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26 January 08:38 AM

Banking

Mumtalakat’s CEO Khalid Al Rumaihi
22 January 09:44 PM Mumtalakat receives $4bn orders for $500m sukuk
Mubasher: Bahrain Mumtalakat Holding Company, the sovereign wealth fund of Bahrain, has received $4 billion worth of orders for $500 million sukuk, Mumtalakat’s CEO Khalid Al Rumaihi told CNBC Arabiya on Wednesday. The company did not expect such …
Sukuk and Islamic Finance
The Murabaha facility agreement was signed in June 2019
22 January 04:38 PM Alafco recieves last tranche of $600m Murabaha facility
Mubasher: Alafco Aviation Lease and Finance Company on Wednesday announced the successful closure of a $600 million five-year unsecured Murabaha facility as it received the last tranche of $80 million. The payment marked the last phase of the …
Companies Investments
Order books were oversubscribed 2.5 times, exceeding $750 million
22 January 09:39 AM GFH raises $300m in Sukuk issuance; oversubscribed 2.5 times
Dubai – Mubasher: GFH Financial Group on Wednesday announced the successful closure of five-year Sukuk valued at $300 million.   The issuance was oversubscribed 2.5 times with more than $750 million, according to a bourse statement. GFH believes …
Companies Investments
Chairman of Kuwait Finance House (KFH), Hamad Abdulmohsen Al Marzouk
20 January 03:59 PM KFH, AUB merger to generate higher profits; BHB listing approved
Mubasher: The chairman of Kuwait Finance House (KFH), Hamad Abdulmohsen Al Marzouk stressed that the bank focuses on merger and acquisition opportunities, CNBC Arabia reported on Monday. He noted that KFH’s merger with Bahrain’s Ahli United Bank …
Management Decisions
Finastra's solutions cover 90% of banks’ needs
20 January 11:19 AM Interview: We look to repeat Finastra Egypt Digital Trade Forum – Serge Tohme
Mubasher: Finastra was founded in 2017 from the merger of two fintech giants, D+H, a leading financial technology provider and Misys, which provides software solutions focused on retail and corporate banking services. Serge Tohme, Managing …
Global Economy
BisB will continue to be listed on Bahrain Bourse
18 January 09:48 PM NBB acquires 78.8% stake in Bahrain Islamic Bank
Mubasher: The National Bank of Bahrain (NBB) on Saturday announced that its offer to acquire up to 100% of the paid-up ordinary shares of the Bahrain Islamic Bank (BisB) resulted in the control of a 78.8% stake in the Islamic bank, according to …
Mergers and Acquisitions
The Sukuk issuance will have a tenor of five years
16 January 09:29 AM GFH confirms Reuters news on $500m Sukuk issue
Dubai – Mubasher: GFH Financial Group on Thursday confirmed to its shareholders the news published by Reuters on 13 January 2020. GFH clarified that it plans to issue five-year-tenor Sukuk. The issuance builds on the shareholders’ resolution, …
The EGP exchange rate climbed to EGP 15.86 for buying
14 January 11:39 AM Egyptian banks receive $1.7bn foreign cash inflows in 4 days
Cairo – Mubasher: foreign cash inflows into banks operating in Egypt reached $1.7 billion in just four days ending on Monday, 13 January, according to a statement by the Central Bank of Egypt (CBE). Such inflows have helped push the Egyptian pound …
Macroeconomics
Mumtalakat is set to hold meetings with investors
7 January 10:06 PM Bahrain’s SWF hires banks for USD-dominated sukuk issuance
Mubasher: Mumtalakat Holding Company, the sovereign wealth fund (SWF) of Bahrain, has hired banks to arrange fixed income investor meetings ahead of the issuance of USD-dominated sukuk, Reuters reported on Tuesday. The hired banks include …
Banking and Finance
The transaction may have a one-time negative impact on the net income
5 January 10:15 AM Burgan Bank exits entire stake in Bank of Baghdad
Mubasher: Burgan Bank has sold its full stake in Bank of Baghdad, representing 51.8%, to its sister company, United Gulf Holding company. The deal reinforces Burgan Bank’s strategy to improve returns on risks for the bank’s shareholders, according …
Banking and Finance
Egypt topped receivers of KFAED's finance in 2019
25 December 2019 01:46 PM Kuwait Fund for Arab Economic Development provides $1.67bn finance in 2019
Mubasher: Kuwait Fund for Arab Economic Development (KFAED) has provided loans worth of $1.67 billion to different countries and entities during 2019. The biggest finance provided by the fund this year was a $1 billion loan granted to the Egyptian …
Banking and Finance
The transaction is dually funded in US dollars and Euros
22 December 2019 04:03 PM TDB signs $450m Mideast-focused syndicated term financing
UAE– Mubasher: The Eastern and Southern African Trade and Development Bank (TDB) has successfully closed a Multi-Tranche Syndicated Term Financing, conventional and Islamic, worth $272 million and EUR 160.200 million, equivalent to a combined …
Macroeconomics
Credit Agricole is still developing SMEs portfolio and getting some resources
18 December 2019 02:09 PM Antoine Paliard talks fintech innovation, startup contests – Interview
