Issues

SABB, for the fifth consecutive year, has been recognised by Euromoney magazine as “The Best Cash Management Bank in Saudi Arabia” for 2012. This achievement comes on the heels of being awarded the “Best Bank in Saudi Arabia” title by the same publication. The cash management award is based on feedback from CFOs, treasurers, cash management managers and financial officers …

In the midst of the crisis in Egypt and at times when the political and economic landscape was completely unclear and unpredictable, the International Islamic Trade Finance Corporation signed $2.2bn framework agreements with the government to finance imports of petroleum and foodstuff over three years. PAUL MELLY reports Times of fragile confidence are the real tests of friendship. These have …

Recent reports indicate that GCC countries – notably Saudi Arabia, Qatar, Bahrain and the UAE – are strongly positioned to meet the requirements of Basel III and are already making significant progress towards implementation. This should not be taken to mean, however, that Basel III is without its challenges for the GCC states and their domestic banks. BNY Mellon’s MARK …

LIZ SALECKA talks to senior executives who attended this year’s Sibos Convention in Japan about the top global issues and topics that emerged in relation to transaction banking and payments, treasury and trade finance While the shift in global economic growth patterns, the impact of new regulations, and the role of technology in achieving competitive edge were the key themes …

The World Bank and the Islamic development Bank are to explore ‘Islamic finance as a potential tool supporting efforts of countries to reach their development and financial stability goals’. MUSHTAK PARKER looks at the detail Judging by the burgeoning number of transactions successfully closed and the utterings of senior officials and bankers in Saudi Arabia this year, it is easy …

The Bank Payment Obligation (BPO) continues to build on the pace and substance evidenced by its market debut earlier this year. CAROLINE MAGINN looks at its progress Having undergone extensive comparisons to letters of credit and many discussions about what it is not, the BPO now has its own affirmative definition. It is expected to sit comfortably alongside documentary letters …

The GCC bond and sukuk markets are now firmly on the radar screens of global investors, according to the National Bank of Abu Dhabi In the middle of Ramadan, when GCC markets are normally quiet, the National Bank of Abu Dhabi launched and concluded a $750m-bond issue, building an order book of circa $4.5bn in less than four hours. A …

An automated system of manual cheque processing offered by First Gulf Bank has enhanced its customers’ efficiency and reduced their working-capital cycle and cashflow management In the Middle East, despite all the efforts within the banks towards automation, the cheque continues to be a common instrument or means of exchange. Even though better processes are evolving at the customers’  end, …

Dear Reader, If there’s anything guaranteed to arouse interest in the banking and corporate space it’s a secure payment system that eschews documentation. That is why MENA is now looking favourably at SWIFT’s Bank Payment Obligation (BPO). The BPO is an electronic instrument that can be transmitted between two banks in a trade finance transaction to provide an irrevocable undertaking …

The Islamic Development Bank Group has signed a service agreement with Misys, the global provider of financial application software and services for banking and capital markets, to enhance the treasury and investment departments within the IDB Group. Misys will provide various solutions, including Opics Plus, Opics Risk Plus, Sophis VALUE and Eagleye, to enhance the capacity of the treasury and …

Gulf banks are expected to continue their steady recovery from the 2008 crisis and remain isolated from eurozone turmoil for the rest of 2012 and 2013, according to a Standard & Poor’s Ratings Services report. “We believe the trend of declining loan loss provisions will continue for most of the banks in the Gulf Cooperation Council, resulting in further recovery …

The UAE’s real economy expanded by around 3.2 per cent in 2011 mainly because of higher oil prices and production and is projected to pick up by about 3.5 per cent in 2012, according to a UN group. The other members of the six-nation Gulf Cooperation Council (GCC) are also expected to record strong GDP performance through 2012 in contrast …

Deutsche Bank’s global transaction banking (GTB) division has announced key appointments in its trust and securities services and cash management for financial institutions (TSS/CMFI) business, including four TSS/CMFI region heads who will be responsible for strengthening local relationships, aligning the bank’s global resources and providing clients with bespoke solutions and services. Sriram Iyer will assume the new role of TSS/CMFI …

More than $76bn of Gulf bond and sukuk debt is expected to mature by 2014, according to Kuwait Financial Centre (Markaz) research. Around $20.6bn of sukuk and bond is expected to mature this year, $14bn in 2013 and a massive $41.4bn in 2014, according to the Kuwait-based investment bank. In total, there is around $205.6bn of outstanding debt and sukuk …

The online payment services provided by Dubai eGovernment Department through the internet and mobile phone for instant payment of government fees are experiencing increasing demand by the public with more than AED 2bn collected in the first half of 2012, representing a 21 per cent increase over the previous year. ePay enables customers to electronically settle their dues for various …