Friday 28 August 2015

60pc of Dubai residents’ homes uninsured

More than six out of 10 (61 per cent) of Dubai residents do not have home insurance, a new report said. Amongst home owners, adoption of home insurance is substantially higher as two thirds (66 per cent) have an insurance policy in place to cover their home and contents, added th


Saudi, UAE stocks tumble

Stock markets in Saudi Arabia and the UAE plunged again on Sunday in response to a fresh slide of oil prices and the decision by credit rating agency Fitch to cut its outlook for Saudi Arabia. Egypt's bourse also fell sharply. The main Saudi stock index was dow


Fitch revises Saudi IRD ratings to 'negative'

Fitch Ratings has revised the outlooks on Saudi Arabia's long-term foreign and local currency issuer default ratings (IDR) to negative from stable citing lower oil prices and higher state spending associated with the accession of a new king in January. The agency affirmed the


Britain reopens embassy in Tehran

Britain reopened its embassy in Tehran on Sunday, a historic step in the thawing of relations between the Islamic state and Western powers, a Reuters witness said. British Foreign Secretary Philip Hammond declared the embassy open and raised the Union Jack flag in the garden of t


NCB plans $533m capital-boosting sukuk

National Commercial Bank (NCB), Saudi Arabia's largest lender, is selling SR2 billion ($533 million) of capital-boosting sukuk, two banking sources with knowledge of the matter said on Sunday. The offer, which enhances the bank's Tier 1 - or core - capital and is complian


UAE stocks sink on oil slide, Saudi worries

United Arab Emirates stock markets slid in early trade on Sunday in response to further weakness in oil prices and the decision by Fitch Ratings to cut its outlook for Saudi Arabia's debt because of cheap oil. The main stock index in Dubai, the region's most volatile mark


Adib’s $137m rights issue opens August 23

The subscription period for Abu Dhabi Islamic Bank’s (Adib) rights issue, which aims to raise Dh504 million ($137 million), begins tomorrow (August 23) and will run until September 10. During this period, holders of rights as at the end of the rights trading period on Septe


Arab Bank rejects report of $1bn settlement

Arab Bank Plc on Friday described as "inaccurate" a report that it would pay "slightly more" than $1 billion to settle litigation brought by hundreds of Americans who accused it of facilitating militant attacks in Israel. Citing an unnamed lawyer with knowledg


BIBF series to focus on Islamic finance issues

Bahrain Institute of Banking and Finance (BIBF) is partnering with Malaysia-based Islamic Financial Services Board (IFSB) for the second joint IFSB-BIBF Islamic Finance Executive Programme (IFEP) series to be held in Bahrain. Themed “Towards a Vibrant Islamic Capital Market: Opportuniti


AAOIFI seeks members for key technical boards

Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has announced it is inviting nominations for candidates to serve on its technical boards that are tasked to carry out development and revision of its international Islamic finance standards. As a le

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