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

Italian FinTech partners with Abu Dhabi company on scheme to offer loans

Agreement between Supply@ME and iMass investments will trial an inventory monetisation programme with Abu Dhabi-based manufacturers and lenders

UAE central bank temporarily relaxes rules on liquidity, funding for banks

Banks will be allowed to go below the 100% 'net stable funding ratio' but not below 90%

Philippines open to Qatar investments in digital banking, says central bank official

In light of the progress the Philippines has made in Islamic banking, she stressed that offering a Shariah-compliant digital solution to the market 'will be very attractive.

Saudi Arabia approves policy on Artificial Intelligence, expects SR500b windfall by 2030

A government entity plans to go all out on cloud computing

GCC states to spur sukuk's rally to $170B in H2

Global issuances, however, expected to dip 5% in 2020 on effects of Covid-19 pandemic

New Abu Dhabi body formed to foster public-private links

Economic collaboration committee will focus on sectors including real estate, banking, retail, hospitality and manufacturing

Central Bank of the Philippines open to Qatar-based funding

This comes as part of the nation’s strategic planning to conduct at least 30% of all transactions via online or digital platforms.

Banks Legal on COVID-19 and leases in the UAE

Banks Legal senior associate, Anshul Kalra, looks at some of the key issues facing tenants and landlords in the current economic and legal environment

UAE Central Bank unveils more measures to shore up banks

The CBUAE has also clarified that for the purposes of calculating NSFR and ASRR, the CBUAE Zero Cost Funding Facility under the TESS programme should be treated as stable funding with a 50 per cent weight, irrespective of its maturity.

Qatar ADR: scope to resolve construction claims

Often claims on construction projects arise because of the changes to the original scope of work, known as variations.

Porto Group signs joint, several guarantees with Banque Misr

Porto Group (PORT) will provide a joint and several guarantees to Banque Misr

Lebanon Central Bank tells banks to give loans to those affected by Beirut explosion

Lebanon has been shattered by the tragic blast that erupted out of Beirut's port area killing at least 135 people and wounding thousands

Turkey’s tumbling lira tests Erdogan’s rate resolve

Investors, analysts and sources close to Turkey’s central bank say that the most direct solution to the lira’s costly slide, in the form of a rate hike, would only happen as a last resort.

UAE: 665,246 Business Licences Issued in July

The register’s data showed that over 81 percent of licensed businesses are located in Dubai, Abu Dhabi and Sharjah.

Dubai court tells bank to pay customer Dh4.6 million after his account got hacked

Court also ordered the bank to pay the complainant Dh100,000 in damages.

CBUAE includes the UAE Dirham as the first settlement currency in "Buna" platform

"Buna" is a multicurrency platform that provides clearing and settlement services of cross-border payments in eligible Arab and foreign currencies across the Arab region and beyond, with links to major trade partners.

United Arab Emirates: Economic substance considerations for reporting purposes

The filing deadline for the notification is determined by each regulatory authority, with most deadlines having passed as of 30 June 2020.

Bahrain’s banks must help finance economic recovery

Although all industries were affected by the global outbreak, some industries were very badly hit.

Moody's - Decline in sukuk issuance to be limited by GCC financing needs

Despite the decline, 2020 will still see the second highest sukuk issuance total ever, following a 36% increase in 2019.

Trusts and Shari’a compliance

This is commonly referred to as 'forced heirship' and is most common within civil law countries and countries with Shari’a law in place.

Legal, Tax, Regulation & Compliance