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13 August 12:10 PM

Banking

How the pandemic changed the e-payments outlook in MENA?
12 August 07:27 PM The future of e-payment solutions after COVID-19
By: Moslem Ali Cairo – Mubasher: “Stay Home” is a global call that spread across the world over the past months, signalling not only a new public policy and a health precaution against an infectious disease but a turning point in how markets …
Banking and Finance
The new DIFC branch is part of Samba’s growth plans
11 August 04:41 PM Samba licensed to open branch in DIFC
Riyadh – Mubasher: Samba Financial Group has obtained a license from the Dubai Financial Services Authority (DFSA) under which its branch in the Dubai International Financial Centre (DIFC) will operate as an authorised company that offers selected …
Banking and Finance
The lender's total assets declined to AED 2.33bn
11 August 03:45 PM Emirates Investment Bank logs AED 21m losses in H1-20
Dubai – Mubasher: The consolidated interim financial results of Emirates Investment Bank showed AED 20.87 million net losses attributable to equity holders of the parent in the first half (H1) of 2020, against net profits of AED 21.22 million in …
Financial Results
The agreement will enhance the group's debt profile
10 August 09:27 AM Union Properties partners with Emirates NBD for debt restructuring
Dubai – Mubasher: Union Properties has entered into an agreement with Emirates NBD to fully restructure its existing AED 946 million debt with the bank and pay the initial amount as per new terms. This move will enable the group to significantly …
Real estate
The measures will be effective until 31 December 2021
9 August 01:40 PM CBUAE announces more measures in economic support scheme
UAE - Mubasher: The board of the Central Bank of the UAE (CBUAE) has added more measures in the Targeted Economic Support Scheme (TESS) to enable the banking sector to support the economy amid coronavirus (COVID-19). Under the new measures, the …
Central Banks
The lender's total income retreated by 4.5%
6 August 10:32 AM RAKBANK's net profits decline by 45% in H1-20
Abu Dhabi – Mubasher: National Bank of Ras Al Khaimah (RAKBANK) saw a 44.7% decrease in net profits to AED 306.6 million for the January-June period of 2020, compared to AED 554.9 million in the same period of 2019. The bank's total assets reached …
Banking and Finance
The Sukuk aims to reinforce the bank's capital
5 August 03:50 PM Khaleeji Commercial Bank finalises $159m Sukuk issuance
Dubai - Mubasher: Khaleeji Commercial Bank has closed $159 million Sukuk issuance fully covered by GFH Financial Group as the sole subscriber, according to a press release on Wednesday. Issued following the approval of regulatory authorities and …
Banking and Finance
The platform offers its participants payment solutions
5 August 12:14 PM CBUAE, Arab Monetary Fund ink agreement for settlement services in AED
UAE – Mubasher: The Arab Monetary Fund (AMF) has signed an agreement with the Central Bank of the UAE (CBUAE) to provide settlement services in dirham (AED) through its Buna platform, a multi-currency payment platform. These services allow …
Central Banks
FAB has attracted over CNY 3.6 billion in international orderbook
4 August 01:34 PM FAB issues CNY 3.25bn Formosa bond
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has issued the world's largest Chinese Yuan-denominated dual-listed Formosa bond worth CNY 3.25 billion ($465 million) of a 5-year term, according to Emirates News Agency (WAM). FAB has attracted …
Bonds
These facilities coincide with the second phase of restructuring
4 August 10:18 AM NMC Health obtains $250m bank facilities
UAE - Mubasher: NMC Health, the largest private healthcare provider in the UAE, has received new financial facilities worth $250 million, Zawya reported. The facilities coincide with the second phase of the health group's planned restructuring, …
Banking and Finance
The transaction will significantly strengthen the lender’s financial position
3 August 09:31 AM Khaleeji Commercial Bank issues $159m Sukuk
Dubai - Mubasher: Khaleeji Commercial Bank has successfully issued Sukuk worth $159 million, subject to approvals from regulatory authorities and the extraordinary general meeting (EGM). Shareholders supported the bank to issue Additional Tier 1 …
Sukuk and Islamic Finance
The AMF is also considering requests from other member states
29 July 04:20 PM AMF supports Egypt's reforms with $639m new funding
Cairo – Mubasher: The Arab Monetary Fund (AMF) signed a new loan worth $639 million with Egypt to support a reform programme in the public finance sector amid the coronavirus (COVID-19) crisis, the Emirates News Agency (WAM) reported on Wednesday. …
Banking and Finance
ADCB's total assets recorded AED 406.235bn
29 July 02:17 PM ADCB's net profits shrink 48% YoY in H1-20
Abu Dhabi – Mubasher: The financial statements of Abu Dhabi Commercial Bank (ADCB) showed a 48% year-on-year (YoY) plunge in net profits to AED 1.44 billion in the first half (H1) of 2020, compared to AED 2.33 billion in the same period of 2019. …
Banking and Finance
The EPS settled at AED 0.07 in H1-20
29 July 09:40 AM NBQ sees AED 127m net profits in H1-20
Abu Dhabi – Mubasher: The net profits of the National Bank of Umm Al Qaiwain (NBQ) reached AED 127.24 million during the first six months of 2020, down from AED 238.89 million in the same period of 2019. The bank's net interest income and net …
Banking and Finance
The bank was looking to shut 20 branches.
