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Banking & Insurance

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25 January 04:06 PM Kuwait raises discount rate as of Thursday
Mubasher: The Central Bank of Kuwait (CBK) decided to lift the discount rate by 0.50% to 4% from 3.50% starting from Thursday, 26 January 2023. The decision is part of recent developments in local and international economic conditions, in addition …
Sector Reports
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17 January 04:20 PM ITFC, ISFD announce $150m support programme for LDMCs
Riyadh - Mubasher: The International Islamic Trade Finance Corporation (ITFC) and the Islamic Solidarity Fund for Development (ISFD), members of the Islamic Development Bank (IsDB) Group, penned a $150 million Mudaraba deal. The trade finance …
Banking and Finance
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25 December 2022 02:41 PM Consolidated assets of Arab banking sector may reach $4.4trn by year-end
Cairo - Mubasher: The Secretary General of the Union of Arab Banks (UAB) Wissam Fattouh said the consolidated assets of the Arab banking sector are expected to reach $4.40 trillion by the end of 2022. This represents a year-on-year (YoY) increase …
Macroeconomics
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6 December 2022 03:29 PM OneOrder raises $3m seed round; total investment tops $10m
Cairo – Mubasher: Egypt-based B2B marketplace connecting restaurants to suppliers, OneOrder, announced closing a $3 million seed round led by Nclude as well as returning investor A15. This brings the company’s total investment to $10.50 million. …
Global Economy
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24 November 2022 05:41 PM Al Salam Bank partners with Visa to enhance payment services
Mubasher: Bahrain-based Al Salam Bank, listed on Dubai Financial Market (DFM), signed an exclusive partnership agreement with Visa to provide advanced banking experience and varied payment methods for Visa cardholders, according to a press …
Banking and Finance
CEO of APICORP, Khalid Ali Al-Ruwaigh
7 November 2022 02:25 PM APICORP, Hartree ink $75m Islamic facility for voluntary carbon offsets
Riyadh - Mubasher: The Arab Petroleum Investments Corporation (APICORP), an energy-focused multilateral financial institution, announced the signing of a $75 million Murabaha agreement in favor of Hartree Partners Power & Gas Company (UK) Limited, …
Banking and Finance
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3 October 2022 04:22 PM BIC-BRED (Suisse) SA establishes Mideast presence in UAE’s DIFC
Dubai – Mubasher: Banque Internationale de Commerce - BRED (Suisse) SA (BIC-BRED (Suisse) SA has chosen Dubai International Financial Centre (DIFC) for its flagship regional office. The Geneva-based Swiss bank will use the DIFC platform to bring …
Macroeconomics
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22 September 2022 09:45 AM UAE’s central bank raises base rate by 75 bps to 3.15%
UAE – Mubasher: The Central Bank of the UAE (CBUAE) hiked its base rate applicable to the Overnight Deposit Facility (ODF) by 75 basis points (bps) to 3.15% from 2.40%, effective from Thursday, 22 September 2022, Emirates News Agency (WAM) …
Macroeconomics
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13 September 2022 03:43 PM FAB to finance Middle East sustainable projects with $75bn by 2030
Mubasher: First Abu Dhabi Bank (FAB) plans to endorse sustainable development projects across the Middle East with financing worth $75 billion by 2030, Ahram Gate cited Shargiil Bashir, Chief Sustainability Officer at FAB. Bashir pointed out that …
Banking and Finance
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1 September 2022 04:51 PM Ajman Bank to launch world’s 1st Mastercard Touch Card
Dubai – Mubasher: Mastercard and Ajman Bank announced launching the world-first Touch Card, an accessible payment card that will enable blind and partially sighted people to easily facilitate payments and distinguish between their cards. The new …
Global Economy
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7 August 2022 01:49 PM GCC leads Forbes Middle East’s top 30 banks 2022 list
