Wednesday , 14 November 2018

Financial Services

DIFC will make first investment from $100mln fintech fund “shortly”

Fund is “in the process of being seeded and structured as we speak”, says chief business development officer Salman Jaffery The first investment to be made from the $100 million financial technology (fintech) fund launched by Dubai International Financial Centre (DIFC) is set to be made “shortly”, according to the centre’s chief business development officer, Salmaan Jaffery. Speaking to Zawya …

Read More »

Mideast Stocks: Qatar firms after cabinet reshuffle; other markets subdued

Gulf markets broadly negative Doha’s main index closed up 0.5 percent at 10,331 points, with petrochemicals, metals and fertiliser producer Industries Qatar jumping 1.4 percent, Qatar Islamic Bank adding 1.1 percent, and Qatar National Bank (QNB) rising 0.8 percent. In Saudi Arabia, the main index was down 0.4 percent, with heavyweight Al Rajhi Bank and petrochemical giant SABIC losing 0.7 …

Read More »

Blockchain technology seen to boost global Islamic finance sector: GIES 2018

Industry experts at GIES 2018 in Dubai examine impact of advanced technologies on Islamic banking The adoption of blockchain, artificial intelligence, cryptocurrencies and other advanced technologies are expected to have a positive impact on the global Islamic finance sector and create new benefits and opportunities for banks and consumers alike, according to industry experts speaking at the Global Islamic Economy …

Read More »

Holding the key: SMEs play major role in economic growth but struggle to gain bank funding

Small and medium-sized enterprises (SMEs) need better access to finance instead of being forced to pay high interest rates and stringent conditions to gain bank loans, a new report states. However, the report published last week by Allied Investment Partners (AIP) adds that governments in the Gulf Cooperation Council (GCC) are addressing the issues faced by SMEs with a number …

Read More »

Will the next cryptocurrency revolution be green?

If bitcoin were a country, it would be 41st in the world in terms of energy consumption, just behind Chile and Austria Last year’s bitcoin frenzy appears to have run its course. The cryptocurrency’s near-vertical ascent to more than $19,000 was followed by an equally precipitous decline as speculators fled the market as fast as they had joined, leaving ownership …

Read More »

Could Rain from Bahrain be what MENA cryptocurrency traders have been waiting for?

Fledgling cryptocurrency exchange Rain hopes to become the region’s first to achieve full licensure Digital currency exchange Rain is aiming to become the first licensed cryptocurrency exchange in the Gulf Cooperation Council after graduating from Bahrain’s fintech sandbox. The exchange’s founders have been in discussions for two years to try to achieve a stable legal framework for digital currency traders, …

Read More »

Egypt’s CIB progresses plans to launch digital bank

Bank executive says digital banks are key to bringing around 45 million eligible Egyptians into the formal banking sector One of Egypt’s biggest banks, Commercial International Bank (CIB), is pressing ahead with plans to create a digital bank, in a bid to tap into the huge numbers of the country’s population that remains unbanked and bring them into the formal …

Read More »

All about the green: UAE’s wealthy more likely to invest sustainably

Zawya Express presents the top story, topic or trend highlighted by our editorial team as recommended weekend reading Wealthy individuals from the United Arab Emirates are more likely to place a part of their portfolio in sustainable investments than their global counterparts, according to Swiss investment bank UBS. The bank’s latest UBS Investor Watch report issued on Thursday found that …

Read More »

OneGram lists Islamic cryptocurrency on its own virtual exchange

The company claims that its cryptocurrency adheres to sharia directives Dubai-based OneGram Group has listed a cryptocurrency it bills as sharia-compliant on the company’s virtual exchange and is planning additional listings in coming months, its chief executive said on Tuesday. The company claims that its cryptocurrency adheres to sharia directives as each OneGram unit is backed by physical gold stored …

Read More »

Jobs in UAE: Banks hire 760 employees in 2018

Local banks increased their hiring while foreign banks reduced the number of employees. UAE banks added 760 employees in the first seven months of this year despite decrease in the number of branches, official figures showed. According to the Central Bank data, local banks increased hiring while foreign banks reduced number of employees during January to July period. In total, …

Read More »