Banking

The seven-year facilities are covered by a promissory note and real estate mortgage
13 November 10:53 AM Mefic Reit Fund gets SAR 400m loans from Riyadh Bank
Riyadh – Mubasher: The Middle East Financial Investment Company’s Mefic Reit Fund on Tuesday announced that it has obtained a SAR 400 million ($106.7 million) sharia-compliant credit facilities from Riyad Bank. The seven-year facilities are …
This amount represents the oil-rich Kingdom’s monthly contribution to support Palestine’s budget with $20 million a month
11 November 07:13 PM Saudi Arabia transfers $60m to Palestine’s MoF
Riyadh – Mubasher: The Saudi Fund for Development (SFD) on Sunday has transferred $60 million to the Palestinian Ministry of Finance (MoF). This amount represents the oil-rich Kingdom’s monthly contribution to support Palestine’s budget with $20 …
UAE-based construction startup raises $1.6m in funding
11 November 12:21 PM UAE-based construction tech startup raises $1.6m in funding
Mubasher: A UAE-based construction startup has announced closing its funding round with $1.6 million in investments from a group of investors from the UAE and Saudi Arabia. WakeCap received investments from leading construction firm Consolidated …
The 15-year loan will be guaranteed through a promissory note
7 November 05:19 PM AlAhli REIT Fund 1 obtains SAR 650m facility from NCB
Riyadh – Mubasher: AlAhli REIT Fund 1 has announced signing a sharia-compliant Ijara loan agreement with the National Commercial Bank (NCB) at a value of SAR 650 million ($173.29 million). The facility will be allocated for acquiring …
The Egyptian lender will not sell its stake in Cairo Amman Bank
31 October 03:22 PM Banque Misr sells stake in Saudi's Samba for $370m
Cairo – Mubasher: Banque Misr, Egypt’s second largest state-run bank, has sold its 2% stake in Samba Financial Group, one of Saudi Arabia’s largest lenders, for around $370 million, vice chairman of the bank said. The Egyptian lender, which has an …
Bank AlJazira’s net profits went up 14% to SAR 753.8 million from January to September 2018
31 October 10:22 AM Bank AlJazira reports SAR 255m profit in Q3
Riyadh – Mubasher: Bank AlJazira on Wednesday posted a 12% year-on-year profit rise during the third quarter of 2018. The Saudi lender generated a profit of SAR 255.1 million ($68.01 million) during Q3-18, up from SAR 227.6 million ($60.68 …
The Saudi lender attributed the nine-month profit drop to a 5.9% decrease in operating income
30 October 04:00 PM Alawwal Bank’s profit drops 19% in 9M
Riyadh – Mubasher: Saudi Arabia-based Alawwal Bank on Tuesday reported a 23% year-on-year profit decline in the third quarter of 2018, reaching SAR 281 million ($74.91 million), compared to SAR 363 million ($96.78 million). The bank attributed the …
The growth of the Saudi central bank’s assets was attributed to a 28% increase in banks’ overseas deposits
28 October 05:35 PM SAMA assets rise 3.4% in September
Riyadh – Mubasher: Total assets of the Saudi Arabian Monetary Authority (SAMA) grew 3.4% year-on-year in September, registering SAR 1.942 trillion ($518 billion), versus SAR 1.878 trillion ($500.9 billion). The growth of the Saudi central bank’s …
Saudi APICORP inks $35m-$40m deal with Egypt derivatives firm
28 October 12:20 PM Saudi APICORP inks $35m-$40m deal with Egypt derivatives firm
Riyadh – Mubasher: The Arab Petroleum Investments Corporation (APICORP) on Sunday announced signing a financial structuring mandate with Egypt’s Suez Company for Methanol Derivatives in a deal worth $35 million to $40 million. The total value of …
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25 October 06:32 PM American Express ME partners with Nest for startups, SMEs
Mubasher: the Bahrain-based American Express Middle East has partnered with Nest, the corporate innovation specialist, to launch its first accelerator programme, Accelerate ME, according to a recent statement. This new programme aims to gather the …
Arab National Bank’s profit increased by 9.7% year-on-year to SAR 2.62 billion during the first nine months of 2018
25 October 09:24 AM Arab National Bank’s profit rises 15% in Q3
Riyadh – Mubasher: Arab National Bank on Thursday posted a 15% year-on-year profit hike during the third quarter of 2018, logging SAR 890.1 million ($237.30 million), compared to SAR 775.5 million ($ 206.75 million). The Saudi lender attributed …
SABB’s profits reached SAR 1.247 billion by the end of Q3-18
24 October 05:10 PM SABB’s profit rises 14% in 9M
Riyadh – Mubasher: The Saudi British Bank (SABB) on Wednesday reported a 15.14% year-on-year profit increase during the third quarter of 2018. SABB’s profits reached SAR 1.247 billion by the end of Q3-18, up from SAR 1.083 billion in Q3-17, …
