08/22/2016
CMA mandates transition to IFRS of listed companies
Where a plan had not been prepared, the listed entity should determine the target date for preparing the plan.
Legal, Tax, Regulation & Compliance
08/22/2016
UAE bank deposits fall as Brexit vote spurs withdrawals among European customers
The UAE Central Bank said that Dh6.3bn of the decline in total deposits came from non-residents, while Dh700,000 came from residents.
08/22/2016
Iran hints at ending rial’s dual exchange rate system
Policy makers, in a decision reported earlier this month, allowed commercial lenders to buy foreign currencies using rial rates set by the market rather than those dictated by the central bank.
08/22/2016
Opportunities for insurance distribution innovation in Gulf increasing, says expert
Despite geo-political risks in the region and the economic pressures of falling oil and gas prices, the Gulf continues to offer significant opportunities on the back of government spending and, in particular, extensive energy and infrastructure developmen
08/22/2016
Saudi Envoy’s Lost Millions Show Shell Company Risk, Judge Says
The administrator of Mansouri’s estate sought information about the transfers from two London investment firms, Acropolis Capital Partners Ltd. and Acropolis Capital Management Ltd., that refused to provide records.
08/19/2016
Qatar sells $1.26bn in bonds, sukuk
The demand was fine and most banks participated," said the official, who added that bids by banks for conventional bonds had exceeded the amount offered by 50 million riyals, and for sukuk by SR2.4 billion.
08/19/2016
Dubai-based bank wins suit against San Juan Capistrano company
The workers would not need bank accounts to do this, making the technology unique and easy to use for low income workers.
08/19/2016
Saudi to let foreign institutions buy shares in IPOs
Previously, the CMA had said foreign institutions would be permitted to buy shares directly from IPOs only on a case-by-case basis
08/19/2016
Israel’s FIBI Bank Tightens Terms for Diamond Trade
It is not possible for a unilateral decision to be passed without a battle.
08/19/2016
Turkey Detains 29 Banking Inspectors as Purge Continues
The investigation has also lead to a sweeping purge of the military, civil service, police, and judiciary, with nearly 80,000 removed from public duty.
08/18/2016
Iran’s finance ministry, Exim Bank of China sign MOU
Referring to China as one of the biggest trade partners of Iran in recent years and the upward trend of trade between the two countries
08/18/2016
Bank Alfalah, Careem sign agreement
The agreement will prove instrumental in strengthening and accelerating the pace of safe and hassle-free digital payments in the country.
08/18/2016
IFLR 2016 shortlists Meysan Partners for Boubyan Bank deal
The firm advised the bank on its issuance of USD 250.000.000 Tier 1 Capital Sukuk that represented the first ever Basel III compliant Sukuk issuance.
08/17/2016
Ahli United Bank Kuwait plans sukuk issue of up to $200 mln
The proceeds would be used to enhance the bank's capital base in line with Basel III global banking standards, it said. Basel III, which requires banks to hold more capital, is being phased in until 2019 in Kuwait.
08/17/2016
Qatar auctions $825M in first domestic government bond this year
The successful auction follows Qatar's nine billion dollar sale of Eurobonds in May 2016.
08/16/2016
Some International Companies Cautiously Return to Iraq
After years of turmoil, the country appears to be stabilizing, attracting deal-scouting executives
08/16/2016
Remittances Continue Slow Growth in June
Cash remittances from land-based and sea-based workers summed up to $10.4 billion and $2.8 billion, respectively.
08/15/2016
Business in Turkey, now faster and more reliable
The law aims to increase the pace and reliability of banking transactions in Turkey.
08/15/2016
Qatar central bank offers bonds in first riyal sale this year
A central bank official said results of the offer would be known on Tuesday
08/14/2016
CMA amends Rules for QFFII in Listed Securities
The Rules include lowering the minimum value of the assets under management to be SR3,750,000,000, rather than SR18,750,000,000 ($1 billion or more instead of $5 billion or more).