Zawya.com - Financial Services News
- Iraq: Investment companies in stock market incur 'heavy losses'
Iraqi economists and financial experts have agreed that financial investment companies listed on the Iraqi stock market have incurred "heavy losses" throughout the current year. - UAE Banks To Tighten Lending Further
A number of banks are set to further tighten their retail lending rules to cope with the rising risk of defaults by their salaried customers. - Iraq Central Bank to cut interest rate to 14% next January
(Arabic) Central Bank of Iraq has decided to cut interest rate 1% to 14% starting Jan 4. - 'Global Financial Crisis': Expression Of The Year 2008
(Arabic) Banks' losses after their assets' write off reached trillion dollar and big countries have applied $2.2 trillion to confront the crisis. - Al Fardan Exchange starts money transfer to Vietnam
Al Fardan Exchange has begun cash, 'advice and pay' and telex transfer services for Vietnam. The exchange house has entered into a tie-up with the Bank of Investment and Development of Vietnam (BIDV) to offer its services in the country. - Dubai To Boost Spending Through Crisis
The Dubai government is planning an expansionary budget to stimulate the economy next year as the emirate seeks to spend its way through the global financial crisis. - AD Municipality Intervention Ends Ordeal of Building's 700 Occupants
Stern action by Abu Dhabi Municipality against a bank helped end the plight of 700 occupants of a high-rise building on Al Falah Street in the capital on Wednesday. The residents had to survive without water supply for 12 days due to the bank's negligence. - Rates Ease after UAE Central Bank Move
The Emirates Interbank Offered Rates (EIBOR) inched downwards a day after the UAE Central Bank announced a dollar-dirham swap facility to ease a currency shortfall in the local banking sector. - Arab World Faces Uneasy New Year
As 2008 draws to a close, the Arab world can derive little joy from the events of the past year, and will have good reason to fear that the next year will not be any better. Economically, socially and politically, 2009 promises to be tough. - Qatar: Shady operators duping Lankans
Some Sri Lankan nationals here are falling prey to illegal and unscrupulous financial institutions back home. The institutions solicit deposits promising high returns and eventually gobble them up. - Ahli Bank's assets up 118 per cent in 2008
Ahli Bank, nearing its first anniversary as a full-fledged commercial bank from erstwhile Alliance Housing Bank, held an analyst briefing at the Capital Market Authority (CMA) auditorium. - Ahlibank to issue up to 12 million shares to QIA
The shareholders of Ahlibank yesterday approved the proposal of its board to amend Article 1/71 of the basic statute of the Bank which calls for 10 percent instead of 20 percent previously of the net profit to be allocated to the legal reserve account every year. - UAE Banking sector is emerging stronger, says Al Tayer
The UAE banking sector is emerging stronger by working closely with the government and the UAE Central Bank amid the ongoing financial crisis that has affected all countries - National Bank of Oman launches new funding options for SMEs
The National Bank of Oman (NBO) has launched a new and distinctive financial services proposition - Tijarati Banking - to cater for the financial requirements of Small and Medium Enterprises (SME). - Three firms end operations in DIFC
In a sign financial services companies operating in Dubai may be coming under pressure from the global meltdown, three firms have terminated their operations in the Dubai International Financial Centre (DIFC). - Ithmar Capital To Acquire $250m Healthcare Firm
Ithmar Capital is all set to acquire a $250 million (Dh920m) healthcare firm by the end of this year and thereafter launch a $1bn fund in the first quarter of 2009. - Dh200b Withdrawn From UAE Banking Since Crisis
Almost Dh200 billion has been withdrawn from the banking system in the UAE after speculation that the dirham's peg to the US dollar will end. - UAE developers urge financial firms to pour more funds into sector
With the UAE Government taking several measures to create liquidity in the market, the country's financial institutions now need to reciprocate this by releasing some of the equity back into the real estate sector, according to developers. - S&P Actions Taken On Selected UAE Banks
Standard & Poor's Ratings Services said Wednesday that its rating actions mainly reflects the impact of the difficult global macroeconomic and financing environment on the Emirate of Dubai (not rated). - Possible consolidation in UAE's real estate and banking in 2009
(Arabic) Nasser Al Shaikh, Director General of the Dubai Department of Finance told Emirates Business there will be consolidation in real estate and banking in Dubai in 2009. - SCA cancels Emaar share buyback plan
(Arabic) Emirates Securities and Commodities Authority has canceled its approval for Emaar's request to buyback 10% of its shares after the company had bought 200,000 shares which is equivalent to 0.003% of its capital. - Bani Yas Investments & Development Company names new CEO
Baniyas Investments and Development Company (BID) announced the appointment of Wael Tawil as its Chief Executive Officer (CEO). - Pan Arab Initiative to Reduce Repercussions of Global Financial Crisis
The Arab Monetary Fund has a Pan Arab Initiative aimed at reducing the repercussions of the financial crisis the region's most senior banker has revealed. - KFH-Turkey realty fund posts 10% profit
Kuwait Finance House (KFH) announced that its real estate fund in Turkey that has a capital of $14.25 million, has distributed 10 percent annual profit for its shareholders. - KPMG 2008 Revenues Grow 14.5% to $22.7 billion
KPMG, the global network of professional service firms providing audit, tax and advisory services, today announced that member firm combined revenues increased to US$22.69 billion for the fiscal year ending September 30, 2008, versus US$19.81 billion for the prior fiscal year - NBAD launches new prepaid card with Visa
National Bank of Abu Dhabi (NBAD), the number one bank in the UAE, has launched today a new prepaid card in partnership with Visa. - DFSA approves withdrawal of licenses from 3 firms
The Dubai Financial Services Authority (DFSA) has approved requests for voluntarily withdrawal of licenses from three (3) Authorised Firms, effective on the indicated dates - Mubadala, ADEC Complete PPP Non-recourse Financing
A syndicate of international and regional banks is providing the $323 million debt package with a 20 year tenor to this PPP project. - Al Futtaim To Axe Jobs In Lending Division
Al Futtaim has become the latest company to lay off employees in response to the market conditions. - Dubai's EDB Likely To Start Lending By Q2-Q3 Next Year
Emirates Development Bank (EDB) is expected to start lending by the second or third quarter of 2009, according to an EGF-Hermes analyst.