UAE Central Bank to introduce the Direct Debit System

The Central Bank of UAE has announced the introduction of the ‘Direct Debit System’ in the UAE with effect from 15th June 2013, according to the official news agency WAM.

It added that the implementation of Direct Debit will enable customers to make regular, automatic payments from their bank accounts towards mortgage loans or credit card payments or personal loan installments. Read more

UAE banks assets rise 8% in 2012

The Board of Directors of UAE Banks Federation held its first meeting at the Mashreq Bank Headquarter in Dubai, Headed by H.E. AbdulAziz Abdulla Al Ghurair, Chairman of UAE Banks Federation; the Board members unveiled its annual report for 2012 and discussed the federation business plan for 2013 in addition to the major activities, topics and issues the Federation handled since last meeting.

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UAE Central Bank announced mortgage-loans limits

The Central Bank of the United Arab Emirates last week approved the decision to increase the recently proposed mortgage-loans limits. Initially, the proposed mortgage cap for expatriates was 50%, which many viewed as unjust. Read more

Middle East banking industry registered 6.9% increase in 2012, says study

According to a new study by The Boston Consulting Group (BCG), the banking industry in the Middle East settled at single digit revenue growth in 2012 with a 6.9 percent increase. The increase in profits was slightly higher at 8.1 percent, stemming largely from extraordinary income sources. Read more

Moody’s plans to downgrade debt ratings of 12 GCC banks

Moody’s Investors Service has today placed on review for possible downgrade the subordinated debt ratings of 12 banks in the six Gulf Cooperation Council (GCC) countries, namely Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. The affected banks are Arab National Bank, Banque Saudi Fransi, Abu Dhabi Commercial Bank, Emirates NBD PJSC, First Gulf Bank, Mashreqbank PSC, Commercial Bank of Qatar, Doha Bank, Qatar National Bank, Burgan Bank, Bank Muscat and BBK B.S.C. Read more

First Gulf Bank’s annual general meeting approves 83% cash dividend

First Gulf Bank (FGB), the major leading UAE financial institution, successfully concluded its Annual General Meeting today at Etihad Towers, Abu Dhabi.

The AGM approved a cash dividend of 83% of the capital. Owners of FGB shares registered on Sunday 10/03/2013 are eligible to cash dividends. The AGM also approved the financial statements for the year ending December 31, 2012. Read more

What Changed in Swiss Gold Banking?

What the Swiss banks’ move away from unallocated accounts says about gold, and about banking…

IMAGINE you could sell someone something, but keep ownership of it, and then use it yourself, writes Adrian Ash at BullionVault. Read more

Banking sector- the most targeted for cybercrime in UAE

Cyber-attacks have mostly targeted the banking sector, including the ATM and Internet banking applications, in the UAE, a report published in the January issue of 999 Magazine – the official English monthly of the Ministry of Interior – revealed. Read more

UAE looks forward to direct debiting

According to sources from within the banking industry, a new federal direct debiting system has been introduced by the UAE Central Bank. Last week, the Central Bank and the National Commercial lenders participated in a broad discussion. The new system is expected to reduce bank reliance on cheques and  easy the path to national credit bureau. Read more

FGB Launches First Gulf Bank Business School

New institution targeted at staff of FGB and subsidiaries to promote Emiratisation in banking sector

Under the patronage of its Chairman HH Sheikh Tahnoon Bin Zayed Al Nahyan, leading financial partner of choice, First Gulf Bank (FGB) officially opened its First Gulf Bank Business School today in Al Bateen, Abu Dhabi. The new entity follows the bank’s efforts to enhance the financial and banking skills of its employees and to push forward Emiratisation initiatives. It is also a step in FGB’s long-term strategy to continuously invest in its employees and their growth and to promote best practices within the banking sector in the UAE. Read more

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