09/10/2013
Dubai regulator hands $50k fine to local bank
According to the DFSA, UIB did not maintain adequate systems and controls and had corporate governance deficiencies which prevented it from acting the best interests of the company.
Legal, Tax, Regulation & Compliance
09/08/2013
Duet Fund fails to complete Habas deal
Habas Investments is collapsing and the company's CEO Hertzel Habas notified the Tel Aviv Stock Exchange this morning that that the closing date of September 6 for completing the Duet deal has passed with no deal done.
09/04/2013
Amwal Invest Sues Ernst & Young For Hiding Financial Troubles
Amwal Invest is suing international accounting firm Ernst & Young (E&Y) over allegations it covered up financial irregularities by a former administration.
09/04/2013
Saudi court orders arrest of bank employee
The employee allegedly took money from a number of people after promising he would invest their money in buying and selling cars and real estate units and pay them interest at a rate of 10 percent.
09/03/2013
NY regulator probes European banks over Turkish family
It was the latest move by New York banking Superintendent Benjamin Lawsky to clamp down on questionable practices by foreign banks in New York.
09/03/2013
Dr Bernd Van Linder, Managing Director at Saudi Hollandi Bank, on the Saudi banking system’s reactions to Basel III
Saudi Hollandi Bank, the first operating bank in the Kingdom of Saudi Arabia, was founded in 1926 under the name ‘The Netherlands Trading Society’
09/01/2013
Banks begin implementing SAMA's new rules
The clauses involve protecting clients from illegal practices during banking transactions and services.
08/28/2013
CMB signs MoUs with Securities Regulators of 13 EU Member States and 3 EEA Countries
International cooperation and supervision of cross border transactions are among the indispensible elements of today's financial markets.
08/27/2013
AME Info, Abu Dhabi, United Arab Emirates, Banking Briefs
Jordan-headquartered Arab Bank has announced that a New York federal court has dismissed over 90 percent of the claims in a long-running lawsuit
08/26/2013
Baker & McKenzie plans expansion into DIFC
Baker & McKenzie’s newly-expanded United Arab Emirates offering is eyeing up expansion into the Dubai International Financial Centre
08/26/2013
U.S. Dismisses Thousands of Claims Against Arab Bank
Jordan’s largest lender, the Arab Bank, announced this week that a New York federal court dismissed more than 90 percent of the claims in a long-running lawsuit
08/26/2013
Dubai court dismisses Kuwaiti Sheikh's $21 million claim against UBS
The case highlighted the complexity of doing business in the Gulf
08/24/2013
Thomson Reuters to host 8th Gulf Cooperation Council Regulators' Summit in Dubai
The summit will feature a series of panel discussions, debates and Q&A sessions covering topical issues facing the financial services industry
08/24/2013
DIFC looks to Europe for bigger fund role
The DFSA negotiated the agreements with the European Securities and Markets Authority
08/14/2013
Charles Russell becomes latest firm to enter Qatar market with Doha launch
The office, located in the business district of Westbay, will be led by Middle East real estate and construction head Simon Green, who is relocating to Qatar full-time after joining the firm's Bahrain base from Norton Rose in 2011.
08/14/2013
Qatar banks receive draft rules on Basel III
Qatar's central bank has sent a draft circular on new Basel III capital rules to conventional and Islamic banks that includes requirements for issuance of instruments such as hybrid bonds
08/11/2013
Fenwick Elliot to launch in Dubai following profit rise
Construction and energy specialist Fenwick Elliot will launch an office in Dubai early next year, after announcing dramatic increases in profit and revenue.
08/07/2013
ASAR's attorney selected amongst best Islamic finance practitioners
Al Ruwayeh & Partners, Kuwait's leading and most prominent corporate law firm
07/29/2013
Barclays fights financial authority findings on Qatar deal
The FCA and Britain's Serious Fraud Office have been investigating for about a year the circumstances surrounding the Qatari cash injection secured by Barclays, which is struggling to restore its reputation after a string of scandals.
07/26/2013
UAE Banks Federation initiative to bear success in regulating legal banking experts profession
UAE Banks Federation has succeeded to lay down the regulations of appointing legal banking experts, and moving forward with implementation in collaboration with the Central Bank, Ministry of Justice and other judicial authorities.