Friday 31 October 2014

Bank Sarasin order to pay $10.45m to Kuwaiti investors

Switzerland's Bank Sarasin and its Middle East unit must pay $10.45 million to members of Kuwait's wealthy Khorafi family after the financial institutions were found to have mis-sold $200 million of investment products, a Dubai court has ruled. The Dubai International Fin


Sedco Capital eyes $300m Europe real estate deal

Jeddah-based Islamic investment firm Sedco Capital plans to arrange a club investment of up to $300 million in European real estate, and will soon distribute its Luxembourg fund range via two European investment firms, its chief executive said. Sedco Capital, a fully owned subsid


Bahrain’s EDB attends economic forum in US

Officials from Bahrain’s Economic Development Board (EDB), led by chief economist Dr Jarmo Kotilaine, attended the sixth annual FundForum USA held in Boston, Massachusetts. The forum, which was co-sponsored by the EDB and KPMG, featured multiple high-level guest speakers, w


NBB's net profit surges 5.2pc to $112.1m

National Bank of Bahrain’s (NBB) net profit rose 5.2 per cent to BD42.16 million ($112.13 million) for the nine months ended September 30, compared with BD40.09 million for the corresponding period of the previous year. For the third quarter of this year, the bank recorded


NCB to defy global slowdown with $6bn flotation

Saudi Arabia is still expected to chalk up the region's biggest ever listing when National Commercial Bank's SR22.5 billion ($6 billion) offering closes on November 2, bucking a broader market slowdown. The initial public offering, the second-biggest globally this year af


CBQ and subsidiaries post 19pc increase in profit

The Commercial Bank of Qatar, its subsidiaries and associates have posted a net profit of QR1.5 billion ($426.1 million) net profit for the first nine months of the year, up 19 per cent compared to the same period last year. The bank generated a net profit of QR503 million during


Funding access for SMEs in focus at Dubai summit

The global necessity for small and medium-sized enterprises (SMEs) to have access to funding was covered today at the World Islamic Economic Forum that concluded today (October 30) in Dubai. During a discussion on the opportunities and challenges SMEs face, Asad A Ahmed, managing


Bahrain funds buy US workforce services firm

Bahrain-based alternative investment fund Investcorp said on Thursday it and sovereign fund Mumtalakat had acquired US-based workforce management solution provider PRO Unlimited. PRO is a Florida-based software and services firm, operating in 52 countries with the aim of helping


Kingdom Holding Q3 net profit rises 20.5pc

Saudi Arabia's Kingdom Holding , the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 20.5 per cent rise in third-quarter net profit on Thursday, on the back of higher investment profits. Kingdom made a net profit of SR265 million ($70.6 million) in th


Islamic finance seen as norm for SME growth

Islamic finance will become a norm rather than an alternative in the near future, driving the growth of small and medium enterprises (SMEs) and Islamic trade, according to international banking professionals. SMEs play a large role in driving Islamic trade finance, said Hussain A

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