Mubasher: Gulf banks dominated Forbes Middle East’s ranking of the Middle East’s Top 30 Banks 2022, with 25 out of the 30 based in the GCC. Saudi Arabia and the UAE were the most represented countries on the list, with 10 and seven banks, …
Banking and Finance
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28 June 2022 02:15 PM DIFC initiates 1st Open Finance Lab in region; listed banks participate
UAE – Mubasher: Dubai International Financial Centre (DIFC) has launched the first Open Finance Lab in the region on Tuesday, 28 June this year, according to a press release. The initiative is a six-month programme in which four banks and a …
Banking and Finance
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3 May 2022 09:40 AM Arab Bank Group posts $166m profits in Q1-22
Mubasher: The net profits after tax of Arab Bank Group jumped by 29.4% to $166 million in the first quarter (Q1) of 2022, compared to $128.3 million in the prior period. The group recorded a 5% increase in its loan portfolio to $35.2 billion as of …
Financial Results
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26 April 2022 03:19 PM Moody's revises GCC banking sector outlook to stable
Mubasher: Moody's Investors Service has changed the outlooks for the banking systems of Saudi Arabia, Kuwait, the UAE, Qatar, Oman, and Bahrain to stable from negative. The New York-based rating agency noted that the Saudi Arabian banks will …
Ratings
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13 January 2022 11:32 AM GCC banks' asset quality expected to see slight decline in 2022
Mubasher: GCC banks' asset quality indicators are expected to record a slight decline in 2022 because of regulatory forbearance measures that have enabled the corporate sector to tackle the coronavirus (COVID-19) repercussions, S&P Global Ratings …
Macroeconomics
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7 December 2021 06:03 PM Gulf banks' outlook seen stable amid regional economic recovery, higher oil prices
Mubasher: Moody's Investors Service expected the outlook for GCC banks to be stable over the coming 12 to 18 months, backed by economic recovery in the region as well as higher oil prices, according to a report on Tuesday. The Gulf lenders’ credit …
Sector Reports
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30 November 2021 05:49 PM IsDB’s ICIEC signs agreement with Japan's NEXI to boost trade relations
Mubasher: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has partnered with Japan-based Nippon Export and Investment Insurance (NEXI), the Export Credit Agency (ECA) of Japan, through a memorandum of …
Banking and Finance
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28 November 2021 02:17 PM Kuwait’s C.bank, CMA initiate campaign on crypto assets
Mubasher: The Central Bank of Kuwait (CBK) has collaborated with the Capital Markets Authority (CMA) to launch a joint financial literacy campaign on investing or dealing in crypto assets in the state, according to a press release on Sunday. …
Central Banks
The new finance deal is in line with stc Bahrain’s efforts toward digitalisation
15 November 2021 04:05 PM stc Bahrai inks $186m bullet payment loan with ADIB, MUFG Bank
Mubasher: stc Bahrai, a subsidiary of Saudi Telecom Company (stc), has inked a $186 million five-year bullet payment loan with Abu Dhabi Islamic Bank (ADIB) and MUFG Bank.  The agreement will provide liquidity to stc Bahrain to develop and improve …
Companies Investments
The bank's net operating income rose to BHD 49.579 million
3 November 2021 10:15 AM Al Salam Bank records higher profits in 9M
Mubasher: The net profits attributable to the shareholders of Al Salam Bank hiked to BHD 16.224 million in the first nine months of 2021, compared to BHD 8.073 million in the same period of 2020, as shown by the bank's interims financials for the …
Banking and Finance
GFH will purchase the shares of KHCB through a shares exchange
17 October 2021 11:31 AM GFH announces precondition satisfaction to acquire KHCB
Dubai – Mubasher: GFH Financial Group has announced the satisfaction of preconditions and firm intention to make an offer to acquire up to 100% of the issued and paid-up ordinary shares of  Khaleeji Commercial Bank (KHCB). GFH will purchase the …
Banking and Finance