11/28/2018
Case against Deloitte unit moves closer to trial
The Lebanese Canadian Bank collapsed following a US investigation in 2011 that accused the institution of supporting money laundering networks and international drug trafficking
Legal, Tax, Regulation & Compliance
11/28/2018
UAE reaches agreement for facilitating domestic funds licensing
His Excellency added that the agreement implements passporting mutual recognition as a regulatory mechanism for the promotion and supervision of investment funds, and encourages foreign licensed firms in financial free zones based in other countries to mo
11/27/2018
Kuwait's central bank sets up test ground for fintech
Bahrain has created a fintech regulatory unit and Abu Dhabi and Dubai is cultivating a financial startup scene.
11/27/2018
U.A.E. Banks Look Outside of Their Home Turf to Boost Loan Deals
First Abu Dhabi Bank part of 51 foreign syndicated loan deals
11/26/2018
Global Forum on Tax Transparency marks a dramatic shift in the fight against tax evasion
The meeting marked the widespread rollout of automatic exchange of financial account of information.
11/23/2018
Ex-Falcon Board Members Charged
The two are being investigated by Swiss prosecutors and the banking regulator, which allege they used their position on Falcon's board to enable 1MDB to conduct unlawful business.
11/22/2018
Goldman Sachs sued over 1MDB scandal by Abu Dhabi fund
The sovereign-wealth fund says the bank played a ‘central role’ in the 1MDB scandal
11/22/2018
BMB directed to seek resignation of board of directors with immediate effect
The regulator has asked the bank to also ask the chief executive and chief financial officer to resign immediately as it does not consider them "fit and proper".
11/22/2018
Bahrain cbank revises crowdfunding rules
Crowdfunding has globally witnessed incremental growth aided by Fintech platforms, the CBB noted.
11/22/2018
Bahrain signs key business deals with China
The parties also attended the Bahrain – Hebei Business Forum to discuss opportunities and strengthen cooperation.
11/22/2018
CFA Institute and the Middle East Investor Relations Association sign an MoU
The collaboration between CFA Institute and MEIRA underscores the mutual commitment of both organisations to contribute to improve the communication of the Middle Eastern companies
11/21/2018
In Dubai, U.S. Sanctions Pressure Historic Business Ties With Iran
The deteriorating bank ties also threaten a larger re-export trade of other countries' goods to Iran through Dubai's ports and airports
11/21/2018
UAE, Jordan sign $100m agreement to support entrepreneurs
New agreement is aimed at financing micro, small and medium-sized enterprises in Jordan
11/21/2018
The GCC’s pension systems are ripe for reform
These generous policies for the local populations now face a key problem: how to ensure they remain sustainable in the long-term.
11/21/2018
UAE's Senaat hires banks for planned sukuk -document
The industrial group is planning a 5- to 7-year tenor fixed-rate U.S. dollar-denominated senior unsecured sukuk under their $3 billion Trust Certificate Issuance Programme, subject to market conditions.
11/21/2018
World Bank calls for ‘moonshot’ approach to Middle East economy
A new economy really is needed in MENA.
11/20/2018
$1bn received from Saudi Arabia: State Bank of Pakistan
The new government has been struggling to plug the big hole on the external front as the current account deficit reached record $18bn in FY18.
11/20/2018
Jordan’s Parliament Approves Amendments to Income Tax Law
Under the existing law, the figure is JD24,000 for households with JD4,000 in exemptions on VAT medical and educational receipts and invoices and JD12,000 for individuals.
11/20/2018
Qatar to implement mandatory IR framework from October 2019
For some (listed constituents), this (the new framework) will be just "business as usual’ but for others, they will "undoubtedly" need to pay more attention to the IR function and its resourcing, he said
11/19/2018
Deloitte issues call for common sukuk practices
Inconsistent laws and practices were highlighted in a dispute between UAE-based Dana Gas and its bondholders over the repayment of a $700 million sukuk and whether it still complied with Sharia law.