Sunday 4 October 2015

Riyad Bank launches contactless card with Gemalto

Riyad Bank, one of Saudi Arabia’s top financial institutions, is migrating its entire portfolio to the Clarista Contactless EMV card offered by Gemalto, a world leader in digital security. Powered with the industry-standard MULTOS operating system, this is the kingdom&rsquo


ME funds bullish on UAE equities despite low oil

Middle East fund managers favour United Arab Emirates stock markets over other bourses by a large margin as the region struggles with low oil prices and an unstable global environment, a monthly Reuters survey shows. Gulf stock markets are in a difficult period as cheap oil slash


VCBank wins ‘Best Islamic Investment Bank’ award

Venture Capital Bank (VCBank) has won the ‘Best Islamic Investment Bank’ award at the recently concluded Global Islamic Finance Awards (GIFA) in Bahrain.   Abdullatif Mohamed Janahi, board member and chief executive officer, said: "It is an hono


Bank ABC closes $125m term loan facility

Bahrain-based Bank ABC has announced it successfully closed a $125 million syndicated term loan facility on behalf of UAE-based United Arab Bank. Bank ABC was acting as the initial mandated lead arranger and bookrunner and the facility agent, said a report in the Gulf Daily News (GDN),


Nigeria’s ‘Emir of Kano’ wins Islamic finance award

Muhammadu Sanusi II, Emir of Kano, Nigeria has won the Global Islamic Finance Leadership Award at the Bahrain-hosted fifth Global Islamic Finance Awards (GIFA), it was announced. During a ceremony at the Gulf Hotel, the Emir of Kano, who was the guest of honour, received the award for his adv


Weak oil, global equities hit Gulf stocks

Weak oil prices and global equity prices hit Gulf stock markets on Tuesday, with Saudi Arabia and Qatar dropping the most as they reopened after a long Eid Al-Adha break. The Saudi stock index closed 1.4 per cent lower. Brent crude had dropped about three per cent to below $48 a


Takaud holds financial seminar for sports partner

Bahrain-based Takaud, a specialist provider of savings and pensions for the Mena region, hosted a wealth management and financial planning seminar for the board members and key associates of its sports partner Manama Club. Hosted at the Capital Club in Manama, Bahrain, the semina


Strong dollar sees surge in Gulf remittance flows

The US dollar's strength against Asian currencies is leading to a surge in remittances from migrant workers in the Gulf Arab region, exchange houses say, giving a boost to their home countries such as India, Philippines and Pakistan. But lower oil prices are expected to gradu


Financial reporting standards in focus

Bahrain Institute of Banking and Finance is launching its second International Financial Reporting Standards (IFRS) update seminar on Monday in partnership with Emile Woolf International (EWI). EWI is one of the world’s largest providers of IFRS training, said a report in the Gulf D


Muslim consumer spending to hit $2.6 trillion

The Muslim population is growing at twice the rate of the global population and Muslim consumer spending across the different sectors of the Islamic economy is expected to reach $2.6 trillion by 2020, compared to $1.8 trillion in 2014, a new report said. Four Islamic countries --

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