The Saudi lender’s profits jumped 12.8% to SAR 7.52 billion during the first nine months of 2018
24 October 04:30 PM Al Rajhi Bank posts SAR 2.6bn profit in Q3
Riyadh – Mubasher: Al Rajhi Bank on Wednesday said that net profits went up 13.6% year-on-year to SAR 2.57 billion during the third quarter of 2018, compared to SAR 2.27 billion. The bank ascribed the third-quarter profit growth to 10.2% increase …
This free-of-charge ‘KFHTrade’ service will offer stocks trading
18 October 04:24 PM ‘KFHTrade’ free service to support GCC brokers, investors
Edited By: Ingy ElSafy Mubasher: Kuwait Finance House (KFH) has launched a new service ‘KFHTrade’ in collaboration with KFH Capital for investment Co, according to an official statement by the bank on Thursday. KFHTrade will offer high standards …
MEPCO will use the credit facility to finance its operating capital
16 October 09:51 AM MEPCO gets SAR 100m sharia-compliant loan from Bank Albilad
Riyadh – Mubasher: Saudi Arabia-based The Middle East Paper Co. (MEPCO) has signed a SAR 100 million ($26.67 million) sharia-compliant loan agreement with Bank Albilad. MEPCO will use the credit facility to finance its operating capital and meet …
MENA M&A deals surpass $45 billion in 9 months
15 October 07:05 PM MENA M&A deals surpass $45bn in 9M – Report
Mubasher: Merger and acquisition (M&A) transactions in the Middle East and North Africa (MENA) surged 65%, reaching $45.1 billion in the first nine months of 2018, marking an eight-year high, according to a new report. The MENA region’s inbound …
SABB-Alawwal union allows more retail business
14 October 03:57 PM SABB-Alawwal union to boost retail business; deal to finalise in H1-19 – MD
Riyadh – Mubasher: There are many benefits to the merger between the Saudi British Bank (SABB) and Alawwal Bank, the merged entity’s newly-appointed managing director has said. Not only will the merger create the third largest bank in Saudi …
Saudi CMA imposes SAR 180,000 fine on Medgulf
11 October 05:53 PM Saudi CMA imposes SAR 180,000 fine on Medgulf
Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) on Thursday fined Mediterranean and Gulf Insurance and Reinsurance Co. “Medgulf”. The fine worth SAR 180,000 ($47,988) was imposed after the company violated the listing rules and …
The six-year loan will be repaid on quarterly tranches
11 October 04:55 PM SAPTCO’s unit fetches SAR 200m murabaha facility from ANB
Riyadh – Mubasher: The Saudi Public Transport Co. (SAPTCO) has announced that its 80% subsidiary Public Transport Co has obtained a SAR 200 million ($53.3 million) murabaha loan from the Arab National Bank (ANB). The six-year loan will be repaid …
The sukuk market will be considered in the workshop
9 October 04:31 PM Kuwait C.bank to consider liquidity in Islamic banks
Mubasher: The Central Bank of Kuwait (CBK) will organize a workshop on Wednesday with the International Islamic Financial Market to consider the liquidity crisis in Islamic banks in addition to finding new investment alternatives, according to an …
Riyad Bank to redeem SAR 4 billion sukuk
8 October 05:36 PM Riyad Bank to redeem SAR 4bn sukuk
Riyadh – Mubasher: Riyad Bank on Monday said it was planning to redeem its SAR 4 billion sukuk due in 2020. The redemption will be made “in full, at their face value [which is] 100% of the issue price at their face value at the end of year five, …
8 October 04:56 PM NBK’s Al Watani Wealth Management operates in KSA
Mubasher: NBK Group announced that its subsidiary Al Watani Wealth Management Company has officially launched its operations in the Saudi market, according to an official statement. Al Watani Wealth Management will offer investment funds …
ADIB seen highest for EGP/USD; NBE lowest Sunday
7 October 12:36 PM ADIB seen highest for EGP/USD; NBE lowest Sunday
Cairo – Mubasher: The Egyptian Pound saw a mixed performance on Sunday against foreign currencies. Abu Dhabi Islamic Bank Egypt (ADIB) offered the highest US dollar rate at EGP 17.88 for buying and EGP 17.96 for selling. On the other hand, the …
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5 October 05:57 PM Morocco’s sukuk signal increased demand
Mubasher: Morocco’s began the selling of its first Islamic sovereign bonds issuance worth MAD 1.1 billion ($116.6 million), as tapping the sukuk market is a way for the government to access an alternative source of long-term financing via a …
The Qatari government has been able to rebalance the country's economy
4 October 04:59 PM Qatari banking system outlook upgraded on economic resilience – Moody’s
Mubasher: Moody's Investors Service has changed the outlook for the banking system in Qatar to “Stable” from “Negative”, according to the rating agency’s statement on Thursday. This upgrade for the gas-rich nation’s banking sector reflects the …