By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Credit Agricole has chosen Infini Systems, an India-based startup, as the winner of the Fintech Hackathon 2019 during the RiseUp Summit, held in Cairo from 5 to 7 December. A total of 30 teams …
Companies Investments
The platform allows investors to buy, sell, and hold digital diversified Sharia-compliant assets
18 December 2019 01:22 PM CoinMENA seeks opportunities in digital assets, Islamic fintech
Mubasher: Bahrain-based CoinMENA has appointed Shariyah Review Bureau (SRB) as an outsourcing facility to manage and supervise the Sharia certification and Sharia audit services for its digital asset platform. Created to help investors at both the …
Sukuk and Islamic Finance
Mohamed ElKasstawi as a speaker during RiseUp Summit 2019
12 December 2019 01:31 PM ElKasstawi: Stock markets, gov’t can boost performance via digital money – Interview
By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Blockchain is increasingly carving out the space within the investment and banking sectors, with cryptocurrencies, tokens, and fiat expected to reshape the future of finance as many countries …
Trading Activities
Tribal Credit recently closed a $5.5 million Seed round
12 December 2019 00:04 PM How startups benefit from blockchain at Tribal Credit – Interview with Mohamed ElKasstawi
By: Ingy ElSafy & Moslem Ali Cairo – Mubasher: Startups nowadays should look for new ways to boost their business, and one of these ways is using blockchain technologies and digital money. The US-based Tribal Credit, headquartered in Silicon …
Banks represent 60% of Boursa Kuwait's market cap
2 December 2019 01:56 PM Kuwait’s listed banks post $280bn in assets in 9M
By: Mohamed Farouk Mubasher: Listed Kuwaiti banks’ assets amounted to $280 billion (KWD 84.956 billion) over the nine-month period ended 30 September, accounting for 75% of the total assets of bourse-listed companies, according to National Bank of …
Sector Reports
The ministerial meeting will be organised jointly with the African Union
2 December 2019 01:56 PM Sharm El-Sheikh to host F15 expert meeting on Tuesday
Cairo – Mubasher: The Egyptian seaside town Sharm El-Sheikh will host the expert-level meetings of the Committee of Fifteen Ministers of Finance (F15) on Tuesday, 3 December. In addition, the ministerial meeting will be organised jointly with the …
Macroeconomics
Part of the signing ceremony
26 November 2019 07:00 PM Khaleeji Commercial Bank arranges $67.8m loan for Liwan project
Mubasher: Bahrain’s Lama Real Estate has signed an agreement with Khaleeji Commercial Bank to arrange a loan to finance Lama’s Liwan project. The BHD 25.5 million ($67.81 million) loan will be arranged in collaboration with Kuwait Finance House – …
Companies Investments
NBK provides products and services through large network
26 November 2019 02:52 PM NBK becomes 1st bank in MENA to adopt 3D Secure 2.0 system
Mubasher: National Bank of Kuwait (NBK) has become the first bank in the Middle East and North Africa (MENA) region to adopt Visa’s 3D Secure 2.0, which provides merchants and issuers with a seamless way to authenticate cardholders for eCommerce …
Companies Investments
Part of the inauguration ceremony
26 November 2019 02:05 PM Switzerland’s Mirabaud opens unit in Abu Dhabi
UAE – Mubasher: Swiss banking and finance group Mirabaud has inaugurated its Abu Dhabi office operations in collaboration with SBK Holding, which is owned by Sheikh Sultan Bin Khalifa Bin Zayed Al Nahyan, advisor to the UAE president. Mirabaud’s …
Banking and Finance
Kuwait has a large pipeline of planned projects worth about $166 billion
25 November 2019 06:37 PM NBK eyes further diversification, digital transformation - Al Fulaij
Mubasher: Kuwait has successfully shielded itself against recent geopolitical tensions and lower global oil prices as the country’s gross domestic product (GDP) is still solid, the National Bank of Kuwait (NBK) – Kuwait’s CEO Salah Al Fulaij said. …
Macroeconomics
Outlook is Stable for all GCC banking systems, but Negative for Oman
25 November 2019 00:58 PM GCC banks outlook remains stable - Moody's
Mubasher: The outlook for banks in the Gulf Cooperation Council (GCC) member countries remains stable in 2020, underpinned by solid economic growth, strong capital buffers and substantial liquidity, according to Moody's Investors Service. …
Ratings
Blockchain enables completion of the transaction in a single day
20 November 2019 02:52 PM Oman Oil & Orpic Group, HSBC execute 1st blockchain transaction in Oman
Mubasher: Oman Oil & Orpic Group and HSBC Bank Oman have successfully executed the first blockchain trade finance transaction in Oman. The transaction included the shipment of polypropylene and a thermoplastic polymer to Abu Dhabi National Carpet …
Companies Investments
Photo Archive
20 November 2019 02:37 PM SABB, HSBC introduce blockchain to KSA, Bahrain
Riyadh – Mubasher: Saudi British Bank (SABB) and HSBC Bahrain have used blockchain technology to finance international trade, for the first time in Saudi Arabia and Bahrain. “The move puts Saudi Arabia and Bahrain at the forefront of global trade, …