Banking

ABU DHABI/WAM The gold reserves of the Central Bank of the United Arab Emirates (CBUAE) surged by 7 percent, or AED1.59 billion, in January, reaching AED24.571 billion by the end of the month, up from AED22.981 billion at the end of December 2024. According to the CBUAE’s Monthly Statistical Bulletin for January issued on Friday, demand deposits grew to over ...

ABU DHABI/WAM The UAE Banks Federation (UBF) has emphasised the importance of continuing initiatives and efforts to advance smart banking services in order to build a future economy characterised by prosperity, resilience, financial inclusion, transparency, diversification, and sustainability. During its participation in the 14th edition of the AIM Investment Summit, UBF reaffirmed the banking sector’s commitment to developing and adopting ...

ABU DHABI/WAM Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), Timur Suleimenov, Governor of the National Bank of Kazakhstan, and Madina Abylkassymova, Chair of The Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market (ARDFM), signed a memorandum of understanding aimed at strengthening cooperation and information exchange in areas of mutual interest. ...

ABU DHABI / GULF TIME Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has announced the official launch of its Fractional Sukuk platform “Smart Sukuk”, a new digital investment solution that enables customers to invest in fractionalised sukuk certificates directly through the ADIB Mobile App. With this launch, ADIB becomes the first bank to introduce an innovative investment ...

ABU DHABI/WAM The Central Bank of the UAE (CBUAE) on Thursday unveiled the new symbol for the UAE’s national currency, the “Dirham”, in a move that embodies the vision of the wise leadership, and the directives and ongoing support of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman ...

DUBAI/WAM As part of its ‘UAE Develops with Kindness’ campaign, Emirates Development Bank (EDB) has launched the nation’s first-ever AI lab dedicated to People of Determination at the Emirates Down Syndrome Association in Dubai, marking a significant step in advancing healthcare and technology in the country. This pioneering initiative reflects EDB’s commitment to supporting mission-critical sectors that drive national development ...

ABU DHABI/ WAM Abu Dhabi Commercial Bank (ADCB) has achieved an upgrade in its long-term issuer credit rating to ‘A+’ from ‘A’ with a ‘stable’ outlook by S&P Global Ratings driven by the bank’s strong financial position and high asset quality. The upgrade places ADCB among the top three highest rated banks by S&P in the MENA region. Underlining its ...

DUBAI/WAM Emirates Islamic has successfully issued a US$750 million Senior Unsecured Sukuk on 18th March 2025. The Sukuk attracted a very strong order book in excess of $1.6 billion, resulting in a 2.1 times oversubscription rate. The strong investor demand allowed the Bank to tighten the spread by 30 basis points from initial price thoughts to 95 basis points over ...

ABU DHABI/WAM The Central Bank of the UAE (CBUAE) has decided to maintain the Base Rate applicable to the Overnight Deposit Facility (ODF) at 4.40%. This decision was taken following the US Federal Reserve’s announcement on Wednesday to keep the Interest Rate on Reserve Balances (IORB) unchanged. The CBUAE has also decided to maintain the interest rate applicable to borrowing ...

SHARJAH/WAM Bank of Sharjah has announced its financial results for the year ended December 31 2024, reporting a record profit before tax of AED416 million. With net profit after tax soaring to AED385 million, the bank’s exceptional performance was driven by strong revenue growth, effective cost control measures, and prudent risk management. Commenting on the results, Sheikh Mohammed bin Saud ...