Wednesday 26 April 2017

Bank ABC selects Backbase to develop digital banking platform

Bahrain-based Bank ABC has selected Backbase, a state-of-the-art digital banking software solution, to develop its next generation digital banking platform for retail and wholesale banking across its network. Bank ABC, founded in 1980, is an international bank with its network sp


Mena private equity market ‘poised for big growth’

The Mena private equity industry (PE) is poised for significant growth led by the GCC’s six member states in light of intensified Mena-wide economic diversification and development efforts, a report said. This was the key finding of the report on ‘Challenges and Oppor


Saudi Dar Al Arkan lists $500m sukuk on Nasdaq Dubai

Saudi-based Dar Al Arkan Real Estate Development Company on Wednesday rang the market-opening bell to celebrate the listing of a $500 million sukuk on Nasdaq Dubai, the region’s international exchange. The listing provides strong support for Dar Al Arkan’s capital-rai


Emirates Islamic Q1 profit surges to $60m

Emirates Islamic, a leading Islamic financial institution in the UAE, has reported a five-fold growth in its net profit which soared to Dh221 million ($60.16 million) for the first quarter from Dh45 million ($12.25 million) for the same period in 2016. The institutions’ tot


Falcon Group names new chief risk officer

Falcon Group, a Swiss private banking boutique with a major presence in the UAE, has appointed Bruno Meyer as new chief risk officer and member of the executive board effective July 1. An industry veteran, Meyer has a proven international track record and over 20 years of banking


Emirates NBD Q1 net profit hits $509m

Emirates NBD, a leading bank in the region, posted net profit of Dh1.87 billion ($509 million) for the first quarter of 2017, marking a rise of 4 per cent year-on-year (y-o-y) and 1 per cent quarter-n-quarter (q-o-q). The operating performance was helped by a control on expenses


AlBaraka Türk wins $213m financing

AlBaraka Türk, one of the pioneers in the field of interest-free banking in Turkey, has reported the success of its syndicated Murabaha financing facility. Due to the oversubscription, Albaraka Türk has decided to increase the facility size from $150 million to $213 mil


GCC family firms discuss ingredients for long-term success

Sustaining family unity and maintaining commitment to evolve the family business were identified as key requirements for family business success over generations, at a major summit in Dubai recently. Family Business Council – Gulf (FBCG), the regional association of Family Busine


StanChart unit launches wealth advisory tool

Standard Chartered Private Bank has introduced ADVICE, a digital wealth advisory tool for its relationship managers (RMs) that integrates its investment recommendations with Thomson Reuters’ real-time market information. Powered by Thomson Reuters Eikon, a financial markets

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