Tagged: Gulf Business

UAE Central Bank Asks Lenders About Exposure To Turkey

UAE Central Bank Asks Lenders About Exposure To Turkey

<p>The United Arab Emirates central bank has asked local commercial banks in the country to provide details of their financial exposure to Turkey by Tuesday. The aim is reportedly to review the investments. The UAE&rsquo;s financial ties to Turkey have expanded in recent years because Gulf banks are looking to diversify out of the region&rsquo;s oil-focused economy and are hamstrung by a lack of potential acquisitions at home. UAE banks have also increased their exposure to Turkish debt, particularly sukuk. Sales of Turkish sukuk to Gulf investors may increase further as Turkey expands its offerings. A new regulation limiting exposure to Turkey is not expected despite the UAE's central bank's action unless the data compiled exceeded the norm.</p>
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<p><a href="http://gulfbusiness.com/2013/07/uae-central-bank-asks-lenders-about-exposure-to-turkey/#.UeV6BG2LX4w" title="http://gulfbusiness.com/2013/07/uae-central-bank-asks-lenders-about-exposure-to-turkey/#.UeV6BG2LX4w">http://gulfbusiness.com/2013/07/uae-central-bank-asks-lenders-about-expo…</a></p>
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Emirates Islamic Bank Reports 101% Q1 Profit Jump

Emirates Islamic Bank Reports 101% Q1 Profit Jump

Emirates Islamic Bank (EIB) reported a first quarter net profit of Dhs33.2 million, a 101 per cent increase compared to the previous year. The total income for the three months rose up by 42 per cent to reach Dhs443 million. EIB also reported a 42 per cent increase in operating profit before an impairment of Dhs195 million in the first quarter. The bank’s non-performing ratio as of March 31, 2013, improved to 19.2 per cent, from 20.4 per cent on December 31, 2012. EIB’s customer deposits stood at Dhs26.3 billion while the customer financing increased five per cent to Dhs20.7 billion. The bank maintained a financing-to-deposit ratio of 93 per cent, and a capital adequacy ratio of 16.3 per cent. According to Jamal Bin Ghalaita, chief executive officer of Emirates Islamic Bank, the bank has targeted segments of SME and priority customers and also continued to develop its commercial segment.

Oman’s Alizz Islamic Bank Eyes Q3 Launch -COO

Oman’s Alizz Islamic Bank Eyes Q3 Launch -COO

Omani lender Alizz Islamic Bank, the second full-fledged Islamic bank in the sultanate, plans to begin operations in the third quarter of this year, according to its chief operating officer Jamal Darwiche. Last October, the bank raised OMR40 million ($104 million) by selling 40 per cent of its capital through a month-long initial public offer of shares. It is targeting a 3.5 per cent share of financing and a 3.6 per cent share of deposits in Oman’s banking sector by 2017. Moreover, it aims for annual growth in total assets, financing and deposits of 15-20 per cent, and to build a customer base of between 65,000 and 100,000 accounts over five years.

Kuwait Watchdog Urges Better Islamic Finance Oversight

Kuwait Watchdog Urges Better Islamic Finance Oversight

Kuwait’s Capital Market Authority (CMA) published a statement on Tuesday about self-regulation by Islamic financial institutions to ensure compliance with Shariah standards. The statement recommends to appoint a sufficient number of legal observers in accordance with the size of the institution and to provide full transparency in their communications with compliance officers. The CMA also urged companies’ sharia boards to take more care to issue rulings that were in line with each other.

Banking Special: Assets And Profits Soar In Qatar

Banking Special: Assets And Profits Soar In Qatar

In 2012, Qatar’s banking sector was buttressed by high oil and gas prices and a large-scale infrastructure programme. The banking sector continuously benefits from substantial GDP growth in the economy of the country. Real GDP reached 19% in 2011. This increase was caused by strength in oil prices and the substantial increase in LNG production to 75mnt (from 55mnt). The latter was able to drive hydrocarbon sector GDP up by more than 30%. The output of the non-hydrocarbon sector continued its growth as well, sustaining a 9% rate due to ongoing capital expenditure on infrastructure development.

Kuwait’s Boubyan Sees Islamic Banking Boom

Kuwait’s Boubyan Sees Islamic Banking Boom

According to the chairman of Boubyan Bank, the growth rate of Islamic finance in Kuwait is the double of the one of conventional banking. In his opinion, strong demand throughout the Arab region can be expected. The country’s Islamic banks reached cred…