Banking

ABU DHABI/WAM First Abu Dhabi Bank (FAB) has received final approval from the Ministry of Human Resources and Emiratisation (MOHRE) and the Securities and Commodities Authority (SCA) to launch its FAB End of Service Benefits Funds. Following this milestone, FAB End of Service Benefits Funds are now available to all private sector entities across the UAE. This empowers businesses to ...

SHARJAH/WAM Sharjah Islamic Bank (SIB) shareholders have approved a 15 percent cash dividend distribution of the company’s capital for the fiscal year 2024, amounting to AED458.7 million. The decision was announced during the Annual General Assembly Meeting (AGM), held on Sunday, presided over by Abdul Rahman Al Owais, Chairman of the Board of Directors of Sharjah Islamic Bank. The meeting ...

SHARJAH / WAM Bank of Sharjah announced that it has acted as Mandated Lead Arranger and Bookrunner for a US$155 million Club Loan Facility for Daewoo Engineering & Construction Co Ltd. The three-year facility, arranged in collaboration with other regional banks, will be used for general corporate purposes, supporting Daewoo’s working capital requirements for ongoing projects globally. Mohamed Khadiri, CEO ...

DUBAI / GULF TIME Federal Bank, one of India’s leading private sector banks, held a press conference in Dubai, marking Managing Director & CEO KVS Manian’s maiden international media interaction since assuming office in September. During the event, Mr. Manian highlighted the deep-rooted connect that the Bank has with the NRI population in the Middle East, and the services rendered ...

DUBAI/WAM Emirates NBD reported a record AED27.1 billion profit before tax in 2024, up 15 percent from the previous year, while the profit after tax reached AED23 billion, up 7 percent. In a statement on Wednesday, the bank said that the Board of Directors is proposing a 100 fils dividend per share. Income climbed to over AED44 billion in 2024 ...

ABU DHABI/WAM The Central Bank of the UAE (CBUAE) marked 2024 with significant achievements across the financial, banking, and insurance sectors. This further sets the stage for a bright future for the UAE’s financial sector and underscores the CBUAE’s pivotal role in fostering monetary and financial stability, managing reserves, developing secure financial infrastructure through cutting-edge digital innovation, stimulating sustainable economic ...

ABU DHABI/WAM Abu Dhabi Islamic Bank (ADIB) achieved a record performance in 2024, with Net Profit after tax totalling AED6.1 billion in 2024, an increase of 16 percent compared with AED5.25 billion in 2023. Net Profit before tax increased by 26 percent year-over-year (YoY) to AED6.9 billion. During the last quarter of 2024 (Q4 2024), net profit before tax reached ...

ABU DHABI/WAM Abu Dhabi Commercial Bank (ADCB) aims to double its net profit to AED20 billion within the next five years, targeting an annual growth rate of approximately 20%. The announcement came as ADCB has embarked on a visionary growth strategy, aligning with the UAE’s progressive economic trajectory and contributing to the country’s position as a leading global financial powerhouse. ...

ABU DHABI / WAM The gold reserves of the Central Bank of the United Arab Emirates (CBUAE) surged by 34.8 during the first 10 months of 2024 reaching AED24.464 billion by the end of October 2024. This represents a month-on-month increase of 5.5%, or AED1.28 billion, bringing the total gold reserves to AED24.464 billion compared to AED23.185 billion at the ...

ABU DHABI / WAM The Central Bank of the United Arab Emirates (CBUAE) has announced the issuance of silver coins to mark the bank’s Golden Jubilee. The CBUAE’s 50th anniversary silver coin embodies its achievements in developing the banking and financial sector over the past decades. This coin signifies its pivotal role in driving economic development, aligning with the wise ...