Banking

ABU DHABI/WAM A Forbes report has forecast that the financial technology (fintech) market in the UAE is expected to reach $3.56 billion in 2025, and $6.43 billion by 2030, with a compound annual growth rate (CAGR) of 12.56 percent, positioning the country among the fastest-growing global markets. The report, titled “What Can FinTech Learn From The UAE’s Rise As The ...

SHARJAH/WAM Sharjah Islamic Bank (SIB) commenced the year 2025 with strong financial performance during the first quarter, achieving a net profit after tax of AED318.9 million, an increase of 24.6 percent compared to AED255.9 million in the first quarter of 2024. Income from investments in Islamic financing and Sukuk grew by AED56.2 million, or 6.6 percent, reaching AED914.3 million in ...

ABU DHABI/WAM The CEOs Advisory Council of the UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, held its meeting chaired by Abdulaziz Al-Ghurair, Chairman of UBF, to review the banking and financial sector’s performance during 2024, and discuss developments, initiatives and plans in 2025. The CEOs Advisory Council praised the strong performance and achievements of ...

ABU DHABI/WAM The Central Bank of the UAE (CBUAE) has announced the appointment of Faiza Al Awadhi as the Chief Executive Officer and Managing Director of “Sanadak”, the first Ombudsman Unit in the Middle East and North Africa. Al Awadhi brings over 25 years of experience across the public and private sectors, with a core focus on consumer protection and ...

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 ...