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Posts Tagged ‘UAE

Ajman Bank eyes 6% of market share in UAE

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Points of Essence:

  • Ajman Bank plans to gain control of 6% of the UAE’s market share of Islamic banking in the next 3 years. With the Ajman Government holding a major stake in the bank, it will start with a string of new branch openings throughout the year as well as niche financing products. With the effects of the global economy are still felt worldwide, the bank is nevertheless convinced that it will see the desired outcome. The Arabian Business has the report.

By Mohamad Al Kady on Tuesday, February 03, 2009

Ajman Bank has plans to control six per cent market share of UAE’s Islamic banking and 50 per cent in Ajman over the next three years.

The bank officially inaugurated its banking operations in Ajman yesterday as Yousif Khalaf, the Chief Executive Officer of Ajman Bank, revealed an ambitious plan to expand its Islamic banking operations in the country within the next three years.

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Written by Suapi Shaffaii

February 3, 2009 at 2:50 pm

Standard & Poor’s cuts ratings on UAE banks

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Points of Essence:

  • UAE based Islamic financial institutions have been snubbed rating-wise by S&P by according  them a revised down rating and outlook for the upcoming year. This was largely contributed by the uncertainties in the economic outlook of the UAE due to the gloomy global financial sector. CPI Financial has the report.

Rating agency Standard & Poor’s has revised down its ratings on Dubai Islamic Bank, Emirates Bank International, National Bank of Dubai and Sharjah Islamic Bank.

Standard & Poor’s has lowered its long- and short-term counterparty credit ratings on Dubai Islamic Bank to ‘A-/A-2’ from ‘A/A-1’ and revised its outlook on the bank to negative from stable; revised its outlook on Emirates Bank International and National Bank of Dubai to negative from stable and affirmed its ‘A/A-1’ counterparty credit ratings on the two banks; and revised its outlook on Sharjah Islamic Bank to stable from positive and affirmed its ‘BBB/A-2’ counterparty credit ratings on the bank.

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Written by Suapi Shaffaii

December 31, 2008 at 3:13 am

Posted in General Issue

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Sharia-compliant banking looks north

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Points of Essence:

  • Islamic banks in the UAE seem to be venturing out of Dubai by setting up branches in the northern side of the Emirate.This was spurred by the demand in the Islamic financial services offerings. The Arabian Business has the report.

by Jason J. Nash

Islamic banking and insurance services are gaining ground in the Northern Emirates, as consumers, companies and public institutions increasingly come to rely on such services to meet their financing needs.

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Written by Suapi Shaffaii

December 16, 2008 at 11:13 pm

Posted in General Issue

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UAE intervenes in merger as property woes mount

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Points of Essence:

  • As the real estates in Dubai plunged deeper into crisis, the Government of the United Arab Emirates had to intervene in the recently announced merger of Amlak and Tamweel, the UAE’s largest mortgage lenders.  The Government-owned Real Estate Bank was set up to address the issues of funding, liquidity and solvency faced by the two troubled institutions. The new Islamic bank bank will boost real estate sector in the UAE as more housing loans will reach the UAE nationals. The bank can now solicit for deposits from the public and have access to the federal funding, the privileges mortgage lenders are not allowed. Reuters has the report.

By Lin Noueihed

DUBAI (Reuters) – Two of the United Arab Emirates’ largest mortgage lenders, already on track to merge, will be brought under a government-owned bank, the UAE finance ministry said on Sunday, in the first sign of federal government intervention in Dubai’s troubled property sector.

Trading in both Amlak AMLK.DU and Tamweel TAML.DU, which have been struggling amid the global credit crunch, was suspended after the finance ministry said it would supervise their merger under the government’s Real Estate Bank to ensure a fair valuation and protect shareholders.

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Written by Suapi Shaffaii

November 24, 2008 at 6:14 pm

Women only banking branch in Dubai

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Points of Essence:

  • Emirates Islamic Bank pioneered a banking branch solely for women in Dubai. Apart from guaranteeing the female gender only access, the branch offers banking products with discounts and packages as well as facilities tailored to women. LA Times has the report.

DUBAI: New bank branch caters to women only

Womensbank_2

Photo: Princess Haya Bint Al Hussein and Emirates Islamic Bank officials inaugurated a new bank branch devoted to women. Credit: Emirates Islamic Bank

In a first of its kind, Dubai last week unveiled a new banking service that caters only to women.

The Emirates Islamic Bank newest branch in the United Arab Emirates offers women a financial zone free of men, but also custom-made banking products, including retail-outlet discounts, special travel packages and discounts on bank products in addition to exclusive ladies lounges, free Internet and text-message banking.

“Catering to the individual needs of our customers has always been a core part of our business model, and opening an exclusive Al Reem branch is an extension of that belief,” said Faisal Aqil, an official at Emirates Islamic Bank told the daily Gulf News.

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Written by Suapi Shaffaii

November 17, 2008 at 3:50 pm

Salama Insurance joins forces with NCB Capital investment arm

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Points of Essence:

  • The world’s largest takaful and re-takaful group, Salam Insurance has recently sealed a partnership deal with NCB Capital, the investment banking arm of National Commercial Bank to extensively market the Islamic insurance products in the UAE . Gulf News reported.

Staff Report

Dubai: Salama Islamic Arab Insurance Company, the world’s largest Takaful and Re-Takaful group, announced its strategic alliance with NCB Capital, the investment banking arm of National Commercial Bank, in a bid to further promote the spread of Sharia compliant insurance solutions.

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Written by Suapi Shaffaii

November 10, 2008 at 11:38 am

Sharjah Islamic Bank launches its latest ATM machine on Lake Khalid in Sharjah

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Points of Essence:

  • Sharjah Islamic Bank is sensitive to its customers’ specific banking needs. The bank has recently launched a new ATM which is designed with drivers and pedestrians in mind. Previously in April this year, the bank launched ATM for its disabled customers.

Sharjah Islamic Bank has recently launched a new ATM, designed to serve both drivers and pedestrians. Located on Lake Khalid in Sharjah, near the Holiday Inn International Hotel; the ATM will be situated near the Holiday Inn Hotel and is the latest device to join the Bank’s growing network of ATMs, which is currently being expanded throughout the UAE.

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Written by Suapi Shaffaii

November 2, 2008 at 12:09 am