Sunday 24 May 2015
 
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UAE banks mull centralised Islamic finance board

The United Arab Emirates' bank industry association has discussed a proposal to create a centralised sharia board that would monitor Islamic banking, which could spur the growth of the industry. The central bank had proposed s

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Orpic borrows $910m from local, Gulf banks

State-owned Oman Oil Refineries and Petroleum Industries Co (Orpic) has taken out a RO350 million ($910 million), ten-year loan from local and regional banks, part of which will be used to fund expansion projects, the company said on Friday.

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Mashreq pioneers Visa Checkout in region

The UAE’s leading financial institution, Mashreq, today became the first bank in the Central Europe, Middle East and Africa region to launch Visa Checkout, a new digital payment service. The service, offered to all Mashreq c

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Doha Bank starts India operations

Doha Bank has become the first Qatari Bank to establish full scale banking operations in India following a launch in Mumbai. “This is a historic day for Doha Bank's expansion in the Indian subcontinent,” said Doha

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Demand to ban conventional banks in Bahrain rejected

MPs demands to ban conventional banks and allow only Islamic banks to operate in Bahrain have been shot down by Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa. He said that Bahrain was trying to become a regional Islamic ba

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Alubaf posts $10m net profit for Q1

Alubaf Arab International Bank has reported a net profit of $10.86 million for the first quarter ended March 31, which was in line with budgeted estimates. However, comparing with the same period last year, a decline of seven per

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Al Rajhi appoints new chief executive

Al Rajhi Bank, Saudi Arabia's second largest bank by assets, said on Sunday that Suleiman bin Abdul Aziz Al-Zabin had resigned as chief executive for personal reasons, effective May 17. Steve Bertamana has been appointed chief

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Ithmaar Bank launches loyalty programme

Ithmaar Bank, a Bahrain-based Islamic retail bank, in collaboration with MasterCard, has launched a new comprehensive value-added credit cards loyalty rewards programme - Ithmaar Rewards. The programme includes new and unique feat

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ABC Islamic Bank’s profit increases 75pc to $6m

ABC Islamic Bank has posted a net profit of $6.1 million for the first quarter of the year, a 75 per cent increase compared to the same period last year. High profile syndications and asset churn contributed to good growth in fee

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Bahrain puts Iran-linked bank, insurer into administration

Bahrain's central bank has said it had placed two Iran-linked companies, Future Bank and Iran Insurance Co, into administration to protect the rights of depositors and policyholders. In a brief statement, the central bank did

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