JEDDAH / Emirates Business The Islamic Development Bank (IDB), a multilateral development financing institution with 57 member countries as shareholders, is now fully delivering on its mandate to foster socio-economic development among its member countries, thanks in large part to the recent transformation of its core banking technology, using SAP. IDB supports the growing Islamic Finance, with a recent report …

Bloomberg MYbank, the two-year-old Chinese online lender that already has 3.5 million small-business customers, plans to push deeper into a segment that’s long been shunned by the country’s largest banks. MYbank wants to capitalize on its links to billionaire Jack Ma’s Alibaba Group Holding Ltd. by offering loans to the more than 10 million smaller merchants that use the company’s …

Bloomberg As global central banks turn increasingly hawkish, the Bank of Japan (BOJ) Governor Haruhiko Kuroda may have to start discussing an exit from its monetary stimulus program by the end of the year, according to Principal Global Investors (PGI), which manages more than $424 billion. Kuroda stood out from other central bankers at the ECB Forum in Portugal last …