12/27/2018
IIA takes a fresh look at risk management model
The first line of defense is management’s responsibility to effectively assess risks and to design and implement internal controls to mitigate those risks, according to Chambers.
Legal, Tax, Regulation & Compliance
12/26/2018
Two Saudi sovereign wealth funds among the Top 10 globally
The combined assets of all sovereign funds under study amounted to $8.11 trillion by the end of November 2018, with Saudi Arabia and UAE accounting for 10.8 and 14.5 percent of total assets, respectively. — SG
12/26/2018
No VAT on financial services, says Bahrain cbank
This exemption shall not apply in respect of specifically specified fees, commissions or commercial discounts, a statement said.
12/24/2018
12 Saudi banks to pay 17.9bn riyals to settle Zakat payments
The listed lenders said the settlement covers previous years and 2018 fiscal year
12/24/2018
Clifford Chance in key Bahrain utility project refinancing role
The new 10-year $1.31 billion refinancing contains all existing commercial lenders active in the Middle Eastern project finance market, and was required due to the original financing taking place in mid-2009, during the global financial crisis.
12/23/2018
Turkish Banks Take Over Largest Phone Operator After Default
Government’s deputy transport minister takes over as chairman
12/23/2018
ICO regulations to hit the United Arab Emirates in early 2019
A “regulatory sandbox,” as explained by The National, is a “framework that facilitates the development of the financial technology industry.”
12/21/2018
Kuwait's plan to reduce expats 'to impact economic growth'
New research says it will take a generation to replace large number of foreign workers with Kuwaiti ones
12/20/2018
Dubai resident returns to find $1m missing from bank account
He discovered that his registered SIM card number was replaced with another one.
12/20/2018
Lebanon finance, foreign ministers to stay
Conflicting demands for seats in new cabinet
12/20/2018
Asians in the dock for embezzling Dhs20m from bank
When the bank discovered the incident, they checked the employee’s work and the second suspect’s account and later forwarded them to the competent authorities and then to the court.
12/20/2018
Dubai regulator plans rules for fund platforms
DIFC proposes to add a different type of investment company for managing multiple funds
12/20/2018
Egypt Considers Re-Opening Door for Licensing International Banks' Branches
The source added that a number of international banks filed requests to join the Egyptian market.
12/20/2018
Don't open WhatsApp message sent by 'UAE Central Bank', residents told
The message directs receivers to a malicious website.
12/20/2018
Qatar will not introduce VAT in 2019
Qatar will not introduce VAT in 2019, the Qatar Ministry of Finance (MoF) has announced. However, it has established a tax authority which will be in charge of the implementation of all tax laws, not just VAT.
12/19/2018
MiFID II prompts Bloomberg to partner with ETF providers to launch volume feed
Increasing transparency
12/19/2018
DFSA Enhances its Funds Regime
The DIFC now has almost 70 Funds, most of which have been registered over the last two years.
12/18/2018
KPMG Bahrain managing partner Jamal Fakhro honoured by industry peers
“I am thankful to the ICAEW for this recognition."
12/18/2018
UAE Central Bank's foreign currency assets hit $94.28bn
The UAE's monetary base has also expanded 6 percent to an 11-month high
12/18/2018
China's plans to invest $20 billion in Egypt collapse
Egypt's economy is still dwindling after the 2011 uprising ushered in political and economic instability.