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

Turkey’s banking field registers USD5.8b of net profit

Regarding the liabilities part, deposits kept at lenders in the country amounted at about 5.2 trillion Turkish liras (USD401.7 billion) in the end of November

Saudi cabinet approves law of evidence to develop the legislative system

The law of evidence will achieve a “major qualitative leap in the judicial legislation system,” the crown prince said

Binance Gets To Be The First-ever Crypto Regulator In The Middle East North Africa

In-principle approval is a sign that Binance must complete the application process in full and expects to complete “in the near future,” the announcement notes.

Qatar Chamber urges inactive companies to strike off their commercial registrations

Companies that fail to abide by such procedures alongside the submission of financial statements will be prone to pay financial penalties of QR500 for each day of the delay (maximum QR 180,000), according to Article 24 of the Income Tax Law.

Saudi Central Bank issues draft rules on real estate refinancing

The rules aim to contribute to the development of the finance sector promoting growth and stability in the secondary market for real estate finance

New amendments on cheque provisions in UAE to take effect from January 2

The clarification issued by the CBUAE aims to raise awareness on decriminalisation of bounced cheques and penalties

Compliance deadline set for cyber security regulations in Bahrain

Businesses offering financial services have until March next year to fully comply with new Central Bank of Bahrain (CBB) regulations

Dubai Courts begin decriminalising bounced cheque cases

Criminalisation is limited to cheques issued in bad faith

UAE Central Bank fines an exchange house for compliance failure

The banking regulator imposed a total penalty of $95,847 against the business

Appeal dismissed in landmark multi-billion dollar fraud trial

The original judgment with its “over-compartmentalised approach” had, for instance, not considered Al Sanea’s “proven dishonesty” and rejected compelling arguments in favour of Al Sanea’s use of forgery.

AMF releases booklet on using AI in the banking services

In addition technology aids lower operational cost and help in detecting and preventing fraudulent financial activities.

Saudi Arabia forms independent body to probe financial crimes

Saudi Arabia is taking several measures to ensure the protection of consumers and businesses within the Kingdom and from criminals operating outside

Etisalat’s blockchain arm crosses Dhs10bn

Launched commercially in April 2021, the platform was co-created by Etisalat Digital along with seven UAE banks

Gulf states must revive plans for a common currency

That earlier efforts to create a unified currency should not be allowed to get in the way

KPMG Records Strong Growth in FY21 in the Middle East & South Asia Region

The aggregate revenue of KPMG member firms in the Middle East & South Asia region grew by 7.8% in US dollar terms for FY21

UAE central bank increases oversight of banks’ real estate exposures

The CBUAE unveiled today an enhanced framework to better monitor and supervise banks’ exposures to the real estate sector

Dubai World Trade Centre to become comprehensive zone and regulator for virtual assets and Crypto

The Dubai World Trade Centre will be designing a comprehensive ecosystem for this progressive sector within Dubai.

ADGM's enhanced framework governing auditors comes into effect

The framework is administered by administered by the ADGM Registration Authority

UAE central bank to increase oversight of banks' real estate exposure

The regulator will give banks one year to enhance their practices to meet the new requirements, starting from Dec. 30.

A year the tide turned in the fight for tax justice

Our analysis of the G7 global tax deal was widely covered in media and press.

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