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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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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. …
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. …
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 …
Kuwait’s bank credit rose by 4.2% YoY
19 November 2019 03:16 PM Kuwait’s bank deposits rise in September
Mubasher: Deposits at banks operating in Kuwait grew 0.8% year-on-year to KWD 43.4 billion, or KWD 331.2 million, in September 2019, Kuwait’s bank credit rose by 4.2% YoY to reach KWD 38.1 billion in September, according to a report released by …
The rating supports confidence in the bank
14 November 2019 02:38 PM S&P assigns ‘A’ credit rating to Boubyan Bank; Outlook stable
Mubasher: Standard and Poor’s rating agency has assigned ‘A’ long-term credit ratings to Boubyan Bank, with a stable outlook. The bank’s anchor and stand-alone credit profile (SACP) was assigned ‘bbb’ rating, according to a bourse statement …
Exchange companies registered profits of KWD 13.77 million by September
12 November 2019 00:43 PM Kuwaiti exchange companies’ profits down 4% in 9M
Mubasher: Foreign exchange companies in Kuwait saw a 4% decrease in net profits during the first nine months of the year, according to a statement by the Central Bank of Kuwait (CBK). Exchange companies registered profits of KWD 13.77 million …
The UAE managed to redirect its trade closer to home
5 November 2019 00:27 PM NBK Research: UAE’s economic outlook stable, policymakers drive non-oil growth
UAE - Mubasher: In its recent research, the National Bank of Kuwait (NBK) has said that the UAE’s economic outlook remains stable in spite of a slacking global economy, trade disputes, softer energy demand, and heightened geopolitical tensions. …
Hatem Sleiman, Regional Vice President - Middle East, Pakistan & Afghanistan, Western Union
31 October 2019 11:53 AM Sleiman in Interview – Western Union starting to leverage platform in new ways
Mubasher: Western Union, the US worldwide financial services and communications company, has enhanced the UAE with the latest generation of omni-channel platform in a way of confirming the deep commitment to keeping the Middle East at the …
Loans granted to the private sector rose by 3% YoY
30 October 2019 04:36 PM UAE banks provide AED 83bn more loans in September
UAE – Mubasher: The value of loans provided by Emirati banks grew by 5%, or AED 83 billion, in September 2019, recording AED 1.72 trillion. On a monthly basis, loans went down by AED 82.5 billion in September, from AED 1.638 trillion in August, …
The regional meeting will be hosted next December in Dubai
24 October 2019 03:22 PM UAE to host World Bank’s Ease of Doing Business Index regional meeting
UAE - Mubasher: The Ministry of Finance (MoF) on Thursday announced that the UAE has been chosen by the World Bank to host the bank’s regional meeting of the Working Group of Ease of Doing Business Index in Dubai in December 2019. Under the …
The new sukuk is due in 2029
22 October 2019 06:14 PM Saudi Arabia hires banks for $2.5bn sukuk issuance
Riyadh – Mubasher: Saudi Arabia has reportedly hired JPMorgan and Standard Chartered banks to manage a $2.5 billion sukuk issuance, according to Reuters. The new sukuk is due in 2029 and will be completed on Tuesday, the international news agency …