Sunday 26 April 2015

Warba Bank launches new ’Mosawama’ service

Warba Bank has unveiled its new BCT service representing a trading platform for domestic and international commodities. The ‘Mosawama’ comes within the framework of the efforts of the retail banking group in providing special services and products to customers in pers


Emirates Islamic Q1 profit doubles to top $52m

Emirates Islamic, a leading Islamic financial institutions in the UAE, has announced a net profit of Dh194 million ($52.8 million) for the first quarter of the year, an increase of 106 per cent over the same period last year. Total income (net of customers’ share of profit)


Bahrain forum to focus on combating terrorism financing

Bahrain will today host the eighth GCC-EU workshop on combating financing of terrorism. The Foreign Ministry and the Central Bank of Bahrain are organising the seminar in co-operation with the general secretariat of the GCC and the European Union, said a report in the Gulf Da


Probe launched into Mumtalakat's financial affairs

Bahrain’s MPs have launched a probe into the financial affairs of Bahrain's sovereign wealth fund. Bahrain Mumtalakat Holding Company oversees a portfolio of 36 companies including Alba and Gulf Air, said a report in the Gulf Daily News (GDN), our sister public


'Pyramid scheme' scams warning in Bahrain

A surge in swindlers setting up so-called "pyramid scheme" scams has led to authorities outlawing the practice in Bahrain, it has been revealed. The Industry and Commerce Ministry's Consumer Protection Hotline received dozens of complaints about pyramid schemes and


Saudi's Algosaibi to put new debt proposal to creditors

Saudi Arabia's Ahmad Hamad Algosaibi and Brothers (AHAB) said on Tuesday it will put an improved offer to its creditors in the coming weeks in a fresh attempt to reach a settlement. The family conglomerate collapsed in 2009 along with Saad Group, a separate Saudi business emp


Doha Bank posts $115m net profit, up 5.2pc

Doha Bank has posted a net profit of QR420 million ($115.2 million) for the first quarter of the year, compared to QR399 million for the same period last year, an increase of 5.2 per cent. The bank’s net operating income increased 2.3 per cent to QR714 million, while its to


Kingdom Holding Q1 profit rises 10.3pc

Saudi Arabia's Kingdom Holding , the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 10.3 per cent rise in first-quarter net profit on Tuesday, on the back of higher income from dividends and associates. Kingdom make a net profit of SR139.4 million ($


New initiatives to boost Dubai’s Islamic economy status

A series of initiatives proposed by the board of Dubai Islamic Economy Develop Center (DIEDC) recently to boost Dubai’s status as the global capital of the Islamic economy, were approved by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and chairman of the Dubai Exec


Mashreq's gains surge 13pc as income increases

Mashreq, Dubai's third-biggest bank by assets, has posted a 13.2 per cent rise in first-quarter net profit as an increase in income from lending helped to offset a slight dip in returns from fees. It is the second bank in the UAE, after Dubai Islamic Bank, to release earnings

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