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

Central Bank suspends new Islamic banking customers at UAE bank, imposes Dh3.5 million fine

CBUAE action follows Sharia governance violations found during inspections

CBUAE fines UAE-based exchange house Dh2 million for violating AML rules

Penalty imposed after exam found non-compliance with anti-money laundering procedures

Oman to introduce 5% income tax on high earners from 2028

The new tax regime aims to broaden revenue streams while ensuring that most citizens remain unaffected

UAE’s central bank maintains base rate at 4.40%

This decision was taken following the US Fed’s decision to maintain the interest rate on reserve balances

Türkiye's central bank weighs rate cut as inflation softens: analysts

Türkiye's central bank expects annual inflation to decline to 24 percent at the end of this year and 12 percent by the end of 2026

Ajman Bank signs partnership with Azimut Group to offer investment advisory and opportunities to its clients

The agreement brings together Ajman Bank’s growing wealth platform with Azimut’s international investment expertise

ADGM FSRA implements amendments to its Digital Asset Regulatory Framework

To streamline the process by which Virtual Assets are accepted for use within ADGM

Kuwait to cut off utilities for unpaid bills under new law to curb debt evasion

Residents given 30 days to pay or lose water, electricity under tough new decree

Qatar Central Bank's foreign reserves grow 3.60% in May 2025

According to figures released by QCB, its official reserves rose by $2.39bln, or 4.57%, year-on-year

United Arab Bank launches strategic Rights Issue to raise up to $280.4mln

The New Shares will be issued at an issue price of AED1 per New Share (the "Issue Price")

Central Bank of Bahrain signs MoU with National Bank of the Kyrgyz Republic

The MoU was signed by HE Khalid Humaidan, Governor of the Central Bank of Bahrain, and HE Melis Turgunbaev, Chairman of the National Bank of the Kyrgyz Republic

Bahrain Bourse announces election of Yousif Abdullah Al Yousif as Chairman of the Board during first meeting held following the board reformation

Yousif Abdullah Ali Reza was also elected as Vice Chairman, and the Board Committees were formed in accordance with the Corporate Governance Code of Bahrain Bourse

UAE halts hike in minimum bank account balance until further notice

Several big banks had planned to impose the new minimum balance requirement, in accordance with updated Central Bank regulations.

HK SFC & Saudi Capital Market Authority boost cooperation

Hong Kong’s SFC has met with Saudi Arabia’s Capital Market Authority (CMA) as they work towards an MoU on cross-border initiatives.

VAT: How should UAE businesses factor in barter deals?

Businesses that engage in exchange of goods or services need to be doubly sure

Türkiye remains 4th largest country in IFC’s Global Trade Finance Program

As key export, import hub, bridging Europe to Asia and Middle East, Türkiye plays significant role in global trade among emerging markets, says IFC Türkiye Director

UAE Central Bank imposes Dh18m fines on two foreign bank branches

Combined financial penalties for non-compliance with anti-money laundering rules

Housing Bank signs $10 million credit line agreement with Saudi EXIM

The initiative aligns with Housing Bank’s efforts to promote financial inclusion by expanding its lending portfolio

IMF completes fifth review of Egypt's $8 billion rescue program

Egypt has made 'substantial' progress towards stabilising its economy, the IMF said on Tuesday after completing its fifth review of its $8 billion bailout.

Iran, Oman explore ways to develop banking cooperation

The CBI governor left Tehran for Muscat, the capital of Oman, at the head of a technical delegation, on Sunday to increase bilateral banking and monetary cooperation.

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