12/27/2015
Two Saudi millionaires pay blood money to free Filipino
The Philippine Embassy has issued its thanks for the generous gesture.
Legal, Tax, Regulation & Compliance
12/24/2015
Dubai gold retailer speaks out over fraud investigation
One source claimed that just 60 of Gold AE’s estimated 2,000 clients have a total of $60 million invested in the company, and the total amount of missing funds is thought to reach $25-30 million.
12/23/2015
Turkey banking chief sees looser regulations in wake of rate hike
Market consensus had been for a hike in the headline repo rate of at least 25-50 basis points.
12/23/2015
Qatar streamlines financial rules, targets Islamic banking
The new rules come into force on 1 January 2016.
12/23/2015
CMA receives the delegation of Iranian Securities and Exchanges Commission
The meeting included presentation on the capital market and the regulatory systems
12/22/2015
DFSA Censures MAS Clearsight and Directs it to Compensate Investors
It followed an investigation into an unusual investment scheme that was intended to fund the publication of a group of limited-edition books.
12/22/2015
Dubai Bank bosses freed on cash bail
In the case, the chief executive officer and an operations manager are separately charged with the theft of Sh12 million from their employer.
12/18/2015
Banks line up to advise Qatar firm on Valentino
A decision on which bank will work on an initial public offering in Milan is expected in January, the sources said.
12/17/2015
Turkey establishes interest-free finance board
The 10th Development Plan and 64th Government's Program also focuses on progressing interest-free finance and coordination in this respect.
12/17/2015
Saudi businesses need to prepare for new financial reporting standards
The long-awaited revenue recognition standard (IFRS 15), which was published last year and will come into force in 2018, establishes a comprehensive framework for determining when revenue should be recognised and how it should be measured.
12/17/2015
Standard Chartered hosts its first Financial Crime Compliance Academy workshop in the Middle East
Following the successful launch of its Financial Crime Compliance Academy earlier this year, Standard Chartered hosted its first Financial Crime and Compliance workshop for its financial institutional and correspondent banking clients in the Middle East
12/15/2015
EU and Turkey launch new stage of membership talks
Foreign ministers from the 28-member bloc approve new 'chapter', focusing on economic policy, in Turkey's decade-long attempt to join EU
12/15/2015
Government to Force Israel's Banks to Sell Credit Card Businesses
Move is part of reform to break up highly-concentrated banking sector, dominated the country's three banks controlling 73 percent of credit in Israel
12/13/2015
Family Business Act presented in Dubai
The event was attended by over 200 family business principals, entrepreneurs and family office executives in the region and dealt primarily with wealth management issues across the UAE and beyond.
12/10/2015
UAE Central Bank to start Basel III implementation process
The Basel III rules, which are aimed at making the global banking system more resilient following the financial crisis
12/10/2015
Regulation hits UAE banks' dealings with US banks
Heavy regulatory burden is holding up transactions between UAE and US banks
12/10/2015
Financial position of banks' look sound: Central Bank of Oman chief
Al Zadjali pointed out that the Omani banking sector today has 16 commercial banks
12/08/2015
Turkish bank operations in Russia to be excluded from Moscow sanctions
The Turkish Banking Association has told banks that their Russian operations will not face sanctions from Moscow, citing information provided by Denizbank
12/07/2015
Arab Bank plc Financial Strength Rating affirmed by Capital Intelligence
Capital Intelligence (CI) has affirmed Arab Bank plc’s (AB) Financial Strength Rating (FSR) at ‘BBB+’. The FSR continues to be underscored by the Bank’s ample liquidity, deep customer deposit base, sound capital adequacy ratio, (CA
12/07/2015
Expats told to close bank accounts before exit
The authorities says it should be closed before their departure to ensure that no one can access their accounts for financial transfers of a suspicious nature.