Opportunity for financial service providers: Reverse Mortgage

A popular and commonly used financial facility in the United States and Europe, with unexplored yet potential in the Middle East, is the Reverse Mortgage concept. This very secure lending model often could be also highly profitable for financial service providers.

In Dubai, since 2002 foreigners can buy homes and obtain residence visas with a later date. Banks are easily approachable for mortgage financing. Most of them offer competitive interest rates in the range from 4.99% to 8%. During the past few years, property auctions also become a popular term. Only in 2012, up to 80 properties are expected to go under the hammer. Read more

New electronic system for tenders launched

DoF starts publishing its tenders electronically

The Department of Finance  recently completed a project to operate electronic tendering systems and electronic registration of suppliers and contractors. The both should allow suppliers and contractors inside and outside of the UAE to electronically record and submit bids for tenders issued by DoF. Read more

Exclusive offers on banking products for Dubai Police

Emirates NBD strengthens relationship with Dubai Police with exclusive offers for employees

Limited period special offers for Dubai Police staff to increase market share in Assets and Liability products

Emirates NBD launched a series of exclusive offers on its banking products and services for Dubai Police staff. The limited period offers aim to raise awareness of the bank’s products and services among both officers as well as civilians and non-officers of Dubai Police. Read more

First Financial Services Association to be established in UAE

A group of leading financial institutions in the United Arab Emirates have established the Financial Services Association (UAE), the first of its kind; a non-profit policy development and trade association for the financial services sector in the UAE. Such associations are integral to the development of a successful financial services sector in line with Global standards. Read more

Regulatory uncertainty tops organizational risks for senior executives

Large institutions may suffer hit to normalized earnings as a result of re-regulation

Deloitte identifies five key industry drivers to impact global financial institutions

For the first time since the 1930’s, the global finance services industry is on the edge of reinvention, according to a Deloitte report entitled ‘Evolving in response to global re-regulation’. With numerous global regulations surfacing, such as International Financial Reporting Standards (IFRS), Foreign Account Tax Compliance Act (FATCA), Basel III, capital shortages of financial institutions adversely impacted by the impairment of assets, will alter that way in which they conduct their breakeven analyses, manage their cost structures and approach systemic operational risk. Read more

Middle East CFO Optimism at two year low in Q4 of 2011

Global CFO optimism is wavering, according to a recent study by Deloitte entitled ‘Q4 2011 Global CFO Signals Report’. Conducted on a semi-annual basis for the past two years in the Middle Eastern region, the Deloitte CFO survey is the only report for major corporate users of capital that gauges attitudes towards the general economic outlook, financing, valuations and risk. Read more

Sovereign Financial Institutions taxation discussed in Abu Dhabi

Numbers of Sovereign Financial Institutions increased to as many as 40 worldwide since 1950s

Sovereign Financial Institutions potential growth expected to range between US$6 and US$10 trillion by 2013

The global landscape for Sovereign Financial Institutions (SFI) connected with their structure, safeguarding their sovereign tax exemptions and their compliance requirements have remained key issues for the state-owned funds. In that light, Deloitte hosted an SFI Tax Forum in Abu Dhabi on February 27, 2012, bringing together an international team of experts, along with investment authorities from the Middle East to discuss the latest developments in these fields. Read more

World’s oldest insurance rating company sets up office in DIFC

A.M. Best is pleased to announce that it has obtained the necessary approvals to establish within the Dubai International Financial Centre in Dubai, UAE. The new office will operate as A.M. Best MENA, South & Central Asia, servicing clients throughout the region and developing new relationships to grow its insurance ratings franchise. Rating analytics will continue to be performed by teams based in London and Hong Kong.
Vasilis Katsipis has been appointed general manager – market development, and will be responsible for the office in Dubai reporting to Nick Charteris-Black, managing director, market development A.M. Best – EMEA. Read more

Commercial Bank International launches Home Loan

Commercial Bank International (CBI) today announced the launch of its new Home Loan product as part of its overall strategy to expand its product menu by offering innovative and customer centric products and services. Read more

Number One Brokerage Firm in UAE

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial group, announced today that ADIB Securities, its brokerage subsidiary, was ranked number one brokerage firm among UAE brokerage firms in terms of market share according to official data released by the Dubai Financial Market and the Abu Dhabi Stock Exchange. Read more

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