Archive for: Banking

Top 2015 UAE Retail Banking Trends

Top 2015 UAE Retail Banking Trends

With ambitious plans to leverage the Emirates ID, a ubiquitous mobile wallet, and its state of the art 4G infrastructure, the UAE is well poised to achieving its objective of making Expo 2020 an event that showcases life in the 21st century. · In 2015 the digital banking trend is not […]

 
 

Commerce Activities in Dubai Surge: Brighter Times Await in the Horizon

Commerce Activities in Dubai Surge: Brighter Times Await in the Horizon

Dubai’s economy is bouncing back with latest trade figures revealing that Dubai’s trade grew exponentially to over 1.32 trillion dirhams (about US$ 362 million) in 2013, leading to a growth of about 7.6%. Regarded to be one of the richest regions in the oil-laden Middle East, the UAE and in […]

 
 

The Yellen effect on the World Markets

The Yellen effect on the World Markets

The nomination of the new Fed Chairman has raised key questions about the effects on world markets and new policy going forward. As Larry Summers drops out of contention to become the next Federal Reserve Chairman, it seems the new favorite is going to be Janet Yellen. The announcement comes […]

 
 

Banks prioritise automation and efficiency to drive revenue growth

Banks prioritise automation and efficiency to drive revenue growth

Banks prioritise automation and efficiency in payments and trade finance to grow their transaction banking business 69 per cent cite operational inefficiencies as a barrier to growth in core businesses Cross-border payments processing the top priority for investment globally 84 percent said that increasing payments processing efficiency was a top […]

 
 

Barclays may quit UAE retail business

Barclays may quit UAE retail business

Barclays is carefully assessing its UAE retail banking operations and may consider options that could lead to a sale of the business. Sources familiar with the matter have disclosed that the British bank, fourth-largest by market value in its home country, is conducting a strategic review of its retail banking […]

 
 

Oman to encourage consolidation in financial sector

Oman to encourage consolidation in financial sector

The Capital Market Authority (CMA), Oman’s financial regulator, believes that active measures must be taken to encourage consolidation in the country’s financial sector. Consolidation in the financial sector will allow Omani banks to grow bigger in scale and also build a long-term regional presence in the Gulf region. Sharing his […]

 
 

JP Morgan investigated by Department of Justice

JP Morgan investigated by Department of Justice

It seems like as more stones are turned over and the aftermath of the global financial crisis keeps unravelling, there is an abundance of fraud and malpractices to be seen everywhere. Only last week, the rating agencies were dragged into the courts for mislabelling the securities they graded and now […]

 
 

Middle East Business News Review – 13 November

Middle East Business News Review – 13 November

Today’s top business and economy news from the Middle East and North Africa: UAE’s First Gulf Bank inks $900m loan deal First Gulf Bank, the second-largest lender by market value in the UAE, has signed a three-year $900m loan with a group of international lenders, the bank said in a […]

 
 

The Dark Knight of High Frequency Trading

The Dark Knight of High Frequency Trading

The technological glitch at Knight Capital Group was not the first time that technology had reared its ugly head in trading and led to massive fluctuations in different stocks. Before that it was the flash crash of May when billions were erased from the Dow Jones index that was corrected […]

 
 

Middle East Business News Review – 7 November

Middle East Business News Review – 7 November

Today’s top business and economy news from the Middle East and North Africa: Emirates inks deal for 2014 Glasgow Games Emirates Airline was unveiled on Wednesday as an Official Partner of the Glasgow 2014 Commonwealth Games and the Official Airline of the Queen’s Baton Relay. The partnership strengthens the Dubai-based […]

 
 

Middle East Business News Review – 5 November

Middle East Business News Review – 5 November

Today’s top business and economy news from the Middle East and North Africa: British PM in the UAE to secure arms deal British Prime Minister David Cameron is in the United Arab Emirates to kickoff a three-day trade visit to the Middle East aimed at securing major UK arms deals […]

 
 

G-20 Summit: The Backdrop

G-20 Summit: The Backdrop

The classic case of having your own cake and getting to eat it too is what England faces right now. For many years, even though New York and Europe collectively have had a certain financial prowess, London still is the epicentre of all financial activities taking place in the West […]

 
 

Middle East Business News Review – 4 November

Middle East Business News Review – 4 November

Today’s top business and economy news from the Middle East and North Africa: Guinea, UAE seal bauxite deal Compagnie des Bauxites de Guinee (CBG) and Mubadala Development Company have signed a long-term supply agreement to supply bauxite, the main raw material in aluminium, the UAE’s state news agency reported on […]

 
 

