Sunday 5 July 2015

Saudi liquidity holds up in May over stable oil

Saudi Arabia’s domestic liquidity held up in May, helped by the stabilization in oil prices, at the cost of continued expansionary fiscal policy, a report said. M3 growth was 10.4 per cent year-on-year (yoy) in May, increasing from 9.4 per cent in April and 7.7 per cent yoy


Qatar Islamic Bank raises $550m with Tier 1 sukuk

Qatar Islamic Bank (QIB), the Gulf state's largest sharia-compliant lender by assets, has raised QR2 billion ($550 million) with a Tier 1 perpetual sukuk issue, it said on Wednesday. The sale was completed on Tuesday and was in accordance with Basel III banking rules, it said


Apicorp picks banks for international sukuk issue

Saudi Arabia-based Arab Petroleum Investments Corp (Apicorp) has mandated four banks for a debut international sukuk issue this year, according to sources, in what could be the first overseas debt offer from the kingdom in over a year. The company picked Standard Chartered, First


Dubai’s CBI names new Islamic banking head

Dubai-based Commercial Bank International (CBI), a leading financial institution in the UAE, has appointed Mamoon Abdel Kader as its new head of Islamic Banking. Mark Robinson, chief executive officer of CBI said: “We are pleased to welcome Mamoon into the CBI family at thi


Saudi foreign assets dip after dollar surge

The net foreign assets at Saudi Arabia’s central bank fell to SR2.521 trillion ($672.2 billion) in May, down by $6.6 billion or one per cent from the previous month as the kingdom continued to draw down reserves to cover a budget gap caused by cheap oil. The assets dropped


GCC transformation in focus at forum in Monaco

A delegation led by Economic Development Board chief economist Dr Jarmo Kotilaine is attending the Fund Forum 2015 in Monaco, it was announced yesterday (June 30). Billed as the world’s largest event for fund managers and global distribution partners, the forum started on M


SABB offers ATM service for Amex card holders

The Saudi British Bank (SABB) launched a new service whereby American Express card holders can make cash withdrawals from SABB’s automated teller machines (ATMs). The new service offers a great degree of convenience, and comes as a product of joint efforts between SABB and


Etisalat, NBAD launch mobile POS solution

UAE-based Etisalat, a top telecom group and National Bank of Abu Dhabi (NBAD), have partnered to launch a mobile point of sale (mPOS) solution to businesses across the country. The new Mobile Cashier s will enable business customers to accept credit, debit or prepaid card payment


HSBC faces $2.4bn bill for new ringfencing rules

HSBC will face a bill of around 1.5 billion pounds ($2.4 billion) to shield its domestic retail customers from riskier parts of its operations, the chairman of its UK business told lawmakers on Tuesday. The Bank of England has told banks they must set up a boundary around their b


Small firms ‘need more investments’ in GCC

GCC small and medium factories are punching well above their weight, showed a research by Gulf Organisation for Industrial Consulting (GOIC). The report on the website of the Qatar-based organisation said that small and medium factories that employ 44 per cent of the GCC’s

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