Leading News Source For Middle East
The central bank of Kuwait (CBK) has lifted the ban on trading derivatives with foreign banks that it imposed in 2008 when the Kuwaiti banks started to be affected by the global financial crisis. The decision led to a sudden Read more
After Sheikh Abdullah Al Mutlaq, a member of the Council of Senior Scholars, said on state television that “Religion comes above everything,” pressure has been mounting on conventional banks in Saudi Arabia to abide to Islamic teachings of banking. Such Read more
Governor Riad Salameh of the Lebanese Central Bank has stated that the country’s financial and economic outlook is stable despite the turbulences that are marring the Middle East. He gave such assurances after a meeting with officials of the International Monetary Read more
Bahrain and Saudi Arabia have been linked by a causeway for more than two decades but plans to build a new one are underway at an estimated cost of billions of dollars. The causeway will also include a railway network Read more
Conventional banks are racing into the Middle East and North Africa to tap the money within the region through Sukuks, Islamic bonds. Goldman Sachs is the latest non-Islamic bank planning to issue a Sukuk for a second time after cancelling Read more
Israel’s war with Hamas is having an effect on the Jewish State’s economy as the Central Bank announced a surprising decision to lower its benchmark short-term interest rate by a quarter-point to 0.25%; an all-time low. Business is slow in Read more
10 days after Saudi Arabia announced that it was opening its stock market to foreign companies thereby surpassing its traditional swaps and exchange trade funds that are in place, most of the stock exchange markets in the Middle East have Read more
Egypt finances have not boasted about the protests which led to the departure of President Mubarak from power because of the investors it scared away. More than $11billion has left the shores of the country due to the worries the Read more
Several banks in Oman have signed an agreement with Oman Development Bank to support the Small and Medium sized Enterprises operating in the country even if they pose a major risk to the bank. The banks will however enjoy the Read more
The United Arab Emirates (UAE) will join the United States in its fight against tax evasion after agreeing on terms. The signing of the agreement will mean that banks, investments houses and other financial institutions will provide the necessary information Read more