UAE banks not at risk from Western financial crisis: CEO

UAE banks not at risk from Western financial crisis: CEO

The CEO of a leading financial firm said on Sunday the UAE economy will be able to sustain the fallout of the deepening Western financial crisis. Sailesh Dash, CEO of Al Masah Capital Limited in Dubai, assured that the Emirati banks would not emulate an increasing number of European and American […]

 
 

Middle East Business News Review – 30 October

Middle East Business News Review – 30 October

Today’s top business and economy news from the Middle East and North Africa: UAE govt approves deficit-less 2013 federal budget The United Arab Emirates Prime Minister Sheikh Mohammed bin Rashid Al Maktoum announced on Tuesday the government has approved a deficit-less 2013 federal budget with an expenditure of AED44.6 billion ($12.1 […]

 
 

Middle East Business News Review – 29 October

Middle East Business News Review – 29 October

Today’s top business and economy news from the Middle East and North Africa: Top UAE banker says Islamic finance ethical model for global banking A top UAE banker said on Sunday Islamic finance can be an ethical and sustainable business model in the global financial landscape in order to avoid a […]

 
 

Doha Bank to boost capital by selling London share – sources

Doha Bank to boost capital by selling London share – sources

Qatar’s fifth-largest bank by market value is considering selling shares in London as part of a plan to boost capital by up to $1.6 billion in 2013, four banking sources said in a report published by Reuters. Speaking on condition of anonymity to Reuters news agency, two of the sources […]

 
 

Top UAE banker says Islamic finance ethical model for global banking

Top UAE banker says Islamic finance ethical model for global banking

A top UAE banker said on Sunday Islamic finance can be an ethical and sustainable business model in the global financial landscape in order to avoid a repetition of the financial crisis’ shocks. Speaking on Bloomberg Television’s inaugural episode named ” Faith in Finance”, Tirad Al Mahmoud, CEO of Abu Dhabi Islamic […]

 
 

Middle East Business News Review – 24 October

Middle East Business News Review – 24 October

Today’s top business and economy news from the Middle East and North Africa: UAE top Middle East country in terms of starting business The UAE has been ranked as the top Arab country and 22nd globally in terms of starting a business, compared to 46 in 2012, a report said on […]

 
 

Middle East Business News Review – 23 October

Middle East Business News Review – 23 October

Today’s top business and economy news from the Middle East and North Africa: Fujairah oil port to become fully operational by year end The Abu-Dhabi – Fujairah pipeline, bypassing the Strait of Hormuz, is expected to be fully operational by the end of the year and will carry Abu Dhabi’s […]

 
 

Chinese, US and Russian rating firms to rival Wall Street Big Three

Chinese, US and Russian rating firms to rival Wall Street Big Three

Chinese rating agency Dagong announced it is tying up with US-based Egan-Jones Ratings Co. (EJR) and Russia’s RusRating JSC to start a new rating agency. The new company called Universal Credit Rating Group will engage in producing responsible and reliable ratings. Egan-Jones Ratings Co. (EJR) was considered as a “nationally […]

 
 

Middle East Business News Review – 17 October

Middle East Business News Review – 17 October

Today’s top business and economy news from the Middle East and North Africa: UAE tops Arab capital outflow; Saudi leads regional FDI The UAE remained in the top position as the largest Arab capital exporter, investing nearly $57.8 billion in global markets, while receiving a total of $85.5 billion in […]

 
 

IDB, World Bank join hands to promote Islamic finance

IDB, World Bank join hands to promote Islamic finance

Jeddah-based Islamic Development Bank (IDB) has entered into a three-year agreement with the World Bank to share their expertise in Islamic banking and finance and study their impact on global economy. Under the agreement, both the banks will extend cooperation and critically study issues such as financial stability and best […]

 
 

Middle East Business News Review – 14 October

Middle East Business News Review – 14 October

Today’s top business and economy news from the Middle East and North Africa: Abu Dhabi posts fastest economic growth in 2011 Data released by the Abu Dhabi government showed on Sunday the capital city’s economy grew 6.8% in inflation-adjusted terms last year, the fastest rate since 2004 and more than double […]

 
 

The Chosen Few Keep Benefitting from LIBOR

The Chosen Few Keep Benefitting from LIBOR

LIBOR seems to have become from a benchmark to the most maligned word in the financial industry right now. From being set up by handful of banks a few months ago, it seems now that – even as investigation goes on into the matter – smaller groups of companies are […]

 
 

Middle East Business News Review – 9 October

Middle East Business News Review – 9 October

Today’s top business news from the Middle East and North Africa: UAE federal budget deficit hits $762m in H1- report The United Arab Emirates’ federal budget deficit has hit AED2.8 billion ($762 million) during the first half of this year, a top finance ministry official was quoted as saying on […]

 
 

Middle East Business News Review – 7 October

Middle East Business News Review – 7 October

Today’s top business news from the Middle East and North Africa: Etihad Airways eyeing opportunities in India, Asia Etihad Airways, which has been aggressively expanding on a global level through stake purchases in firms like Air Berlin and Virgin Australia, announced on Sunday it is set to extend its geographical […]

 
 

The Chicken Littles of the Market

The Chicken Littles of the Market

“Hey you! Yeah you! Don’t look behind yourself. I am talking to you. I have an offer to make. But I don’t have a good Marlon Brando impression so you can refuse if you want to. You want to invest in the markets? No? Why? Because you are not sure […]

 
 

Financial alchemy or fraud?

