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Banking and Finance

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31 March 05:07 PM Banque Misr sells EGP 12.3bn of 15% certificates in 7 days
By: Islam Fadl Cairo – Mubasher: Banque Misr sold EGP 12.3 billion of its new 15% annual rate savings certificates in seven days, the bank’s vice chairman Akef El-Maghraby told Mubasher on Tuesday. Online sales of these certificates accounted for …
Banking and Finance
The bonds were offered at a 1.375% rate of return
31 March 01:28 PM Kuwait C. bank sells KWD 240m bonds, tawarruq
Mubasher: The Central Bank of Kuwait (CBK) on Tuesday offered bonds and related tawarruq worth KWD 240 million, with a 1.375% rate of return. The six-month issue was oversubscribed by 11.21% times and will be due on 29 September 2020, according to …
Bonds
Egypt's BoP posted an overall surplus of $410.9 million
31 March 11:25 AM Egypt’s Suez Canal receipts hit $3bn in H1-19/20
Cairo – Mubasher: Egypt’s receipts from Suez Canal increased to $3 billion during the first half of fiscal year 2019/2020, compared to $2.9 billion in the year-ago period, according to data released by the Central Bank of Egypt (CBE) on Monday. …
Central Banks
The rating reflects the lender's strong capacity to meet its financial commitments
31 March 11:18 AM S&P lowers NBK’s credit rating to ‘A’; outlook stable
Mubasher: Standard & Poor's Ratings (S&P) has downgraded the long-term issuer default rating (IDR) of the National Bank of Kuwait (NBK) to ‘A’ from ‘+A’, with a ‘Stable’ outlook. The rating reflects the lender's strong capacity to meet its …
Ratings
Egypt's BoP posted an overall surplus of $410.9 million
31 March 11:05 AM Egypt’s tourism revenues rise to $7.2bn in H1-19/20
Cairo – Mubasher: Egypt’s tourism revenues rose by $459.7 million or 6% year-on-year to $7.2 billion in the first half of fiscal year 2019/2020, compared to $6.79 billion, according to data released by the Central Bank of Egypt (CBE). Meanwhile, …
Macroeconomics
This move aims to diversify the bank's investor base
31 March 10:27 AM ADIB raises foreign ownership limit to 40%
Abu Dhabi – Mubasher: The shareholders of Abu Dhabi Islamic Bank (ADIB) have nodded to raise the bank's foreign ownership limit to 40% from 25%. This move aims to diversify the bank's investor base and strengthen the UAE's position as an …
Banking and Finance
Boubyan Bank has a strong capacity to meet its financial commitments
30 March 02:43 PM S&P downgrades Boubyan Bank’s credit rating to ‘-A’
Mubasher: Standard & Poor's Ratings (S&P) has downgraded the long-term credit rating of Boubyan Bank to ‘-A’ from ‘A’ and maintained a 'Stable' outlook. The agency affirmed the bank’s stand-alone credit profile (SACP) at ‘bbb’, according to a …
Banking and Finance
The bank reported net profits of EGP 2.71 billion in 2019
30 March 12:35 PM Faisal Islamic Bank approves $66m capital raise via bonus issue
Cairo – Mubasher: The board of directors of Faisal Islamic Bank of Egypt approved a disclosure form to proceed in its capital raise procedures. The board decided to increase its issued and paid-up capital by $66.02 million to $506.2 million from …
Banking and Finance
The central bank supported the Egyptian bourse with EGP 20 billion
30 March 11:53 AM CBE delays EGP 1.8trn debt payments for 6M
Cairo – Mubasher: The Central Bank of Egypt (CBE) has delayed debt payments of Egyptian companies and individuals worth EGP 1.8 trillion for six months, the CBE’s governor Tarek Amer said in a TV interview.   However, the interest will still …
Central Banks
A fee of EGP 3 is charged on each ATM transaction
29 March 06:13 PM Pensioners to be exempt from ATM fees for 6M – Source
Cairo – Mubasher: The Central Bank of Egypt (CBE) will pay ATM withdrawal fees for pensioners for a period of six months on behalf of the Ministry of Social Solidarity, an official source told the Middle East News Agency (MENA). A total of 6 …
Central Banks
Foreign currency derivatives balance jumped to AED 797.2 billion in February
29 March 02:01 PM UAE banks' guarantee letters, credit facilities hit AED 4.5trn in February
UAE – Mubasher: The total cumulative balance of letters of guarantee and credit, liabilities, and other credit facilities at the Central Bank of the UAE (CBUAE) grew by 4.3% month-on-month (MoM) or AED 86 billion in February 2020. The balance …
Banking and Finance
CBE imposed temporary limits on ATM withdrawals and deposits at EGP 5,000
29 March 01:45 PM NBE launches mobile ATMs amid coronavirus fears
Cairo – Mubasher: The National Bank of Egypt (NBE) announced that customers will be able to use mobile ATM vehicles. Mobile ATMs will be spread across different areas in the country in a bid to promote social distancing to curb the spread of the …
Banking and Finance
The bank reported a 7% rise in total assets last year