28 July 10:37 AM ADCB to reduce 400 jobs - Report
Abu Dhabi  – Mubasher: Abu Dhabi Commercial Bank (ADCB) is reportedly cutting 400 jobs to decrease costs due to the economic impact of the coronavirus (COVID-19) outbreak and the lower oil prices, sources told Reuters. The sources referred that …
Management Decisions
The FlexxPay platform offers benefits for employers and employees alike
27 July 11:56 AM Flexxpay receives Sharia certification
Dubai – Mubasher: FlexxPay, has secured a Sharia compliance certification for its platform from Shariyah Review Bureau. The cloud-based technology solution enables employees to access their earned income whenever needed. The platform, which can be …
Companies Investments
Credit Europe had filed a lawsuit against NMC
26 July 02:51 PM Dubai court freezes NMC founder's assets
UAE - Mubasher: A Dubai court has issued a decree to freeze the assets of NMC Health Founder BR Shetty worldwide due to his debt, according to Financial Times citing recent court documents. This decision was taken after Credit Europe, a Dutch …
Markets Regulations
The Nile Delta Sukuk will mature on 31 October
26 July 10:05 AM Dana Gas appoints financial adviser for Nile Delta Sukuk
Abu Dhabi – Mubasher: Dana Gas has appointed Houlihan Lokey as its financial adviser for its Nile Delta Sukuk worth $379.6 million (AED 1.393 billion). The Nile Delta Sukuk matures on 31 October 2020, according to a press release on Sunday. It is …
Banking and Finance
The bank will process around 3.5 million payment transactions
23 July 11:09 AM FAB becomes Etihad's payment processing partner
Abu Dhabi – Mubasher: Etihad Aviation Group has selected First Abu Dhabi Bank (FAB) to become its online and in-store payment processing partner to provide travellers with innovative payment solutions. The bank will process around 3.5 million …
Banking and Finance
The bank's total assets climbed by 13.5%
22 July 03:57 PM SIB's net profits dip to AED 251m in H1-20
Abu Dhabi – Mubasher: The consolidated interim financial results of Sharjah Islamic Bank (SIB) recorded net profits of AED 251.2 million during the first half (H1) of 2020, down 13.5% from AED 290.5 million in the corresponding half of 2019. Lower …
Banking and Finance
The bank's total assets surged by 27%
22 July 03:14 PM Mashreq Bank witnesses lower net profits in H1-20
Dubai – Mubasher: Mashreq Bank's net profits plunged by 56.2% to AED 535.131 million during the first half (H1) of 2020 from AED 1.221 billion in the same half of the earlier year. The bank's total assets surged by 27% to AED 173.310 billion in H1 …
Banking and Finance
The bonds have a demand of $2.3bn
22 July 01:40 PM Emirates NBD lists $750m on Nasdaq Dubai
Dubai – Mubasher: Emirates NBD has rung the market-opening bell at Nasdaq Dubai for listing $750 million conventional bonds, with a coupon of 6.125%, according to a press release on Wednesday. The issuance of perpetual bonds, which is callable …
Bonds
DIB's net income registered AED 4.723bn
22 July 09:41 AM DIB sees 23% lower net profits in H1-20
Dubai – Mubasher: Dubai Islamic Bank (DIB) saw net profits of AED 2.118 billion in the first half (H1) of 2020, down by 23% from AED 2.753 billion during the same period of 2019. The bank's total assets jumped by 27% to AED 294.797 billion in the …
Banking and Finance
The decision is effective starting Wednesday
21 July 03:50 PM Emirates NBD to increase foreign ownership limit to 40%
Dubai – Mubasher: Emirates NBD has obtained all regulatory approvals necessary for raising its foreign ownership limit to 40% from 20%, according to the bank's disclosure to the Dubai Financial Market (DFM) on Tuesday. The decision is effective …
Banking and Finance
The lender's total assets dropped to AED 64.195bn
20 July 10:15 AM Emirates Islamic's net profit falls to AED12m in H1-20
Dubai – Mubasher: The net profits of Emirates Islamic plunged to AED 11.846 million in the first half (H1) of 2020, compared to AED 673 million in the year-ago period. The decline in the bank's net profits has resulted from higher impairment on …
Financial Results