07/29/2020
Kuwaiti social media influencers named in online money laundering probe
Fouz Al Fahad, Farah Al Hady and other high-profile personalities are part of an investigation into e-commerce site Boutiqaat.com
Legal, Tax, Regulation & Compliance
07/29/2020
Uncertain Future For GCC SMEs
Outdated lending practices and a structural focus on government-related enterprises are keeping banks from backing the region’s beleaguered smaller companies.
07/28/2020
Kuwait’s draft law on expat quotas to exempt domestic workers, those on government contracts
Under the new proposal, Indians must not exceed 15 per cent of the population of Kuwaitis
07/28/2020
HSBC arranges first green export credit agency loan for Saudi ministry
The proceeds of the loan are being used to purchase buses from Germany for the kingdom’s public transport network
07/28/2020
DFSA alerts institutions to increased risk of cyberattacks
The DFSA has observed an increase in attacks leveraging known and new malware and a soaring number of newly registered malicious domains referencing COVID-19 since March.
07/28/2020
UAE residents warned against divulging bank details, personal information to random callers
Fraudsters continue to be on the prowl to steal data, money
07/28/2020
Kuwait Investment Authority goes legal against former officials
Files claims against London office employees for indulging in salary hikes, bonuses
07/28/2020
IMF may give Lebanon a smaller funding relief than it actually needs
Reluctance comes as financially strapped nation just can't seem to come up with solutions
07/28/2020
Moody’s affirms Barwa Bank’s credit rating at ‘A2/Prime-1’ with ‘stable’ outlook
This rating encourages us to continue our expansion plans that meet the aspirations of our customers and shareholders and promote the Group’s position locally and regionally.
07/28/2020
World’s Best Sub-Custodian Banks 2020
Subcustodians make cross-border securities investing possible
07/28/2020
Appeals court increases fine on four banks, three officials in money laundering case
The Iranian men and the four Iranian state-owned banks – Future Bank, Bank Saderat, Bank Melli and Bank Saderat, Doha – are all facing charges in five money laundering cases worth billions of dollars in a Bahrain-based bank .
07/28/2020
Fraudster David Haigh told he faces jail if he fails to provide financial details to a UK court
A judge has given the former executive of Bahrain’s GFH Financial Group two weeks to provide the documents
07/28/2020
Oman picks FAB and Bank Muscat to arrange $2bln loan - sources
The one-year loan would subsequently be repaid with money raised from an international bond
07/27/2020
Lebanon central bank governor inflated assets as liabilities grew, says audit
Most central banks record seigniorage, usually defined as a profit made from printing money, as an income stream.
07/27/2020
Dubai-China FinTech agreement brings new opportunities for DIFC
Dubai-Chengdu bridge to benefit FinTech firms in both jurisdictions
07/27/2020
Regulations in digital assets bring more confidence to investors in Gulf countries
Regulators are creating an environment where investors and customers feel safe to dabble in a secure manner, KARM Founder says
07/27/2020
SICO to offer sukuk-based Murabaha service
The unique service allows participating financial institutions to offer Sharia’a-compliant Murabaha service through an efficient process, and hence contributing to promoting the Kingdom of Bahrain as a hub for Sharia-compliant transactions.
07/27/2020
Emirates NBD completes customer migration to Smart Pass
Strong two-factor authentication for safer digital transactions
07/27/2020
Kuwait sovereign wealth fund fights court battle with fired executives
London arm of KIA alleges top managers conspired to award unlawful pay rises
07/24/2020
Abu Dhabi's NMC Health seeks another $250m in bank funds
UAE and international banks already have an exposure of $6b plus in hospital operator