Saturday 25 October 2014
 
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British bank IBB to become Al Rayan

Islamic Bank of Britain (IBB), the UK’s only wholly Sharia compliant retail bank, has announced plans to change its name to Al Rayan Bank. Subject to formal shareholder approval, the change will be completed in December, said the bank in a statement. The rebr

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Oman may start cutting subsidies from next year

Oman's government is likely to start cutting some state subsidies next year as the decline in global oil prices pressures its finances, Minister for Financial Affairs Darwish al-Balushi said on Saturday. The country's original budget plan for 2014 assumed the government w

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Kuwait Investment shares jump on privatisation plan

Shares in Kuwait Investment Company surged on Thursday after the Kuwait Investment Authority (KIA) said it would offer its stake in the firm to the public in the first half of 2015, as it resumes a programme of selling off stakes in local listed companies. Kuwait Investment Compa

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Arab Bank 9-month net profit up 10pc

Jordanian lender Arab Bank Group's said its nine-month net profit rose 10 per cent to $614 million compared to last year, attributing it to a diversified portfolio with growth in key markets and a prudent risk strategy. One of the Middle East's major financial institution

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Gulf states must cut spending amid oil price slump

Gulf oil exporters face inevitable spending cuts as weak oil prices cloud their economic outlook, Kuwaiti Finance Minister Anas al-Saleh said on Saturday. "We must undertake comprehensive economic reforms including the reform of imbalances in public finances," Saleh tol

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Investcorp eyes 30pc rise in key assets

Investcorp is targeting a more than 30 per cent hike in its assets under management (AUMs) in the next five years as Middle Eastern investors increasingly see private equity as a way to diversify out of traditional investment routes. Those in the region with money to invest have

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Bahrain, China aim to boost trade ties

Ways to boost Bahrain's trade ties with China were discussed at a key meeting in the kingdom yesterday (October 24), a report said. Transportation Minister and Economic Development Board (EDB) acting chief executive Kamal Ahmed met China's Vice-Minister of Commerce Fang A

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Kuwait central bank aims to cut bad loans to 2pc

Kuwait's central bank aims to cut the bad loan ratio among Kuwaiti commercial banks to below 3 per cent of total loans by the end of this year from 3.2 per cent at present, central bank governor Mohammad al-Hashel said. Hashel, speaking to reporters on the sidelines of a meet

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Aabar seeks amplified role in $22bn Malaysia banking deal

Abu Dhabi state fund Aabar Investments is demanding a hefty premium for its minority stake in Malaysia's No.4 bank, sources say, as the Abu Dhabi state fund leverages on its amplified role in a $22 billion merger that will create Southeast Asia's fourth-largest lender. Wh

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Egypt's govt has to deliver growth to survive: minister

Egypt's government has to deliver economic growth to survive and can not let complex laws and bureaucracy discourage foreign investment, the country's investment minister said. Egyptian President Abdel Fattah Al-Sisi, whose two predecessors were toppled by protests in the

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