Monday 20 April 2015
 
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Customer deposits surge at Oman Islamic banks

Oman's two full-fledged Islamic banks have yet to post a profit but their customer deposits are surging, increasing pressure on authorities to develop sharia-compliant money market tools and make a long-awaited issue of Islamic bonds (sukuk)

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Qatar Islamic Bank Q1 net profit rises 19 pc

Qatar Islamic Bank (QIB), the Gulf state's largest sharia-compliant lender by assets, reported a 19 per cent jump in first-quarter net profit, broadly in line with analysts' forecasts. The bank was one of three Islamic lenders i

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Saudi's Al Rajhi Bank posts 11 pc quarterly profit drop

Al Rajhi Bank, Saudi Arabia's second-largest lender, posted an 11 per cent drop in its first-quarter net profit, it said on Monday, missing analyst forecasts. The bank made 1.52 billion riyals ($405.3 million) in the three mon

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IFC to invest $2bn in Egyptian infrastructure, power

The World Bank's development arm plans to invest between $1.2 billion and $2 billion in Egypt over the next four years, including around the Suez Canal, its regional director told Reuters. The International Finance Corporation

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Riyad Bank Q1 net profit rises 8.6pc

Riyad Bank, Saudi Arabia's third-largest listed lender by assets, posted an 8.6 per cent increase in its first-quarter net profit on Tuesday, citing a rise in operating income. The bank said it made SR1.17 billion ($312 millio

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Mideast banks ‘need to embrace future retail trends’

Middle East retail banks will need to embrace future trends across technology, customers, competition and macro-economics, according to an expert. Sanjoy Sen, managing director of Retail Banking Asia Pacific at ANZ, delivered a pr

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Aljazira names advisers for $800m rights issue

Saudi Arabia's Bank Aljazira has appointed the investment banking arms of Gulf International Bank and Riyad Bank to advise it on a SR3 billion ($800 million) rights issue. The price and number of shares to

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Armed bank robber in Bahrain gets 20-year jail term

An armed bank robber who 'mocked' staff and customers as he fled with BD13,000 ($34,249) has been jailed for 20 years. Bahraini Nabeel Khan Haji was found guilty of theft, assault and possessing an unlicensed weapon by th

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StanChart top executive Shankar leaving

One of the top global executives of Standard Chartered, V Shankar,  is stepping down later this year, the bank said. Shankar is the chief executive officer of Middle East, Africa, The Americas of the bank. He i

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Ithmaar Bank eyes return to profitability this year

Ithmaar Bank, a Bahrain-based Islamic retail bank, expects to return to profitability this year, chief executive Ahmed Abdul Rahim said yesterday (March 31). He said that efforts to turn the group around are paying off, as is evid

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