Wednesday 1 April 2015

New BENEFIT move boost for ATM customers

A reduction in ATM transaction fees that banks have to pay the Benefit Company has resulted in 50 per cent discount for end users, it has emerged. According to the company's chief executive Abdulwahid Janahi, key initiatives that the operator of Bahrain's electronic netwo


Bahrain’s EDB steps up efforts to spur trade with China

Bahrain’s Economic Development Board (EDB) is hosting businessmen and trade officials from Hunan Province in China this week, who will meet officials and private sector counterparts during a two-day visit to the kingdom. The visit aims at strengthening bilateral economic an


Middle East firms face rising costs

Companies in the Middle East and North Africa are facing rising costs to fight financial crime, with more than half reporting a climb of higher than 25 per cent in the past two years, according to a survey. In a region where the risk of money laundering and terrorism looms larger


Swiss UBP to buy British wealth manager Coutts

Switzerland's Union Bancaire Privee (UBP) is buying the international business of 300-year-old British wealth manager Coutts, the latest deal by a Swiss private bank aimed at branching out from its struggling home market. The purchase of Switzerland-based Coutts International


Warba takes part in $155m syndicated loan for Ajman Bank

Warba Bank has provided $25 million as part of a $155 million Syndicated Islamic Financing Facility for Ajman Bank based in the UAE. The arrangement of the two-year Murabaha facility was led by Noor Bank, said a statement. Ajman Bank is a sharia-based Islamic bank


Jordan Islamic Bank posts net profit of $63.6m

Jordan Islamic Bank, a subsidiary of Bahrain-based Al Baraka Banking Corp, reported 2014 net profit of BD45.1 million ($63.6 million), the same level as the year-ago period. Its assets had risen to BD3.86 billion by the end of December 2014, compared with BD3.52 billion at end of


‘UniCredit bonds not an exit from bank investment’: Aabar

Abu Dhabi fund Aabar Investments said its sale of €2 billion ($2.2 billion) of bonds exchangeable into shares of UniCredit was not an exit from its investment in the Italian bank, but a way to improve its own finances. Aabar chairman Khadem Al-Qubaisi told Reuters it may iss


HSBC unit raises $205m in Malaysia sukuk sale

The Malaysian Islamic banking arm of HSBC Holdings has raised 750 million ringgit ($205 million) from the sale of a five-year Islamic bonds (sukuk) at a yield of 4.24 per cent, IFR reported. The sale is the third tranche of the lender's overall three billion ringgit sukuk pro


Borse Dubai rules out Nasdaq OMX stake sale

Borse Dubai ruled out any sale of its shares in Nasdaq OMX Group after shedding its entire 17.4 per cent stake in the London Stock Exchange (LSE). The firm had been the biggest single shareholder in the LSE prior to the sale, which occurred on Wednesday through a so-called book b


Mumtalakat allocates profits to pay off $1.4bn debt

Bahrain Mumtalakat Holding Company has allocated part of its profits to pay off debts which reached BD560 million ($1.4 billion) until December last year, it said in a statement. In reply to MPs, the company said no funds have been incorporated in the state budget ever since its

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