29 March 01:11 PM Al Baraka Bank South Africa sees 11% higher net income in 2019
Mubasher: The net income of Al Baraka Bank South Africa, a subsidiary of Al Baraka Banking Group, has increased by 11% to ZAR 73 million ($5 million) in 2019 when compared to 2018. The bank reported a 7% rise in total assets to ZAR 7.35 billion ($ …
Financial Results
The issuance will be used to finance the country’s budget deficit
29 March 12:27 PM CBE offers EGP 14.5bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 14.5 billion on Sunday on behalf of the Ministry of Finance. The first tranche of the T-bills amounts to EGP 4 billion and will be offered through …
Treasury Bills
Shareholders decided to increase the issued and paid-up capital by 15%
29 March 12:09 PM Faisal Islamic Bank approves dividends for 2019, capital raise
Cairo – Mubasher: The ordinary general meeting (OGM) of Faisal Islamic Bank of Egypt approved the proposed cash dividend distribution for 2019. The bank’s shareholders agreed to distribute $0.08 per share denominated in US dollar after zakat …
Banking and Finance
The rule excludes the salaries due to be paid to employees
29 March 10:52 AM CBE sets temporary deposit, withdrawal limit
Cairo – Mubasher: The Central Bank of Egypt (CBE) decided to set a temporary daily cash withdrawal and deposit limit of EGP 10,000 for Egyptian individuals and EGP 50,000 for Egyptian companies. The rule excludes the salaries due to be paid to …
Central Banks
The loans will finance the company’s business activities
29 March 10:04 AM National Cleaning renews KWD 39m loans
Mubasher: National Cleaning Company has renewed KWD 38.8 million worth of cash and noncash credit facilities contracts with local banks. The loans will finance municipality-related tender contracts that were previously announced as well as the …
Banking and Finance
Ministry of Finance - Saudi Arabia
27 March 06:21 PM Saudi Arabia closes March Sukuk issuance
Riyadh – Mubasher: The Saudi Ministry of Finance has closed the March 2020 issuance under the Saudi Arabian Government SAR-denominated Sukuk program. With an issuance size of SAR 15.568 billion, the offering was through three tranches, according …
Sukuk and Islamic Finance
President of Egypt, Abdel Fattah El-Sisi
27 March 06:07 PM Egypt calls for African debt relief by G20 countries
Cairo – Mubasher: President of Egypt, Abdel Fattah El-Sisi, has presented an initiative to the G20 group to consider easing debt burdens on African countries, in light of the impacts of the coronavirus (COVID-19) crisis on the continent’s …
Global Economy
The first tranche of the bills will be offered through 182-day notes
26 March 10:51 AM CBE issues EGP 20.5bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue EGP 20.5 billion worth of treasury bills (T-bills) on Thursday, in coordination with the Ministry of Finance (MOF) to finance the budget deficit. The first tranche of the bills will be …
Treasury Bills
Shareholders approved a capital reduction to BHD 89.21 million
25 March 02:12 PM Khaleeji Commercial Bank's OGM nods to delist from DFM
Mubasher: The ordinary general meeting (OGM) of Khaleeji Commercial Bank (KHCB), listed on Bahrain Bourse, has approved to delist the bank's shares from the Dubai Financial Market (DFM). During the meeting, the shareholders have authorised the …
Banking and Finance
This decision aims to help tourist facilities pay salaries and commitments
24 March 04:03 PM CBE offers 2-year loans to tourist facilities
Cairo – Mubasher: The Central Bank of Egypt (CBE) has decided to grant tourist facilities two-year loans with a six-month grace period. This decision aims to help the sector pay for employee salaries, supplies, and maintenance works, according to …
Banking and Finance
The distribution of cash dividends will be at $0.02 per share
24 March 12:35 PM Al Baraka's OGM enacts 2% dividends for 2019
Mubasher: The shareholders of Al Baraka Banking Group, listed on Nasdaq Dubai and Bahrain Bourse, have approved distributing cash dividends for 2019. The dividends represent 2% of the share's nominal value, or 2 cents per share, aggregating at an …
Banking and Finance
The new agenda will be announced in due course
23 March 12:06 PM KFH amends timeline of AUB’s acquisition deal
Mubasher: Kuwait Finance House (KFH) has amended the timeline applicable to its acquisition offer of Bahrain’s Ahli United Bank’s (AUB) total issued share capital in response to Kuwait’s decision to suspend work in public entities until 12 April, …
Companies Investments
The first tranche of the T-donds amounts to EGP 4 billion
23 March 10:14 AM CBE sells EGP 7.5bn T-bonds Monday
Cairo – Mubasher: The Central Bank of Egypt (CBE) on Monday offered treasury bonds (T-bonds) worth EGP 7.5 billion, in coordination with the Ministry of Finance (MoF) to finance the budget deficit. The first tranche is five-year T-bonds that …
Banking and Finance