Wednesday 19 December 2018

SWIFT gpi breaks 50 per cent barrier

SWIFT’s gpi payments service was used during 2018 to send hundreds of billions in payments every day – more than half (55 per cent) of SWIFT’s cross-border traffic. Luc Meurant, chief marketing officer at SWIFT, said: “Through gpi, SWIFT and its community


CIB sets up fintech-focused venture capital firm

Commercial International Bank (CIB), a leading financial institution in Egypt, has set up CVentures, the first Corporate Venture Capital firm in Egypt primarily focused on investing in transformational FinTech startup companies. Commercial International Bank (CIB), Egypt's le


Bank Sohar names wealth management head

Bank Sohar, a leading bank in Oman, has appointed Aziz Al Jahdhami as its new assistant general manager and head of wealth management. In his new role, Al Jahdhami will be responsible for spearheading the bank’s wealth management with a range of developments expected in 201


GFH wins ‘Best Islamic Bank’ award

Bahrain-based GFH Financial Group (GFH) said it was named ‘Best Investment Bank- Middle East’ and ‘Best Islamic Bank – Bahrain’ at the Islamic Business & Finance Awards - EMEA 2018, held recently in Dubai, UAE. In its 13th year, the annual awards


UAE banks handle cheques worth $326bn in 11 months

A total of 22.5 million cheques worth Dh1.2 trillion ($326 billion) were handled by the UAE Clearing Cheque System during the first eleven months of 2018, according to statistics released today by the Central Bank of United Arab Emirates (CBUAE). The cheques handled during the pe


Saudi budget proposes record $295bn spend next year

Saudi Arabia is set to increase state spending by more than 7 per cent in 2019 to SR1.106 trillion ($295 billion) next year, up from an actual SR1.03 trillion this year, reported Arab News, citing a finance ministry document. The move is seen as an effort to boost economic growth


Bank Sohar offers easy payment plans on airline bookings

Bank Sohar, a leading bank in Oman, is offering existing and new credit card customers during this travel season the flexibility of repaying flight ticket purchases in easy monthly instalments with 0 per cent interest. The service is aimed to give customers flying with any airlin


Etihad Credit awards tech contract to French firm

UAE-based Etihad Credit Insurance (ECI), a Federal export credit company, has awarded a contract to Tinubu Square, the French credit insurance, surety and trade finance software vendor and trade credit risk management services firm. ECI will be provided with Tinubu Credit Insuran


UAE monetary base up 6pc to $101bn

The UAE monetary base expanded 6.00 percent to an 11-month high of Dh371.6 billion ($101.1billion) by end of November from Dh350.6 billion by the end of October, a media report said. Certificates of deposits purchased by Banks slightly declined to Dh125.8 billion, with banks&rsqu


Al Ansari, Stratum to offer easy payment method

Al Ansari Exchange, a UAE-based foreign exchange and worldwide money transfer company, recently signed an agreement with Stratum, the leading Owners Association Management company in the UAE, to facilitate the payment of service charges and maintenance fees by property owners. Th

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