A dual-track system, including survey-based lending rates along with transaction-linked indices, is likely to replace scandal-hit London interbank lending rate Libor as soon as next year, the Financial Times reported on its website on Sunday.
The new system would provide continui
The Indian government's cyber watchdog is investigating how security at two companies that are part of the country's vast IT services industry was breached in a global ATM heist that saw $45 million stolen from two banks in the Middle Eas
Banks in Bahrain are vulnerable to the kind of cyber attacks that saw $45 million stolen from two banks in the Middle East - the UAE-based National Bank of Ras Al Khaimah and the Oman-based Bank Muscat, said an expert.
"This recent event is continued proof that bank crime is
The Saudi Capital Market Authority (CMA) announced on Sunday that stocks on the kingdom's bourse would be limited to price swings of 10 per cent on their first day of trade.
Saudi Arabia, home to the Gu
DIFC Registrar of Real Property has signed an agreement with top UAE bank Emirates NBD allowing the lender to open accounts for owners’ associations (known as Bodies Corporate) in the DIFC jurisdiction.
This agreement is aimed at promoting the proper utilization of owners&r
Egypt received a $3 billion deposit from Qatar on Thursday, a central bank official said on Sunday, shoring up finances hit by economic turmoil since a popular uprising that toppled the government two years ago.
The funds will remain with the central bank until Egypt's Minist
Bahrain-based Islamic lender Al Baraka Banking Group posted a 15-percent increase in first-quarter net income, the bank said on Sunday.
Al Baraka, which has operations across the Middle East, Asia and Africa, said first-quarter net income rose to $66 million from $57 million in t
A planned floatation of Doha Global Investment Co, a $12 billion Qatari investment firm backed by assets from the Gulf state's sovereign wealth fund, has been postponed pending necessary approvals, a senior bourse official said on Sunday.
Qatar unveiled plans to create the in
Leading regional online payment provider CashU has warned Middle East PC users to remain diligent and protect their PCs with up-to-date antivirus and antimalware software in light of the recent malicious attacks across the region.
The virus prompts users with an onscreen m