The slowdown in deposit growth to 1 per cent in 2015 from 12 per cent in 2014 and the sharp decline in oil prices as wells as a 14 per cent reduction in the 2016 Saudi government budget are credit negative for Saudi banks, Moody's has said.
Saudi Arabia's government faces a challenge in creating a system to insure bank deposits without shaking the confidence of depositors, an international banking watchdog warned.
The government's Supreme
The UAE is set to post its first fiscal deficit since 2009 because of lower oil revenues, but it can avoid any serious economic slowdown, the International Monetary Fund said after annual consultations with UAE authorities.
Oman's two full-fledged Islamic banks have yet to post a profit but their customer deposits are surging, increasing pressure on authorities to develop sharia-compliant money market tools and make a long-awaited issue of Islamic bonds (sukuk)
The Egyptian central bank has struck another blow against the country's unofficial currency market, with a cap on the amount of dollars that can be deposited in banks, private bankers and a central bank source said.
The cap on
Egypt will repay a $2.5 billion deposit to Qatar at the end of November, bringing to $6 billion the deposits it has returned to the Gulf country since last year's ouster of Islamist President Mohamed Mursi, a central bank source said on Thur
The Dubai Financial Services Authority (DFSA) said it was freezing deposits and imposing other restrictions on private banker ES Bankers Dubai, part of the Portuguese Espirito Santo family's troubled empire.
The move is the la
Qatar regulators will establish a deposit insurance framework that will include a sharia-compliant scheme, one of several reforms aimed at modernising the financial sector of the world's top exporter of liquefied natural gas.
Egypt returned a $500 million deposit to Qatar at the start of November after Qatar refused to renew it upon its maturity, a central bank official told Reuters on Monday.
The central bank expects to return a further $500 million i
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 rem