UAE Central Bank To Introduce Direct Debit System

The new move, to be introduced in mid-June, will allow customers to make automatic loan payments from their bank accounts.

Sharjah Islamic Bank To Issue $500m Sukuk

Lead arrangers released official price guidance at 3.125 per cent after suggesting the low three per cent area as an indicator.

Ajman Bank’s Acting CEO Resigns

Mohammad Zaqout, previously executive vice president of personal banking at Al Hilal Bank, will be the new chief executive.

Kuwait To Spend $17.5bn On Projects In 2013/14 – Finance Minister

Domestic tensions have been delaying work on Kuwait’s KD30 billion development plan

Morgan Stanley Names Kayello As New MENA Head

Kamal Jabre is relocating to London to take up a senior investment banking role.

Etisalat Lines Up $8bn Loan For Vivendi’s Maroc Stake Bid

French media group Vivendi aims to offload its 53 per cent holding in Moroccan firm Maroc.

Saudi Riyad Bank Posts 5.5% Rise In Q1 Net Profit

The bank said it made $254 million in the three months ended March 31, 2013.

Qatar National Bank Q1 Net Profit Up 6.7% On Loan Growth

The bank’s lending growth year-on-year stood at 28.7 per cent during the first quarter.

Dubai Islamic Bank Repays Dhs3.7bn To UAE Finance Ministry

The bank received the deposit in 2008 to boost its financial strength during the financial crisis.

Is Cyprus Too Small To Matter?

With the Euro bailout of the island country of Cyprus what are the implications for the UAE and Middle East?

New $12bn Qatar Investment Firm To Offer Shares In May

The new firm is backed by Qatar’s sovereign wealth fund, Qatar Holding.

RAKBANK Chief Exec To Retire, Replaced By Lloyds Banker

Ian Larkin of Lloyds will replace Graham Honeybill, who will become a non-executive director.

Saudi Arabia Quits IILM Islamic Finance Corporation

IILM faced a major challenge to ensure compliance with laws in all of the 12 member countries situated across Asia and the Middle East.

Abu Dhabi’s Mubadala Signs $2bn Refinancing

The three-year revolving credit facility attracted a total of 19 international lenders and replaces a $2.5 billion loan agreed in 2010.

Saudi Binladin Group Prices $347m Islamic Bond

Pricing came at the tight end of initial price guidance of 170-190 bps, indicating that demand for the transaction was strong.

Kuwait’s Parliament Approves Personal Debt Relief Plan

The plan will mean banks have to pay back any overcharged interest to citizens.

National Bank Of Abu Dhabi Names ANZ’s Thursby As CEO

Alex Thursby succeeds Michael Tomalin who after 14 years at the helm will remain in a non-executive director’s role.

Saudi Finance Minister: Spending Growth Will Slow

The Kingdom has budgeted to spend a record 820 billion riyals, up 19 per cent from the amount originally planned for 2012.

Oman’s Islamic Banks Get Extension On Foreign Holdings

Oman’s Islamic lenders can hold no more than 40 per cent of their net worth in the form of foreign currency-denominated assets.

Saudi Aramco, Dow JV Raises $2bn From Sukuk

Sadara Chemical Co will use the returns to fund a $19.3 billion petrochemical complex in the east of the Kingdom.

Qatar’s CBQ Plans Bond Sale To Boost Capital

Commercial Bank of Qatar has hired Morgan Stanley and Bank Of America Merrill Lynch for the issue of a Tier 1 bond.

Kuwaiti Debtors’ Bailout May Cost Government $2.61bn

The government is planning to write off the interest on Kuwaiti citizens’ personal bank loans taken out before March 2008.

Qatar Finance Minister: Spending Could Fall After 2017

Qatar plans to boost government spending by 18 per cent to QR210.6 billion in the 2013/14 fiscal year.

Oman Finance Minister Signals Spending Restraint

Oman does not expect to spend more than its budgeted amount this year.

Sharjah Islamic Bank Picks Banks For Sukuk Sale

The lender chose Abu Dhabi-based Al Hilal Bank, HSBC, Kuwait’s Liquidity Management House and Standard Chartered.

Saudi Dairy Firm Almarai Sells $347m Islamic Bond

The SAR1.3 billion issue attracted orders worth SAR2.4 billion from institutional investors inside Saudi Arabia.

UAE’s Gulf Capital Sees Assets Doubling In Five Years

Gulf Capital owns stake in firms such as healthcare chain Techno Scan and water engineering firm Metito Holdings.

Dubai Holding Unit’s 2012 Profit Surges On Lower Impairments

DHCOG posted a net profit of Dhs1.2 billion ($326.71 million) for 2012, compared with profit of Dhs204 million in 2011.

Emirates NBD Lists $750 Bond On Nasdaq Dubai

The issue was three and a half times oversubscribed with more than 160 orders received from regional and international investors.

Stocks: Kuwait Recovers Intraday Losses; Dubai At Two Month Low

Dubai’s bourse fell 0.9 per cent to a fresh two-month low of 1,829 points.