Sunday 23 July 2017
 
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Dubai Islamic Bank H1 net profit up 7pc to $583m

Dubai Islamic Bank (DIB), the first Islamic bank in the world and the largest Islamic bank in the UAE by total assets, today reported a group net profit of Dh2.143 billion ($583.45 million), for the first half of this year, up 7 per cent compared with Dh2.004 billion ($545.6 million) for the sa

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RAK Chamber member numbers top 32,800

The Ras Al Khaimah Chamber of Commerce has announced that Chamber membership numbers reached 32,801, and that 10,093 members had renewed their membership by the end of the first half of current year.  The number of new private members registered during the first half of curr

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ADGM implements G20 reporting standards

Abu Dhabi Global Market (ADGM) has implemented the Common Reporting Standard (CRS) Regulations in support of the UAE’s international obligation in implementing the standards of joint disclosures and the exchange of information for tax purposes set out by the G20 and Organisation for Econo

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Gulf Bank records 10pc jump in H1 net profit

Kuwait-based Gulf Bank recorded a net profit of KD22.8 million in the first six months of 2017, an increase of 10 per cent over the same period of 2016. The bank was able to generate a net interest income of KD63.5 million and an operating profit of KD60.5 million during the first half

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EFG Hermes takes 50pc stake in FIM for $21.5m

EFG Hermes UAE Limited, a wholly owned subsidiary of  EFG Hermes Holding SAE, has entered into definitive agreements to invest $21.5 million in Frontier Investment Management Partners Ltd (FIM), an asset management firm.   Following the investment, EFG Hermes will own 5

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Sharjah completes 33,000 licenses during H1

Sharjah Economic Development Department (SEDD) has completed 33,149 issued and renewed licenses in Sharjah in the first half of 2017, according to the data released in its Licenses Annual Report of the year. The report showed that the licenses renewed through the first half of th

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Bank Muscat posts $219m H1 profit

Bank Muscat reported a net profit of RO84.31 million ($218.96 million) for the six months ended June 30, 2017, a decline of 6.8 per cent compared to RO90.47 million ($234.96 million) in the first half of 2016.     The net interest income from conventional banking stood a

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Al Khaliji H1 net profit stays steady

Al Khalij Commercial Bank (al khaliji) reported a net profit of QR319.8 million ($87.02 million) for the first six months of this year, compared to QR320 million for the same period in 2016. This was driven by growth of 3.4 per cent in operating income, effective cost management

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National Bank of Fujairah Q2 net profit up 24.4pc

National Bank of Fujairah (NBF) posted a net profit of Dh154.9 million ($42.17 million) in the second quarter of 2017, a rise of 24.4 per cent over the corresponding quarter of 2016. The result reflects an improvement in the impairment provisions during the current quarter and a

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ADCorp launches ops in Abu Dhabi Global Market

ADCorp, a leading Islamic financial institution in the UAE, has today (July 17) announced the launch of its operations in the Abu Dhabi Global Market (ADGM). The move follows the ADGM Financial Service Regulatory Authority’s (FSRA) decision on July 4 to allow ADCorp to oper

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