03/06/2020
Central Bank of Kuwait cuts discount rate to 2.5 per cent
Saudi Arabia, the UAE and other Gulf states also reduced key interest rates tracking an emergency move by the Fed to soften the impact of the coronavirus outbreak
Legal, Tax, Regulation & Compliance
03/06/2020
DFSA signs MoU with IOMFSA
Collaboration is crucial in enabling the DFSA to maintain the integrity, efficiency and financial stability of the Financial Services industry in the Dubai International Financial Centre.
03/06/2020
Pilatus banker’s defence: U.S. dollar payments were not meant to breach Iran sanctions
Ali Sadr Hasheminejad trial in New York: defence says prosecution witness who recieved $50,000 from Stratus did not breach sanctions
03/06/2020
UAE bank sanctioned
The bank's senior management delayed the release pending the outcome of a legal dispute between the bonds' applicant and beneficiary, urged by its client's legal advisor.
03/06/2020
Barclays executives fend off fraud charge
Three senior Barclays bankers have been acquitted of fraud charges relating to emergency funding from Qatar in 2008.
03/06/2020
Middle East businesses see biggest rise in customer fraud
The survey examined responses from eight countries in the Middle East, and PwC globally examined responses from 99 countries around the world.
03/06/2020
Data and AI to Add More Than USD 10 Billion to Saudi Arabia's Economy
Saudi Data & Artificial Intelligence Authority is driving the country's transformation into a leading data-driven economy
03/06/2020
ACC okays charge sheet against ex-AB Bank chair, 7 others
The commission director for public relations Pranab Kumar Bhattacharjee said that the commission’s investigation found that the money was siphoned off to the UAE by two business firms.
03/06/2020
Middle East businesses see biggest rise in customer fraud
Middle East businesses reported that customer fraud and procurement fraud are the most disruptive of all economic crimes.
03/05/2020
Kuwait registers $12.08bln real estate deals in 2019 – KFH
Number of real estate transactions increased by 6.4% in 2019
03/05/2020
UAE central bank cuts interest rates by 50 bps
The UAE central bank said its repo rate for borrowing short-term liquidity had also been cut by 50 bps.
03/05/2020
Bahrain central bank cuts key rate by 50 bps
It also cut the overnight deposit rate to 1.5% from 2%
03/05/2020
Middle East: Banking in an age of conflict
War and revolution have shaped the Middle East’s recent history and have left their mark on the banking sector.
03/05/2020
IMF deal seen as only way out for Lebanon
As Lebanon's financial crisis drags on and government revenues dwindle, the bill to rescue the country is rising.
03/05/2020
UBF launches committees to promote growth of the UAE banking sector
The launch of the Fintech Committee and Consumer Protection Committee increases the number of federation’s technical committees to 22.
03/05/2020
Middle East shares decline
The UAE's largest lender traded ex-dividend.
03/04/2020
UAE lowers interest rates in line with US move
Rates applied to issuance of Certificates of Deposits drops 50 basis points
03/04/2020
Sharia council issues fatwa on coronavirus
Senior citizens, minors and those suffering from respiratory diseases are allowed not to attend congregational prayers
03/04/2020
UAE rules out any VAT increase
Assessment of VAT impact requires data of three to five years, says minister
03/04/2020
Bahrain brings charges in vast money laundering case linked to Iranian state-owned banks
Further investigations found the bank, acting under the direction of Bank Saderat and Bank Melli, to have executed thousands of international financial transactions worth $7 billion while concealing the involvement of Iranian entities.