News Round

Innovation and diversification have provided sustained and significant global growth opportunities for Sukuk and the investor base is expected to widen dramatically in the coming years. This was one of the conclusions announced when the National Bank of Abu Dhabi (NBAD) and CNBC, the business and financial news network, hosted an international panel of leading Islamic finance experts to discuss …

Qatar National Bank (QNB) is looking forward to exploring potential opportunities arising from the establishment of the first Middle East “clearing hub” for Chinese currency. The regional clearing hub concept was one of the key provisions of the financial agreements signed between Qatar and the People’s Republic of China following talks between the countries last year. With the clearing centre …

Middle East banks are set to increase their share of global transaction banking revenues by at least 25 per cent, according to a survey conducted by iGTB, the world’s first complete transaction banking platform. The iGTB Middle East Client Advisory Event brought together 68 elite industry thought leaders for a conference on The decade of Transaction Banking: What share of …

Dubai-Citi Treasury and Trade Solutions (TTS), a leading provider of cash management and trade services in the region, recently hosted a client seminar entitled The Middle East – Africa Expanding Corridor: Understanding the Potential and Capitalizing on the Growth focusing on Citi’s unique footprint and transaction services capabilities across the Middle East and Africa. Held at the Palace Hotel in …

Equity markets in MENA are to have a challenging 2015, according to a National Bank of Abu Dhabi (NBAD) report entitled Global Investment Outlook – 2015, written by Gary Dugan, global wealth chief investment officer and head of investment strategy, assisted by a team of other experts at the bank. It says that “lower-than-expected oil prices will continue to adversely …

SWIFT has announced the extension of its Sanctions Screening service to support all messages used in financial transactions, regardless of format or financial network. Users can now screen all transaction formats, including SEPA (Single European Payments Area) and Fedwire payments, and transactions sent over networks other than SWIFT. The extended service also enables greater flexibility and back-office integration, addressing the …

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank Group, recently announced that it has provided $80m reinsurance support to the Overseas Private Investment Corporation (OPIC) for the latter’s political risk insurance policy to Apache Corporation. The policy was issued to Apache to cover its investment in Egypt against …

The 2015 Annual ICC Banking Commission Meeting – taking place at Singapore’s Raffles Convention Centre on 20-23 April – will host trade experts, banking professionals, business leaders, lawyers and government officials from around the world under one roof to discuss the future of trade finance. Hosted in collaboration with The Association of Banks in Singapore (ABS), the event will feature …

Bank of America Merrill Lynch (BofAML), a leader in card services for middle-market, large corporate and public sector clients, has launched BofAML Travel Pro, an award-winning, market-leading business travel payment solution that enhances travel expense management. The firm is the first commercial card issuer in EMEA to launch this product to clients. It is currently available across 27 countries in …

The National Bank of Abu Dhabi (NBAD) has appointed Omar Mehanna as managing director and global head of merchant banking. In his position, he will be responsible for the corporate finance, equity capital markets, project finance and debt advisory platforms. He will also lead the continued development and implementation of strategy relating to merchant banking, ensuring that NBAD provides a …

First Gulf Bank (FGB) has won the Best Bank Award for Trade Finance and Corporate Banking in a survey conducted by Cash Management Matters (CMM) and published in Cash & Trade Magazine. Winning this award did not happen by chance.  FGB has been implementing a strategy to become the “First Choice” Global Transaction Bank in the markets they operate in. This …

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group, has signed a $300m Murabaha Agreement with the Tunisian Refining Industries Company (STIR). This was the result of a Framework Agreement signed between ITFC and the Government of Tunisia with the aim of financing Tunisia’s strategic sectors through an agreed list of public entities acting …

The International Islamic Financial Market (IIFM) has released its much- awaited Sukuk Report (4th edition). It consists of a comprehensive study of the global Sukuk market and sheds light on the growth, trends and development of international and domestic Sukuk issuances for the period January 2001 – July 2014. Khalid Hamad Abdul Rahman Hamad, chairman of IIFM, said, “The report …

The UAE is one of the most dynamic and open economies in the world, its economy minister H.E. Sultan bin Saeed Al Mansoori told delegates at the Global Trade Development Week gathering in Dubai. He said, “This event comes at a momentous time, a time when the UAE has proved itself to be the leading regional and international trade hub …

The notion of innovation in trade financing is explored by ALEXANDER R. MALAKET, president of OPUS Advisory Services International Inc. and author of Financing Trade and International Supply Chains While the business of trade finance has a long history and functions on the basis of well-established principles and practices, it is apparent to industry observers that this esoteric discipline has …

The World Islamic Banking Conference once again confirmed its position as the premier, largest and most influential annual gathering of international Islamic finance leaders as the 21st annual edition of WIBC 2014 took place at the Gulf Convention Centre in Bahrain. The event was attended by over 1,300 industry leaders in excess of 50 countries representing more than 300 international …