Financial alchemy or fraud?

The creation of Mortgage Backed Securities (MBS) and Collateralised Mortgage and Debt Obligations (CMOs and CDOs) were lauded when they were created. They were based on the basic blueprint of a financial product. It is like having a way to package an old product into a new one so that […]

 
 

Wall Street: A case of rotten apples?

Wall Street: A case of rotten apples?

The series of financial malfeasance and the continuation of these events taking place time after time makes one wonder whether it is a coincidence that Wall Street is house to the world’s most rotten apples. Agreed that it isn’t Wall Street this time but the UK, the mentality is still […]

 
 

High Frequency Trading: Too difficult to rein in?

High Frequency Trading: Too difficult to rein in?

The last few years have seen trading move from minds to machines, from brains to bytes and from calling out orders to typing it in. This would mean that human interaction has been minimised with trading being carried out between terminals and computers rather than people. The pit trading style […]

 
 

Libya putting Islamic finance plans in place

Libya putting Islamic finance plans in place

Libya central bank governor Saddek Omar Elkaber pledged on Monday the country will start implementing its new Islamic banking law by the end of the year and expected strong demand among the public for sharia-compliant financial services. Tripoli has been working to amend its legislation to attract foreign investment and stimulate […]

 
 

Middle East Business News Review – 30 September

Middle East Business News Review – 30 September

Today’s top business news from the Middle East and North Africa: Dubai H1 FDI accounts 1.5% of total global; exceeds $4bn mark Foreign direct investment (FDI) in Dubai hit AED16.5bn ($4.49bn) during the first six months of 2012, official statistics released on Sunday revealed. According to the foreign investment office in […]

 
 

Middle East Business News Review – 26 September

Middle East Business News Review – 26 September

Today’s top business news from the Middle East and North Africa: Britain-Holland propose ‘full’ financial freeze, shipping ban on Iran Members of the European Union are discussing a sanctions proposal presented by Britain against Iran that calls for a ban on shipping and a “full” freeze on financial transactions with […]

 
 

Bankers feeling pinch from Middle East job axe

Bankers feeling pinch from Middle East job axe

Big banking institutions like Deutsche Bank, Credit Suisse and Japan’s Nomura Holdings are cutting investment banking jobs in the Middle East as the promise of emerging markets is overshadowed by a need to slash costs and a dearth of deal activity, a Reuters report said Wednesday. While many financial institutions have […]

 
 

Middle East Business News Review – 24 September

Middle East Business News Review – 24 September

Today’s top business news from the Middle East and North Africa: UAE third most financially literate nation in Middle East – survey The latest Financial Literacy Index on Monday revealed consumers in the United Arab Emirates (UAE) have become more financially prudent over time, with their overall financial literacy ranking standing at third […]

 
 

UAE third most financially literate nation in Middle East – survey

UAE third most financially literate nation in Middle East – survey

The latest Financial Literacy Index on Monday revealed consumers in the United Arab Emirates (UAE) have become more financially prudent over time, with their overall financial literacy ranking standing at third position in the Middle East from 6th in 2010. The survey conducted by MasterCard also said that the UAE consumers were the most […]

 
 

Middle East Business News Review – 23 September

Middle East Business News Review – 23 September

Today’s top business news from the Middle East and North Africa: Qatar, Egypt to boost energy cooperation; sign refinery deal Qatar announced it will go ahead with its strategic investments in Egypt to help the country get past the economic turbulence it is going through since the 2011 fall of […]

 
 

Middle East Business News Review – 17 September

Middle East Business News Review – 17 September

Today’s top business news from the Middle East and North Africa: Dubai to refinance maturing debt by issuing bonds Dubai finance chief said on Monday plans are in place to issue a bond to refinance part of AED6.5 billion ($1.8 billion) of sovereign debt maturing in April 2013. Abdulrahman al-Saleh, Director […]

 
 

Middle East Business News Review – 13 September

Middle East Business News Review – 13 September

Today’s top business news from the Middle East and North Africa: Dubai to build its first ‘eco-mosque’ Al Arif Contracting has been awarded the contract for the construction and maintenance of the UAE’s first eco-friendly mosque, and what will also be Dubai’s largest mosque upon completion in 18 months time. […]