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Central Bank of Egypt - (Photo Archive)
11 April 01:47 PM CBE to introduce instant payment module, soft POS in 2021 - Deputy Governor
By: Marina Gamil Cairo – Mubasher: The Central Bank of Egypt (CBE) will this year launch a full-fledged instant payment module, after finalising regulations, and introduce a soft point of sale (POS) system that allows the use of mobile phones as …
The aggregate net profit of the GCC listed banks plunged by 32.2% YoY
1 April 01:48 PM GCC banking sector's profits record seven-year low in 2020
Mubasher: The net profits of the GCC banking sector hit their lowest levels in seven years, affected by the decline of profits in the fourth quarter (Q4) by almost a third on a quarterly basis to $5.3 billion due to higher provisions, according …
The agreement will not have an impact on the company's financial position
31 March 09:57 AM Al Mazaya's board approves KWD 24m facility agreement with Kuwaiti bank
Mubasher: The board of Al Mazaya Holding has approved to sign a facility agreement worth KWD 24.488 million with a Kuwaiti bank to restructure the original outstanding facility of KWD 22.7 million. The first payment is due upon signing the final …
The company has witnessed a significant oversubscription
23 March 03:44 PM Daewoo Engineering completes $200m syndicated conventional, Islamic facility
UAE - Mubasher: Seoul-based Daewoo Engineering & Construction Co, owning branches and subsidiaries in Asia, Africa, and the Middle East, has completed a dual-tranche syndicated conventional and Islamic term financing worth $200 million. Emirates …
Photo Archive
15 February 02:53 PM Remittances from Filipinos in GCC down to $5.1bn in 2020
Riyadh – Mubasher: Remittances paid by Filipino labour in GCC countries dropped by 11.21% on an annual basis in 2020. Filipinos’ remittances from the Gulf region registered $5.11 billion last year, compared to $5.76 billion in 2019, according to …
Wahby has started his career as an investment banker in Egypt
9 February 02:10 PM Al Ahli Bank of Kuwait names new CEO in UAE
Mubasher: Al Ahli Bank of Kuwait (ABK) has appointed Omar Wahby as the bank's CEO in the UAE, according to a press release. With a 25-year experience, Wahby has started his career as an investment banker in Egypt and occupied senior roles in a …
The campaign messages are published through several channels
3 February 01:25 PM CBK launches Diraya campaign to address e-crimes, e-fraud
Mubasher: The Central Bank of Kuwait (CBK) has recently launched 'Be Aware' Campaign (Diraya in Arabic) to enhance public awareness on e-fraud and e-crime, in cooperation with Kuwait Banking Association (KBA). With the participation of all Kuwaiti …
Regional debt issuances are expected to remain robust in 2021.
28 January 12:09 PM GCC debt issuance exceeds $100bn in 2020
Mubasher: GCC debt issuance was strong in 2020, crossing $100 billion on a continued need for budget financing, the National Bank of Kuwait (NBK) said in its latest economic update. The fourth quarter (Q4) of 2020 saw the issuance of about $15 …
KSA will showcase 1,000 projects worth $160 billion at the third Future Projects Forum (FPF).
26 January 03:09 PM Saudi Arabia could be Mideast’s busiest construction market next decade
Riyadh – Mubasher: Saudi Arabia will be the Middle East’s busiest construction market over the course of the next decade as its new wave of major projects makes progress, according to GlobalData’s MEED. The Gulf state will showcase about 1,000 …
Part of the facility has a 3-year term
21 January 10:23 AM Agility raises credit facility with local, international banks to KWD 240m
Mubasher: Agility Public Warehousing has inked a credit facility agreement with local, regional, and international banks to refinance and increase its credit facility line to KWD 240 million ($800 million) from around KWD 219 million ($725 …
IFA has settled and rescheduled 86% of its total debt
13 January 02:58 PM IFA witnesses precautionary seizure by local bank
Mubasher: International Financial Advisors (IFA) has announced a precautionary seizure by one of the local banks on the company due to an owed amount of KWD 8.8 million ($29 million). The debt amount is subject to a dispute between the company and …
Qatar’s foreign reserves continued to rise for the 34th successive month in December 2020.
7 January 01:03 PM Standard Chartered expects Qatar’s economy to grow 3% this year
Doha – Mubasher: Standard Chartered expected Qatar’s economy to grow by 3% this year as the easing of a three-year-old regional dispute will help trade, tourism, and logistics, Reuters reported. The British lender had revised its previous 2.1% …
The greenback slid to EGP 15.63 for purchasing
6 January 05:51 PM EGP continues to advance against USD on rising foreign reserves
Cairo – Mubasher: The US dollar exchange rate dropped against the Egyptian pound by EGP 0.04 in the first week of 2021 as foreign reserves rose to more than $40 billion. According to data by the Central Bank of Egypt (CBE), the average exchange …
The bonds have a maturity period of three months with a rate of return of 1.125%.
