Thursday 23 October 2014

Finance House posts 9-month profit of $22m

Abu Dhabi-based Finance House (FH) has registered a consolidated net profit of Dh81.3 million ($22.1 million) for the first nine months of 2014, compared to Dh80.2 million ($21.8 million) in the corresponding period last year. Net fee and commission income grew by 49 per cent to


Falah Capital listed on New York Stock Exchange

  Falah Capital, a US-based investment group, said its flagship Islamic exchange traded fund (ETF) certified for shariah compliance by Shariyah Review Bureau, has been listed on the New York Stock Exchange (NYSE). The ETF has so far produced a return of -1.29 per cent


KPMG names new partner in audit department in Bahrain

KPMG, a leading professional services company, has appointed Eugene Breytenbach as a partner in the firm's audit department in Bahrain. Breytenbach has moved to Bahrain from South Africa where he spent more than 13 years in the accounting profession, as well as a year lecturi


Bahrain delegation to boost China trade ties

A high-level business delegation from Bahrain has begun a 10-day visit to China that aims to strengthen economic and trade ties between the two countries. It will build on the successful visit by His Majesty King Hamad to Beijing in September 2013 and the two nations celebrating


Dubai Islamic may boost capital after loan growth

Dubai Islamic Bank may need to enhance its capital reserves if it is to maintain its levels of loan growth, the bank's chief executive said on Wednesday. "If you want to sustain the growth momentum, in order not to limit growth, we will have to enhance the capital at the


ME equity issuance surges 43pc to top $5bn

Middle Eastern equity and equity-related issuance during the first nine months of 2014 totalled $5.1 billion, a 43 per cent increase in activity from the $3.6 billion reached same period in 2013, a report said. The region’s investment banking fees reached $138.2 million dur


Islamic finance grows twice as fast as traditional banks

Islamic finance is growing at twice the rate of the traditional banking industry in its core markets, which include Malaysia, Indonesia, Turkey and the GCC countries, according to an expert. The industry currently boasts $1.6 trillion in banking system assets, said Mohammed Mahfo


ADCB records 16.4pc rise in net profit

Abu Dhabi Commercial Bank (ADCB) reported a 16.4 per cent increase in third-quarter net profit on Wednesday, in line with analyst expectations. The fourth-largest lender in the UAE by assets made a net profit attributable to equity holders of Dh1.02 billion ($277.7 million) in th


Emirates NBD Q3 net profit doubles

Emirates NBD, Dubai's largest lender, made a net profit of Dh1.56 billion ($424.7 million) in the third quarter (Q3) of the year aided by a fall in provisioning, compared to Dh775 million ($211 million) in the same period last year. The earnings of the lender, 55.6-per cent o


High-tech ATM fraud warning in Bahrain

At least 174 credit and debit card holders in Bahrain have become victims of high-tech ATM fraud. The Central Bank of Bahrain (CBB) confirmed that people's details and money had been stolen, but described the theft as a 'limited breach’, said a report in the Gul

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