Monday 21 August 2017

Short-term deposits in UAE banks hit $119bn in H1

The total value of short-term deposits in UAE banks reached Dh439.7 billion ($119 billion) by the end of June, rising by Dh27.9 billion during the first half of the year, according to UAE Central Bank statistics. According to Central Bank data, short-term deposits secured progres


GFH posts 440pc jump in net profit to $62m

GFH Financial Group (GFH) has announced a net profit attributable to shareholders of $62.1 million for the first half of the year ended June 30, representing a 440 per cent increase from $11.5 million in the first half of 2016. The group reported a consolidated net profit of $65.


Watania back in the black in Q2

UAE-based National Takaful Company (Watania) has posted total profits of Dh2.7 million ($735,000) for the second quarter of the year as against a deficit Dh1.5 million a year before, marking a growth rate of 272 per cent. Ali Bin Harmel Al Dhaheri, chairman of Wataniya pointed ou


ADGM, UAE Exchange partner to develop fintech

Abu Dhabi Global Market (ADGM), an international financial centre and UAE Exchange, a leading payment solutions brand, have partnered to support, develop and promote the fintech ecosystem in Abu Dhabi and the UAE. The memorandum of understanding was signed by Promoth Manghat, chi


Mastercard unveils innovation centre in Dubai

Mastercard, a leading technology company in the global payments industry, has unveiled its newest payment solutions and groundbreaking technologies at the latest release of its ‘MEA Innovation Showcase’ in Dubai, UAE. Featuring innovations that are shaping the future


UAE listed banks report over $5bn net profit in H1

A total of 19 listed banks in the UAE reported net profit of around Dh19 billion ($5.17 billion) during the first half of the year, a 3.8 per cent growth from around Dh18.3 billion posted during the corresponding period last year. Matching previous expectations, the gains reflect


Shuaa Capital posts highest H1 proft since 2009

Shuaa Capital, a leading integrated financial services firm in the region, today announced its highest half-yearly profit since 2009 for the first half of this year. For the six months ending June 30, 2017, the firm reported a net profit of Dh36.8 million ($10.02 million), compar


Ithmaar Holding posts $1.59m loss for H1

Ithmaar Holding (formerly Ithmaar Bank) has reported a net loss of $1.59 million for the six-month period ended June 30, compared to a net profit of $11.96 million for the same period last year. Net loss attributable to equity holders for the six-month period ended June 30 was $9


GCC banks ‘forced to rethink lending policy’

Reduced liquidity due to changing market dynamics, namely a reduction in oil prices, is forcing banks in the GCC region to rethink their lending policy due to a rise in non-performing loans (NPLs), said professional services firm Deloitte. The summer 2017 issue of Deloitte’


Bahrain issues crowdfunding regulations

The Central Bank of Bahrain (CBB) has released regulations for both conventional and Shari’a compliant financing-based crowdfunding businesses. For the first time it will be possible for small and medium sized businesses in Bahrain and in the region to raise conventional or

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