21 December 2020 03:38 PM Kuwait C.bank issues bonds, Tawarruq worth KWD 200m
Mubasher: The Central Bank of Kuwait (CBK) on Monday issued bonds and related Tawarruq at a total value of KWD 200 million. The bonds have a maturity period of three months with a rate of return of 1.125%, according to a statement on Monday. Bonds …
The bonds carry a maturity period of three months.
14 December 2020 01:46 PM Kuwait C.bank issues KWD 290m worth of bonds, Tawarruq
Mubasher: The Central Bank of Kuwait (CBK) on Monday said it issued bonds and related Tawarruq worth KWD 290 million. The bonds carry a maturity period of three months with a rate of return of 1.125%, according to a press release. Bonds and …
The top five developed countries in Islamic Finance are Malaysia, Indonesia, Bahrain, the UAE, and KSA.
9 December 2020 00:23 PM Global Islamic Finance assets may hit $3.69trn in 2024 - Report
Riyadh – Mubasher: Global Islamic Finance assets are forecast to reach $3.69 trillion by 2024 according to the 2020 Islamic Finance Development Report released today by Refinitiv and the Islamic Corporation for the Development of the Private …
Photo Archive
9 December 2020 10:15 AM Fitch says GCC Islamic banks have stable 2021 outlook, except for Saudi lenders
Riyadh – Mubasher: Fitch Ratings said the 2021 sector outlook for GCC Islamic banks is stable, reflecting a modest expected economic recovery. However, it expected asset-quality and profitability pressures to continue and predicted capital buffers …
The issued bonds and related Tawarruq have a return rate of 1.250%
7 December 2020 01:34 PM CBK sells KWD 280m bonds
Mubasher: The Central Bank of Kuwait (CBK) has issued bonds and related Tawarruq at a total value of KWD 280 million, according to a press release on Monday. With a six-month maturity period, the issued bonds and related Tawarruq have a return …
Filipino expats’ remittances from the GCC region fell by 13.91% YoY in 9M.
3 December 2020 01:13 PM Filipino labour in GCC records $3.7bn remittances in 9M
Riyadh – Mubasher: Remittances paid by Filipino labour in GCC countries dropped by 13.91% on a year-on-year (YoY) basis in the first nine months of 2020, pressured by the coronavirus pandemic. Filipino expats’ remittances amounted to $3.73 billion …
The assets of UAE banks rose by 3.2% QoQ in Q3-20
24 November 2020 10:04 AM UAE's listed banks record highest growth in assets in GCC in Q3-20
UAE - Mubasher: The listed banks in the UAE achieved the highest quarter-on-quarter (QoQ) growth in assets across the GCC countries during the third quarter (Q3) of 2020, according to a report published by Kamco Invest. The assets of UAE banks, …
The USD registered EGP 15.59 for buying
9 November 2020 04:38 PM EGP advances against USD to highest level since early March
Cairo – Mubasher: The Egyptian pound exchange rate advanced against the US dollar to its highest level since 8 March, according to data by the Central Bank of Egypt (CBE). The USD registered EGP 15.59 for buying and EGP 15.72 for selling, the CBE …
International reserves grew to $38.425 billion at the end of September
1 November 2020 03:43 PM EGP rises against USD in 10 months
Cairo – Mubasher: The Egyptian pound exchange rate climbed against the US dollar on the back of the successful monetary policy of the Central Bank of Egypt (CBE), the increase in remittances of Egyptians living abroad, and the receipt of funds …
AUB’s stake in AUB Egypt will be raised to 95.7%
25 October 2020 05:51 PM AUB provides update on AUB Egypt acquisition
Mubasher: Ahli United Bank – Bahrain (AUB Bahrain) said that the public tender offer to increase its stake in its unit in Egypt ended on 22 October. During the tender offer period, Ahli United Bank – Egypt’s shareholders tendered their shares, …
Photo Archive
25 October 2020 01:21 PM FAB is region's safest bank in 2020 - Global Finance
UAE – Mubasher: Global Finance has announced its 29th annual ranking of the World’s 50 Safest Banks for this year. The UAE's First Abu Dhabi Bank (FAB) secured the first spot regionally and the 32nd spot globally in Global Finance' ranking, …
These bonds have fixed and floating interest rates
11 October 2020 04:45 PM NBK exercises call option for KWD 125m subordinated bonds
Mubasher: The National Bank of Kuwait (NBK) has obtained the Central Bank of Kuwait’s (CBK) approval to exercise a call option to redeem KWD 125 million bonds at the interest payment date falling on 5 years from the date of issuance of the bonds …