A.M. Best has obtained the necessary approvals to establish within the Dubai International Financial Centre in Dubai, UAE. The new office will operate as A.M. Best MENA, South and Central Asia, servicing clients throughout the region and developing new relationships to grow its insurance ratings franchise. Rating analytics will continue to be performed by teams [...]
It is extremely urgent and necessary that the GCC countries adopt a unified economic, financial and legislative standard within the international organizations particularly International Organization of Securities Commissions (IOSCO) so that they could positively influence the region, according to Oman’s senior regulator. In a speech delivered on his behalf at the Thomson Reuters Accelus 6th [...]
Bahrain-based Islamic investment major, Seera Investment Bank, reported a net profit of $61.4 million for 2011 with a return on equity of around 20 per cent. The bank also reported a net income before provisions of $73.4 million. This compares to a net profit of $7.2 million for 2010. For the last quarter in 2011, [...]
Converting a business to Islamic model can increase the value of a company by 18-25% due to the scarcity of genuine Islamic investments, according to Bank Sarasin report. However, according to the report the conversion process is arduous, extending from the design to distribution and beyond, to how the company spends its profits. As Sarasin [...]
Bahrain-based Ahli United Bank (AUB) reported a record net profit, attributable to its equity shareholders, of $310.6 million for 2011, a landmark result since its inception in 2000. This represents a 17% increase over the 2010 result. The last quarter of 2011 contributed $70.3 million to the overall result, as compared to $64.4 million in [...]
According to Alkhabeer Capital, the combined GDP of the GCC region is expected to register a growth in excess of 4% where Qatar will top the list with (7%) followed by Saudi Arabia (4.6%), Kuwait (3%), Oman (2.7%), UAE (2.4%) and Bahrain (1.2%). Alkhabeer Capital, a leading Saudi investment company, has released its latest global [...]
With the major share of 76% of the total GDP of $14 trillion coming from the services sector in the US GDP, GCC analysts call for diversification of business basket and implementation of Chinese experience, according to an expert. Observers and financial analysts specialized in financial, trade and business affairs in the Gulf region and [...]
The Board of Directors of Gulf International Bank (GIB or the Bank) recorded consolidated net income after tax of $104.5 million being $4.1 million or 4 per cent up on the prior year. Net income after tax in the fourth quarter was $19.9 million compared to $14.3 million in the fourth quarter of 2010. GIB [...]
