Posts tagged as: United Arab Emirates

Abu Dhabi Islamic Bank plans North Africa expansion

Abu Dhabi Islamic Bank plans North Africa expansion

<p>Abu Dhabi Islamic Bank plans to branch out in North Africa as the UAE-based lender seeks to reach a larger population. The bank applied for licenses in Algeria and Libya and is considering new operations in Tunisia and Morocco. Chief executive Tirad Mahmoud said the bank is seeking to expand in nations with a critical mass in terms of population and economic activity. Abu Dhabi Islamic Bank has also moved into countries including Saudi Arabia, Egypt and Sudan, Mahmoud said. The bank wants to be better placed to serve companies, such as Dubai-based mall operator Majid al-Futtaim, which operate across the Middle East and North Africa. Banks that comply with Islam&rsquo;s ban on interest have become increasing popular after the revolts implemented Islamists into power in some North African countries.</p>
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<p><a href="http://english.alarabiya.net/en/business/banking-and-finance/2013/08/12/Abu-Dhabi-Islamic-Bank-plans-North-Africa-expansion.html" title="http://english.alarabiya.net/en/business/banking-and-finance/2013/08/12/Abu-Dhabi-Islamic-Bank-plans-North-Africa-expansion.html">http://english.alarabiya.net/en/business/banking-and-finance/2013/08/12/…</a></p>
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Khalifa Fund organises Abu Dhabi Forum on Entrepreneurship

Khalifa Fund organises Abu Dhabi Forum on Entrepreneurship

TheAbu Dhabi Forum on Entrepreneurship, which is organised by the Khalifa Fund for Enterprise Development, will take place at the Abu Dhabi National Exhibition Centre (Adnec) from October 7 to 9. The forum aims to highlight important projects by young …

Khalifa Fund organises Abu Dhabi Forum on Entrepreneurship

Khalifa Fund organises Abu Dhabi Forum on Entrepreneurship

TheAbu Dhabi Forum on Entrepreneurship, which is organised by the Khalifa Fund for Enterprise Development, will take place at the Abu Dhabi National Exhibition Centre (Adnec) from October 7 to 9. The forum aims to highlight important projects by young …

Dubai-Based Insurer Salama/IAIC Ratings Lowered As Problems At Reinsurance Subsidiaries Continue; Outlook Negative

Dubai-Based Insurer Salama/IAIC Ratings Lowered As Problems At Reinsurance Subsidiaries Continue; Outlook Negative

<p>Standard &amp; Poor&rsquo;s Ratings Services has lowered the counterparty credit and financial strength ratings on Dubai-based Salama/Islamic Arab Insurance Co. (Salama/IAIC) to &lsquo;BBB+&rsquo; from &lsquo;A-&rsquo; . The outlook is negative. The counterparty credit and financial strength ratings on Salama/IAIC&rsquo;s wholly-owned, Malaysia-based reinsurance subsidiaries, BEST RE and BEST RE Family have also been lowered to &lsquo;BBB&rsquo; from &lsquo;A-&rsquo; . The consolidated Salama/IAIC group displays a satisfactory business risk profile, and a strong financial risk profile. S&amp;P has revised its view of the BEST RE subgroup&rsquo;s group status to its parent to strategically important from core because the subgroup&rsquo;s activities, size, and earnings potential have reduced. Despite the group and subgroup&rsquo;s current difficulties, the rating agency continues to regard the consolidated Salama group&rsquo;s capital adequacy as extremely strong. The outlook can be revised to stable if the situation at BEST RE stabilizes without causing material financial or reputational issues for Salama/IAIC.</p>
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<p><a href="http://www.newsinsurances.co.uk/dubai-based-insurer-salamaiaic-ratings-lowered-as-problems-at-reinsurance-subsidiaries-continue-outlook-negative/0169493576" title="http://www.newsinsurances.co.uk/dubai-based-insurer-salamaiaic-ratings-lowered-as-problems-at-reinsurance-subsidiaries-continue-outlook-negative/0169493576">http://www.newsinsurances.co.uk/dubai-based-insurer-salamaiaic-ratings-l…</a></p>
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Emirates Islamic Bank supports key social activities during Ramadan

Emirates Islamic Bank supports key social activities during Ramadan

Emirates Islamic Bank has tied up with a number of organisations to promote activities and charity campaigns to mark the spirit of Ramadan. The bank is the main sponsor for the Zakat Fund Ramadan Campaign, which aims to emphasise the importance of Zaka…

Dubai Financial disposes of 30.5% stake in Bank Islam to BIMB for $550m

Dubai Financial disposes of 30.5% stake in Bank Islam to BIMB for $550m

Dubai Financial Group (DFG) has agreed to divest of its 30.5% stake in Bank Islam to BIMB Holdings in Malaysia, in a deal worth $550m. BIMB Holdings currently owns 49% stake of Bank Islam and the recent acquisition, which completed on 31 July 2013, wil…

