Banks' Fraud systems failing consumers in UAE
May 12, 2013
7% of people surveyed had experienced this three times or more in the past year - representing more than half a million people.
The survey also showed some interesting differences in attitudes when it comes to consumers and their attitudes towards fraud and their cards.
For example, 27% of respondents in UAE aren't interested in having the ability to set restrictions on how their card is used (for example limiting spend to certain countries, types of retailer, online or offline etc).
3% said they never even think about being a victim of fraud, and 11% admitted they don't...
Visa partners with Waitrose and Spinneys to speed up small transactions in UAE
May 9, 2013
The new Visa Easy Payment Service (VEPS) has been launched at the new Waitrose store on Al Thanya Road in Umm Suqueim, Dubai which opened recently. The service is also expected to be available at all Waitrose and Spinneys stores in the UAE very soon, giving Visa debit and Visa credit cardholders the option to simply swipe their cards at the POS, without the need to enter a pin or sign a receipt. The service will also be rolled out to Spinneys stores in the UAE this month.
Mohanish Agni, Head of Acceptance for MENA at Visa, said: "Visa is delighted to be collaborating with Waitrose, and...
Gulf Bank receives Deutsche Bank Award for commercial and treasury payments
May 9, 2013
This award, which is made annually, highlights the exceptional quality of the Bank's commercial and treasury payment systems.
This is the fourth consecutive year Gulf Bank has won the award, and it confirms that measures taken by the Bank in the payments area have met the recognition of associates such as Deutsche Bank, one of the world's largest financial institutions. Euro Straight-Through Processing (STP) standardizes financial transactions and electronic payments, starting with the transaction initiation and ending with the final settlement.
The award was presented by senior...
Doha Bank Summit reveals economic diversification result in sustainable growth in real estate and infrastructure in Kuwait
May 9, 2013
Doha Bank's Group CEO, Dr. R Seetharaman was speaking at the recently held summit on Real Estate, Infrastructure and Urban Planning in Kuwait.
This was the second in the series of summits organised by Doha Bank, a leading private bank in the GCC, on the topic.
Highlighting the trends impacting infrastructure development in the region, Dr. Seetharaman, said, "Government expenditure has continued to rise in FY 2011-12, with an increase of 8% according to the IMF. The budget expansion was more than offset by an increase in oil revenue of an estimated 35%. Non-oil growth of the economy...
Bank Nizwa ties up with Tibiaan for property finance solutions
April 28, 2013
Bank Nizwa, the sultanate's first Islamic bank, has announced the recent signing of a memorandum of understanding (MoU) with Tibiaan Properties.
The agreement, according to a press release, enables customers of Tibiaan to avail any of Bank NizwaÕs property finance products, which, according to the bank, offer a multitude of advantages, such as speedy processing and approval times, along with transparent prices and charges.
Al Khaliji Reports 8% increase in Net Profit at QR 131.5 Million For The First Quarter Of 2013
April 24, 2013
- Net profit of QR 131.5 million for the first quarter of 2013 is 8% higher than the same period of 2012
- Total assets at QR 34.4 billion, 28% higher than the first quarter of 2012
- Loans and advances grew by 8% during Q1 2013 and 20% comparing with Q1 2012 to reach QR 14Bn
- Net fee and commission income at QR 47.3 million, up 82% comparing with same period in 2012
- Earnings per share were at QR 0.37 by end of Q1 2013, 9% higher than the first quarter of 2012
al khaliji (KCBK),"...
Union Bancaire Privée and Guggenheim Fund Solutions Power an Advanced Hedge Fund Platform That Meets the Requirements of Global Investors
April 22, 2013
Following the acquisition and integration of Nexar, Union Bancaire Privée, UBP SA has launched an alternatives division that offers clients broad alternative investment expertise, as well as innovative solutions. As part of this strategy, it has selected Guggenheim Fund Solutions (GFS) as its partner to provide clients with a state-of-the-art platform that combines carefully sourced, dynamic, high-potential hedge fund managers with a next-generation solution that delivers the transparency, governance, and structural"...
Bank of America Reports First-Quarter 2013 Net Income of $2.6 Billion, or $0.20 per Diluted Share
April 22, 2013
Business Momentum Continues
- Deposit Balances up 5 Percent From Q1-12 to $1.1 Trillion
- First-lien Mortgage Production up 57 Percent From Q1-12 to $24 Billion
- Global Wealth and Investment Management Reports Record Post-merger Revenue, Net Income and Long-term Assets Under Management Flows
- Consumer Credit Loss Rates Reaching Five-year Lows
- Commercial Loan Balances up 17 Percent From Q1-12 to $367 Billion
- Maintains No. 2 Ranking in Global Investment Bank Fees; up 26 Percent"...
Credit Information Network of Kuwait selects Dun and Bradstreet as solution provider for credit bureau turnkey project
April 21, 2013
Ci-Net's vision is to progressively develop the bureau so it becomes an economic information center, which draws upon the analytical insights of all the fundamental economic sectors.
The Bureau will be designed to support the growth of credit in the State of Kuwait, relying on customer data and risk-based methodologies. This will enable more individuals, banks and companies to access credit easily. On the other hand, banks and financial institutions will get advanced credit reports and scoring that are easy to use and understand.
Ci-Net's Chairperson Mrs. Hana Al-Razzouqi said, "This...