Friday 24 October 2014

Kuwait Finance House Q3 profit falls 10pc

Kuwait Finance House (KFH), a leading Islamic lender, reported a 10 per cent fall in third-quarter net profit on Thursday, in line with analysts' forecasts. The net profit dropped to KD35.5 million ($122.7 million) in the three months to the end of September from KD39.3 milli


Business activity boost for China, euro zone

Euro zone businesses performed much better than forecasters expected this month and China's vast factory sector grew a shade faster, but US manufacturing activity sputtered to its slowest since July, underscoring the uneven nature of the post-crisis global economy. The improv


Bahrain banks urged to replace old ATMs

Banks in Bahrain have been urged to stop using outdated ATMs after dozens of card holders had their details stolen in a security breach earlier this month. According to Bahrain Bankers Union (BBU), several local and regional banks continue to use older cash machines that lack mod


GCC insurance industry to see 'business growth'

The rapidly developing GCC insurance and savings industry presents significant opportunities for business growth, according to finance experts. Speaking at the Nexus Group’s Annual General Meeting (AGM), Tarun Khanna, the firm’s chief executive officer, revealed how t


Lebanon plans $1 billion economic stimulus for 2015

Lebanon is planning a $1 billion economic stimulus package for 2015 to maintain growth and support an economy which has been hit by a three-year conflict in neighbouring Syria, the central bank governor said. Riad Salameh said he hoped the fresh round of stimulus, which follows $


Islamic Bank of Britain to be rebranded ‘Al Rayan Bank’

Islamic Bank of Britain (IBB), a UK-based wholly sharia compliant retail bank, has planned to change its name to Al Rayan Bank. The change will be completed in December and it follows IBB’s acquisition recently by Masraf Al Rayan (MAR), a leading Islamic bank in Qatar.


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

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