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KHC names new finance chiefKingdom Holding Company (KHC), the investment vehicle of Saudi Prince Alwaleed Bin Talal Bin AbdulAziz AlSaud, has named Mohammed Fahmy as its new chief financial officer. Fahmy replaces Shadi Sanbar, who is retiring from his position on December 31 to act as senior financial adv More… |
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UK Islamic bank closes Scottish housing dealIslamic Bank of Britain (IBB), a UK-based sharia compliant retail bank, said it has completed its first finance deal in Scotland for Al-Meezan, a non-profit, non-political organisation based in Glasgow. The deal for commercial property finance, valued at £400,000 ($6 More… |
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Egypt banks to stick to non-USD forex ratesThe Egyptian central bank has instructed banks to 'strictly conform' to prevailing international market rates in trading of non-US dollar foreign currencies, according to a statement seen by Reuters. "Kindly note that banks are requested to strictly conform to pricin More… |
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Egypt economy to grow 2pc: ministerEgypt's economy should grow at an annual rate of two per cent in the second fiscal quarter, the state's planning minister said on Tuesday, after expanding less than one percent in the first quarter because of violent protests. The government targets 3.5 per cent growth in More… |
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DGCX wins major global awardsDubai Gold and Commodities Exchange (DGCX) won two major industry honours at the Futures and Options World (FOW) International Awards held in London recently. It was named the ‘Exchange of the Year 2013’ in the Middle East and Africa and its EOS trader platform was re More… |
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Gulf Finance House names CEOGulf Finance House, the Bahrain-based investment firm which has restructured a number of debt facilities since the financial crisis, has confirmed Hisham Al Rayes as its chief executive officer, it said on Tuesday. Rayes had been acting CEO since March 2012, the statement to the More… |
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Egypt announces $4.36bn economic stimulus planEgypt plans to spend around 30 billion Egyptian pounds ($4.36 billion) in a second stimulus package to be launched in January, the finance minister said, 25 per cent more than previously announced. It means the army-backed authorities have set aside some $8.5 billion to stimulate More… |
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GCC to spearhead Islamic finance growth in 2014The global Islamic finance sector is booming and the sharia-compliant assets estimated to be over $1.4 trillion are likely to sustain a double-digit growth in the coming two to three years, said a report. The global growth of the Islamic finance market has continued unabated this More… |
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Swissquote launches expat account in UAESwissquote Bank, a leading provider of online financial and trading services in Switzerland, said its Dubai subsidiary has launched an exclusively-designed expat account. The first retail product from Swissquote Bank MEA in the region, the All-In-One multi-currency “Expat A More… |
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Saudi Hollandi plans $1.2bn capital boostSaudi Hollandi Bank, the eighth-largest listed lender in the kingdom, plans to boost its capital by 20 per cent through a bonus share issue next year. The bank, which said on Sunday completed a SR2.5 billion ($666.6 million) sukuk or Islamic bond issue which enhanced its Tier 2 o More… |
