Managers of Wealth Middle East -Wealth, private banking and asset management news and opinion

Al Rajhi Bank first-quarter profit slides on higher operating expenses and impairment charges

Provisions for bad loans climbed 78% to 693m riyals during the reporting period

World's Best Islamic Financial Institutions 2020: Fair Winds Before The Storm

Islamic financial institutions maintained good growth and higher profit in 2019, fortifying them for the difficult year ahead.

Virus crisis highlights potential role of Islamic finance in reaching sustainable development goals

As a background, the UN has formulated the SDGs as a playbook to address and eventually overcome a wide range of global economic, social, governance and environmental challenges by 2030.

Abu Dhabi Islamic Bank first-quarter profit plunges 55%

Credit provisions and impairments for the three months ending Mar 31 increased to 387.1 million dirhams versus 186.4 million dirhams for the same quarter in 2019.

ADIB net profit of AED 269.7 million in q1 2020

Management discussions and analysis of first quarter results ended March 31, 2020

UAE launches initiative towards ‘unified global legal framework’ for Islamic Finance

It is aimed at enabling Islamic economic activity and meet demand for greater standardisation within the sector.

Bahrain's Al Baraka Bank looks for acquisitions as coronavirus pandemic hits valuations

The Sharia-compliant lender plans to increase its international footprint by moving into India, China and Indonesia, its chief executive says

UAE launches initiative for global legislative framework for Islamic Finance

Initiative is in partnership between the Ministry of Finance, IDB and DIEDC

Saudi's Al Moammar Information Systems signs $77mln Islamic loan

The revolving facility will be renewable every year

ADIB launches second fund committed to a special financing strategy

The Fund is committed to a special financing strategy aimed at achieving attractive returns on a risk-adjusted basis of 6.50 per cent per annum by investing in leasing and other asset-based financing transactions across a wide range of sectors, credit por

Dubai Islamic Bank posts Dh1.1b first quarter net profit

DIB continues to deliver profitable results amidst an extraordinary global economic environment.

Bahraini bank Al Baraka boosts provisions to cover any virus impact

Other banks in the region, including Dubai’s largest bank Emirates NBD, have also increased their provisions in anticipation of the coronavirus outbreak’s impact on the credit market.

ADIB to market Islamic Leasing and Finance Opportunities Fund II exclusively in UAE

Follows successful launch of Fund I by ADIB to UAE-based clients in 2019

QIB wins 3 Global Banking & Finance Review awards

QIB Group CEO Bassel Gamal said, “Winning these awards by Global Banking & Finance Review, substantiates the investments we’ve made towards our digital offering and recognises the successful results of our digital transformation strategy.

Solidarity Fund: Dubai Islamic Bank unveils Dh120 million contribution

All of UAE rallies behind initiative to mitigate coronavirus repercussions in the UAE

Qatar- QIIB's Q1 profit tops QR267mn

There is no doubt that the results announced today reflect the success that we achieved.

Bahrain Islamic Bank launches new facility

The new service enables customers to get easy access to urgent cash instantly,

Al Salam Bank-Bahrain contributes over USD 1 million to combat the spread of COVID-19

USD 1 million contributed to the "Feena Khair" ("There is good in us") campaign

Abu Dhabi Islamic Bank in secondary market blockchain trade finance deal using TradeAssets

It is also a member of UAE Trade Connect another blockchain trade finance platform that includes some of the UAE’s largest banks.

Kuwait Financial House (KFH) Touts the Use of Ripple’s Payment Solution

An XRP community member, identified on Twitter as WrathofKahneman, reported this new development a couple of hours ago.