Saturday 20 October 2018

Saudi IRTI launches core principles for waqf operations

Saudi-based Islamic Research and Training Institute (IRTI) has partnered with Bank Indonesia and Indonesia Waqf Board to unveil a set of principles that will facilitate effective management of Islamic endowments to help harness potentials of the sub-sector toward resources mobilisation for de


UAE's foreign currency assets in September hit $89.6bn

The total foreign currency assets held by the Central Bank of the UAE stood at Dh329.3 billion ($89.6 billion) against Dh326 billion ($88.7 billon) in early 2018, as current account balances and deposits with foreign banks strengthened to Dh255.06 billion against Dh254.9 billion, reported sta


FAB named safest bank in Middle East

First Abu Dhabi Bank (FAB) has been named “Safest Bank in the Middle East” for the second year running at Global Finance magazine’s Best Banks Awards. FAB was also recognised as one of the ‘World’s 50 Safest Banks’, and one of the ‘World&


Kingdom Holding co-leads $200m investment in Careem

Kingdom Holding Company (KHC), chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, has co-led a capital increase of $ 200 million in cab-hailing service Careem as one of the largest shareholders with other investors. The investment in Careem is a continuation of the co


NBB 9-month net profit up 11pc to $146m

National Bank of Bahrain (NBB) delivered strong financial results and continued growth for the first nine months of 2018 marked by an 11.3 per cent rise in net profit, which reached BD55  million ($146.3 million) compared to BD49.4 million ($131.4 million) for the corresponding period of


UAE banks issue $3.3bn worth letters of credit

The value of letters of guarantee issued by UAE banks to their customers amounted to Dh12.2 billion ($3.3 billion) during the first eight months of the year, bringing to Dh96.8 billion the total value of these letters, a media report said. During the first quarter (Q1) of the yea


ADGM Arbitration Centre begins operations

The ADGM Arbitration Centre, a state-of-the-art arbitration hearing facility of the Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, has commenced full operations today (October 17). The ADGM Arbitration Centre further augments and enhances the arb


Abu Dhabi’s Q2 GDP up 15.3pc to top $63bn

The GDP of Abu Dhabi at current prices grew to Dh232.7 billion ($63.3 billion) in the second quarter (Q2) of 2018, up 15.3 per cent to from Dh201.8 billion in the second quarter of 2017, a report said. Abu Dhabi's oil GDP grew by 36.0 per cent to Dh94.8 billion during Q2 2018


Sharjah launches two new financial e-services

The Sharjah Finance Department has launched two new electronic services to streamline financial procedures for employees as well as clients of the Government of Sharjah at the ongoing Gitex Technology Week in Dubai, UAE. The new services include the digital payment packages for t


Abu Dhabi fund earmarks $3bn for education, health

The Abu Dhabi Fund for Development (ADFD) said that it has allocated nearly Dh11 billion ($3 billion) for development projects in the education and healthcare sectors to elevate the standard of living in developing countries and eradicate global poverty, a media report said. In a

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