Saturday 20 September 2014
 
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Arab Bank never backed Hamas, lawyer tells US jury

Arab Bank never provided material support for the Palestinian group Hamas, a lawyer for the bank told jurors during closing arguments at the bank's civil trial on charges of financing terrorism. The Jordan-based bank is accused of providing financial services to Hamas by almo

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DFSA freezes deposits in local Espirito Santo bank

The Dubai Financial Services Authority (DFSA) said it was freezing deposits and imposing other restrictions on private banker ES Bankers Dubai, part of the Portuguese Espirito Santo family's troubled empire. The move is the latest in a series of international regulatory actio

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BBK launches authentication technology

Bank of Bahrain and Kuwait (BBK) has launched a dual factor authentication technology, which the bank said provides yet another level of security for its customers when they transact online. It helps to protect them against theft or loss of passwords and resultant unauthorised ac

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Mideast banks buy majority of Goldman Sach’s sukuk

Middle Eastern banks bought the vast majority of a debut $500 million sukuk issue by Goldman Sachs, a positive sign for other conventional banks hoping to tap the region's liquidity by issuing Islamic debt, according to data from lead managers. Goldman priced its five-year su

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Ithmar seeks $436m Dubai bourse flotation

UAE-based private equity firm Ithmar Capital has picked Credit Suisse and Deutsche Bank to manage the flotation of a vehicle it hopes to list on the Dubai bourse by year end, sources close to the matter told Reuters. Ithmar is aiming to list a so-called special purpose acquisitio

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Dubai regulator freezes deposits in local Espirito Santo bank

The Dubai Financial Services Authority (DFSA) said on Thursday it was freezing deposits and imposing other restrictions on private banker ES Bankers (Dubai), part of the Portuguese Espirito Santo family's troubled empire. The move is the latest in a series of international re

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Damak appointed S&P’s global head of Islamic finance

Standard & Poor’s Ratings Services (S&P) has appointed Dr Mohamed Damak as its global head of Islamic finance. As part of his new role, Damak will be responsible for developing the next phase of growth of S&P’s Islamic Finance ratings and research worldwide.

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Mubadala H1 profit up 23pc on JV income

Mubadala, the Abu Dhabi state-owned investment fund with a mandate to develop the emirate's economy, posted a 23 per cent increase in profit for the first half of 2014, aided by higher income from its joint ventures. Mubadala, which has stakes in General Electric and private

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IIRA reaffirms ABC Islamic Bank ratings

The Islamic International Rating Agency (IIRA) has reaffirmed the ratings of ABC Islamic Bank at A+ (Single A Plus) / A-1 (A-One) on the national scale (long-term and short-term respectively), and A- (Single A Minus) / A-2 (A-Two) on the international scale  with a ‘stable outlook&rs

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Emaar shareholders to get shares in malls IPO

Dubai's Emaar Properties said that its existing shareholders will be allocated one share in its malls unit initial public offering (IPO) for every 36 held in the parent firm. Shareholders can buy the shares in Emaar Malls Group (EMG) on a preferential basis at the price that

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