Saturday 28 May 2016

Saudi Arabia to join Islamic infrastructure bank

Saudi Arabia has joined Turkey, Indonesia and the Jeddah-based Islamic Development Bank (IDB) as a prospective founder member of a new Islamic finance infrastructure bank, according to Indonesia's finance minister. Speaking to Reuters on the sidelines of the annual IDB meetin


DME announces first Fujairah fuel oil trade

The first trade in Middle East fuel oil derivatives has taken place on the DME (Dubai Mercantile Exchange), the leading east of Suez energy exchange. DME recently listed Middle East 180cst and 380cst high-sulfur fuel oil (HSFO) for trading.  The fuel oil contracts settle aga


GCC states 'need structural economic reform'

GCC countries must create a new economic paradigm focussed on greater private sector participation and retention of human capital, to successfully end reliance on oil, a key meeting of experts felt. The GCC countries need both revenue and economic diversification, but in order to


UAB confirms Murphy as CFO

United Arab Bank (UAB) has confirmed the appointment of Anthony Murphy as chief financial officer (CFO). The bank has also confirmed the appointment of Dima Al Sous as head of legal, and has named longtime senior vice president Maha Azzam as head of transformation, a newly create


Shuaa Capital cuts 15pc staff

Dubai investment bank Shuaa Capital has cut about 15 percent of its workforce, sources familiar with the matter told Reuters, ahead of a possible sale of a stake in the company by Dubai Group. Before the lay-offs, which took place at the end of last week, the bank had about 70 em


Bahrain sovereign fund net profit drops 68.7pc

Bahraini sovereign fund Mumtalakat reported a 68.7 percent drop in 2015 net profit on Sunday, as the state-owned investor cited impairment losses for the decline. Net profit in 2015 was $76.3 million against $243.6 million in the previous year, Mumtalakat said in a statement.


NCR offers innovative Power Advantage solution

NCR Corporation, a global leader in omni-channel solutions, has announced the introduction of Power Advantage, an innovative portfolio of power solution to help financial institutions improve ATM availability, reduce operational expenses and efficiently manage a broader range of equipments.


IIB posts profit in Q1

International Investment Bank (IIB), a globally focused sharia-compliant investment bank based in Bahrain, posted a net profit attributable to equity holders of $0.24 million for the three month period ended on March 31, compared to a net loss of $2.4 million in Q1 2015.  


UAE's e-Dirham wins top global certification

The e-Dirham system, launched and managed by the Ministry of Finance (MoF) in partnership with the National Bank of Abu Dhabi, recently received the Certification of Compliance in Payment Card Industry Data Security Standard (PCI DSS). This certification conferred by Trustwave Holdings


Saudi Arabia 'mulls bond-like tools to pay contractors'

Saudi Arabia is considering using IOUs (I-owe-you) model to pay outstanding bills with contractors and conserve cash, said a report, citing key sources. As payment from the state, contractors would receive bond-like instruments which they could hold until maturity or sell on to b

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