Abu Dhabi Plans to Set Up a Financial Free Zone

Abu Dhabi is preparing to establish a financial free zone which will be similar to the one in Dubai. The aim of this financial zone will be to compete with the Dubai International Financial Centre, according to media sources. Read more

UAE based Indians have critical gaps in their financial, retirement planning

• 75% expect their children to look after them during retirement
• Only 10% invest in any retirement plans
• NRIs focus on relatively illiquid investments like gold and property

Risk aversion and lack of professional advice is leading to critical gaps in financial and retirement planning amongst UAE based Non Resident Indians (NRIs), according to the first Standard Life NRI Wealth Study. Standard Life is a leading long term savings and investments company, and opened its Dubai office in November 2012, offering retail investors including NRIs access to India funds and other products through financial intermediaries. Read more

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

Women are an Underserved Market for Mobile Financial Services

A study released today by the GSMA mWomen Programme and Visa Inc. entitled, Unlocking the Potential: Women and Mobile Financial Services in Emerging Markets, shows that women in developing countries represent a significant underserved market and commercial opportunity for mobile financial service providers. The study, focused on women in Indonesia, Kenya, Pakistan, Papua New Guinea and Tanzania, was undertaken to gain additional insight into how financial institutions and mobile network operators can better support the complex financial lives of women at the base of the pyramid. Read more

People in UAE can now pay Zakat and alms fees through G2 E-Dirham system

In line with the Ministry’s efforts to unite all Ministries and Federal agencies through the usage of the Second Generation of e-Dirham system, the Ministry of Finance (MoF) signed an agreement with the Zakat Fund on the adoption of G2 E-Dirham as a tool to collect cash donations. Read more

Portable pensions remain best for expats as UAE unveils pension scheme

Chris Ferguson, Managing Director, Guardian Life Management (Dubai), says portable pensions remain the best bet for expats as the UAE unveils its own pension scheme.

“The introduction of a local pension scheme in the UAE is certain to benefit the economy but to what extent it would help expats is altogether less clear. Those who opted for it would be faced with a huge problem in the form of portability. Investing in such a pension scheme raises the question, what happens to the pot when the expat decides to move on? Would it be encashed or does it sit frozen with fees continuing to be taken?” Read more

Gold hedging strategies for emerging markets

The World Gold Council posted a new report on gold as investor’s tool. Investors in emerging markets can use gold to reduce exchange-rate risk. This also benefits the cost efficiency. Exchange-rate risk is becoming more important for investors in developing economies. They are looking for foreign markets to diversify their portfolios and gain better returns. Read more

UAE Central Bank seeks banks’ view on mortgage regulations

Sultan bin Nasser Al Suwaidi, Governor of Central Bank of the UAE, issued Notice No. 57/2013 on 22nd January regarding Proposed Regulations re Mortgage Loans for Individual Customers (at Banks and Finance Companies). Read more

UAE’s Central Bank governor clarifies mortgage regulations

The circulars sent by the Central Bank setting the maximum value of mortgages for foreigners and nationals at 50% and 70% of the property values respectively are meant to only notify the banks that there is something to be introduced, according to the governor of the apex bank Sultan Bin Nasser Al-Suwaidi. Read more

DFM launches iVESTOR Shabab card

The Shari’a compliant card enables parents to track their children’s expenditure, and entitles holders to receive a DFM Investor Number

The new card emulates the successful iVESTOR card with more than 30,000 cards issued since 2010

Dubai Financial Market ( DFM ) today launched iVESTOR Shabab card, the innovative solution for youth in the UAE aimed to promote financial knowledge and responsible spending under parental -control. The Shari’a compliant card is customized for people under 21 years of age and represents the youth version of the iVESTOR card launched in 2010, a first of its kind initiative amongst stock exchanges across the world.

iVESTOR Shabab entitles cardholders to become an official DFM investor by receiving a dedicated Investor Number to trade on the market in the long term. It is also a pre-paid card which provides the flexibility to make retail and online purchases and payments globally via any merchant accepting VISA. The card has been widely welcomed when DFM showcased its key features to school and university students in the UAE.

Essa Kazim, Managing Director and CEO, Dubai Financial Market (PJSC) said: “The launch of iVESTOR Shabab is part of DFM ‘s continuous efforts to introduce innovative products in line with the requirements of the new generation in the UAE. This also reflects our commitment to social responsibility as the concept of the card stems from the need to provide young people with a solution that promotes responsible spending under parental supervision by opting to receive a copy of the card statement, as well as the ability to top -up the card balance. Additionally, this card sets the stage for the new generation to commence their investment journey using their dedicated DFM Investor Number”.

“We are confident of iVESTOR Shabab’s ability to achieve broad acceptance thanks to its various features and proven success of the iVESTOR card with more than 30,000 cards issued since 2010″, Kazim added.
Ali Al-Hashimi, Executive Vice President, Head of Financial Services Division,

Dubai Financial Market said: “The iVESTOR card represents a contemporary and ideal solution to dispense cash dividends of DFM -listed companies as opposed to the costly and prolonged conventional ways. Over the last two years AED 156 million of cash dividends have been distributed through this card. Undoubtedly, the widespread acceptance of this card amongst local and overseas investors reflects its vital role in increasing the efficiency of cash dividend distribution process”.
iVESTOR Shabab cardholders can withdraw cash from any EmiratesNBD ATM or branch network in the UAE or from any VISA or PLUS marked ATM’s, noting that the withdrawal limit for this card is AED 5000 compared to AED 20000 for the main card. The cardholders will be able to top-up their balance through EmiratesNBD cash deposit machines or over the counter in any of the bank branches in the UAE, and pay for reservations, travel and shopping from millions of VISA accepting retail outlets globally.

iVESTOR Shabab card applications should be submitted to DFM Client Services Affairs Department or any DFM licensed broker.

iVSTOR Shabab key features:

Manage spending responsibly within controlled limits, for example, parents could receive copies of statements (Optional)
Purchase goods and services / reservations from:
Retail outlets worldwide
Online shopping (E.g. phone apps via App Stores)
Bill payments (Telephone bills and top-up credit balance)
Withdraw cash 24/7 and instantly from any EmiratesNBD ATM or branch in the UAE, or from any VISA/PLUS marked ATM machines worldwide, within the limit of the card balance.
Top up the card balance regularly from EmiratesNBD cash deposit machines or branches.
Receive any future cash dividends managed by DFM directly onto the card account.

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