UAE- Dream come true courtesy of Noor Islamic Bank

UAE- Dream come true courtesy of Noor Islamic Bank

<p>In September last year, Noor issued an invitation to the world to help shape the future of banking, with the launch of its Bank of the Future initiative, aimed at creating innovative ways of banking. As part of the initiative, Noor created an online Shape Your Bank competition to solicit people&rsquo;s expectations of banks in the future, with prize money of $20,000 for the best idea on enhancing the banking experience. Nurul Iksan from Malang, Indonesia, won the first prize in Noor&rsquo;s online competition. With the $20,000 in cash, plus an iPad he can begin pursuing some of his business ideas. He will use part of the money to open a fashion shop in nearby Bali. Iksan&rsquo;s suggestion was to introduce a family account that is held by the head of the family with supplementary cards and limited budgets assigned to all family members. Such a concept has not been implemented in the region yet.</p>
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<p><a href="http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2013/July/uaebusiness_July349.xml&amp;section=uaebusiness" title="http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2013/July/uaebusiness_July349.xml&amp;section=uaebusiness">http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2013/…</a></p>
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Dubai Islamic Bank net profit up 25 per cent in first half of year

Dubai Islamic Bank net profit up 25 per cent in first half of year

<p>Dubai Dubai Islamic Bank (DIB) recorded a net profit of Dh739 million in the first half of this year, up 25 per cent from Dh592 million during the same time a year ago. Net profit for the second quarter of this year reached Dh437 million, up 31 per cent from compared to Dh334 million registered during the corresponding time last year. Net revenue for the first half of the year amounted to Dh2.1 billion, an increase of 10 per cent from Dh1.9 billion recorded during the same period in 2012. As of the end of June, the bank&rsquo;s total assets reached Dh111.1 billion, customer deposits grew by 23 per cent to Dh82.4 billion. The bank&rsquo;s gross investing and financing assets rose 1.4 per cent to Dh59.6 billion. During the first half of the year, the bank expanded its retail franchise to include three branches and 23 ATMs to its network. Additionally, it completed its acquisition of Tamweel, an Islamic home finance provider.</p>
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<p><a href="http://gulfnews.com/business/banking/dubai-islamic-bank-net-profit-up-25-per-cent-in-first-half-of-year-1.1215877" title="http://gulfnews.com/business/banking/dubai-islamic-bank-net-profit-up-25-per-cent-in-first-half-of-year-1.1215877">http://gulfnews.com/business/banking/dubai-islamic-bank-net-profit-up-25…</a></p>
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Call for common definition of sustainability and what it means in the UAE

Call for common definition of sustainability and what it means in the UAE

<p>According to a recent focus group held in Dubai by ACCA (the Association of Chartered Certified Accountants), a common definition of what sustainability is and what it means in the UAE would help to encourage more companies to invest in creating their own corporate sustainability reports on a regular basis. The UAE focus group brought together 11 high level delegates representing a range of organisations. Whilst the level of sustainability reporting is currently low in the UAE, it was felt that sustainability reporting should play an important role in the development of the UAE in the years to come. Represantatives of the ACCA hope that these discussions will make a difference in helping to change perspectives and show just how important corporate sustainability reporting is to helping the UAE&rsquo;s growing economy maintain its momentum.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://www.bi-me.com/main.php?c=3&amp;cg=2&amp;t=1&amp;id=62680" title="http://www.bi-me.com/main.php?c=3&amp;cg=2&amp;t=1&amp;id=62680">http://www.bi-me.com/main.php?c=3&amp;cg=2&amp;t=1&amp;id=62680</a></p>
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Flurry of philanthropic works in memory of Shaikh Zayed

Flurry of philanthropic works in memory of Shaikh Zayed

<p>Ramadan 19, named as &ldquo;Emirati Humanitarian Work Day&rdquo;, is an annual event in memory of the late Shaikh Zayed Bin Sultan Al Nahyan and aims to inculcate the spirit of giving and philanthropy nationwide. As many as 1,500 charitable activities will be organised across the country by 270 local and federal departments to mark the day. The activities will feature presenting refrigerators and air conditioners to the needy families, setting up a chocolate factory to offer jobs to people with special needs, workshops for needy families, a day for orphans and distribution of Ramadan rations and Eid Al Fitr gifts. Moreover, the UAE has launched the &ldquo;Egypt in Our Heart&rdquo; campaign, which will contribute to infrastructure development in Egypt, Besides, other initiatives have been launched, to help Syrian refugee children and to combat blindness and visual disability, among others.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://gulfnews.com/news/gulf/uae/government/flurry-of-philanthropic-works-in-memory-of-shaikh-zayed-1.1213272" title="http://gulfnews.com/news/gulf/uae/government/flurry-of-philanthropic-works-in-memory-of-shaikh-zayed-1.1213272">http://gulfnews.com/news/gulf/uae/government/flurry-of-philanthropic-wor…</a></p>
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