid a diplomatic dispute with Saudi Arabia. The Central Bank of Qatar has sent a …
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India’s Axis Bank opens office in Sharjah
Axis Bank, India’s third largest private sector bank, has opened a representative office in Sharjah, United Arab Emirates. Shri Vipul, Consul General of India in Dubai, inaugurated the representative office. The representative office in Sharjah is the …
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Plans revealed to set up new Islamic bank in Dubai
Dubai Investments has announced plans to lead a consortium of investors to launch Arkan Bank, a wholesale Islamic financial institution with an initial paid-up capital of $100 million. The authorised share capital of Arkan Bank will be $500 million, the …
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UAE VP orders creation of financial restructuring commitee
UAE Vice President and Prime Minister and Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum has ordered the formation of a committee to oversee the financial restructuring of companies in the country. The resolution follows the introduction of a bankruptcy …
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UAE Companies Could Raise $9 Billion From IPOs in 2018
which could see 2018 as a landmark year for the UAE financial markets, industry analysts have said. Vijay Valecha, chief market analyst, Century Financial Brokers, said UAE companies are expected to raise $8-$9 billion (Dh29.36-Dh33 billion) from IPOs …
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Joint UAE-Egypt Economic committee concludes in Cairo
The two sides also discussed the Greater Arab Free Trade Agreement and ways to activate the joint UAE-Egyptian businessmen council. The committee also discussed cooperation in the finance and taxation sectors, as well as possibilities of cooperation in the …
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Qatar asks US to probe financial manipulation by UAE
Qatar’s central bank asks US to investigate Emirati bank accused of waging ‘financial warfare’ against it. Qatar’s central bank has asked US regulators to investigate an Emirati bank that Doha accuses of waging “financial warfare” against it. Qatar claims …
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UAE- Five key factors driving Islamic finance growth
(MENAFN – Khaleej Times) In just one year, Islamic economy has registered remarkable progress, its markets have expanded, products increased and its culture broadened. More specifically, global Islamic finance assets increased from $2 trillion in 2016 to $ …
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UAE, Bahrain and Fintech: The financial disruption is on
According to an intelligence report by Business Insider (BI Intelligence), Fintech could be bigger than ATMs, PayPal, and Bitcoin combined. “The fintech industry no longer stands clearly apart from financial services proper, and is increasingly growing …
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