http://www.zawya.com/middle-east/financial_servicesen-usCopyright 2012 Zawya Ltd. All rights reserved.Tue, 15 May 2012 04:09:00 GMT5014476http://www.zawya.com/middle-east/financial_serviceshttp://www.zawya.com/images/newsletter_zawya_logo.gifhttp://www.zawya.com/story/Saudi_Indian_Company_for_Cooperative_Insurance_adopts_Brand_name_as_WAFA_Insurance-ZAWYA20120516040945/Saudi Indian Company for Cooperative Insurance announces that it has received approval from the Board of Directors, its shareholder and the relevant governmental agencies to adopt the Brand name WAFA Insurance.Wed, 16 May 2012 07:28:08 GMTTadawul ZAWYA20120516040945Openhttp://www.zawya.com/story/Rakbank_and_Makemytripae_in_partnership-ZAWYA20120516040353/Rakbank has joined hands with online travel agent Makemytrip.ae to offer the bank's cardholders a two-for-one holiday package deal. Wed, 16 May 2012 07:24:49 GMTKhaleej Times ZAWYA20120516040353Openhttp://www.zawya.com/story/UAE_accounts_for_31_of_GCC_banking_assets-ZAWYA20120516040329/The UAE banks have the largest share of banking assets in the GCC that rose by 8.9% in 2011 to USD 1.46 trillion, equivalent to 106% of regional gross domestic product, or GDP. Wed, 16 May 2012 06:58:05 GMTKhaleej Times ZAWYA20120516040329Openhttp://www.zawya.com/story/Asiya_Investments_launches_advisory_services_arm-ZAWYA20120516034024/Asiya Investments (Asiya)announced the launch of its advisory firm at the Dubai International Financial Centre (DIFC), marking a considerable expansion of operations by the group.Wed, 16 May 2012 06:01:48 GMTArab News ZAWYA20120516034024Openhttp://www.zawya.com/story/بيت_التمويل_الخليجي_يحقق_ربحا_صافيا_بقيمة_مليون_دولار_أمريكي-ZAWYA20120515140222/صرح السيد هشام الريس، الرئيس التنفيذي بالإنابة بقوله:"نحن سعداء بما حققه البنك من نتائج مالية خلال الربع الأول من عام 2012، والتي جاءت نتيجة للجهود الجادة التي بذلت لإعادة توجيه إستراتيجية أعمال البنك بما يحقق القيمة الاكبر للمساهمين.Wed, 16 May 2012 05:41:39 GMTPress Release ZAWYA20120515140222Openhttp://www.zawya.com/story/HSBC_launches_Dh1bn_trade_SME_fund-ZAWYA20120516030633/Global bank HSBC launched its latest International Trade SME Fund, committing Dh1 billion to UAE SMEs, said a press statement.Wed, 16 May 2012 04:52:45 GMTEmirates 24|7 ZAWYA20120516030633Openhttp://www.zawya.com/story/Agreement_between_Bank_Audi_sal_Audi_Saradar_Group_and_Saham_Finances_sa_for_acquisition_of_a_majority_interest_in_the_capital_of_LIA_Insurance_sal-ZAWYA20120515102839/Bank Audi sal - Audi Saradar Group, the majority shareholder of LIA Insurance sal, has entered into an agreement with Saham Finances sa, the holding company of the Moroccan group leader of the African insurance market (excluding South Africa) for the acquisition by Saham Finances sa of 81% of the capital of LIA Insurance sal.Tue, 15 May 2012 14:42:55 GMTPress Release ZAWYA20120515102839Openhttp://www.zawya.com/story/RSA_Insurance_boosts_senior_management_team_in_the_UAE-ZAWYA20120515123944/RSA Insurance, a leading provider of general insurance in the UAE, announced a series of senior appointments to strengthen their current operations and future growth plans.Tue, 15 May 2012 14:34:27 GMTPress Release ZAWYA20120515123944Openhttp://www.zawya.com/story/Jadwa_Global_factors_derail_TASI_momentum_May12-pdf_150512133635/The fall in the TASI over the past month or so has been primarily due to global factors. First quarter earnings were reasonable and domestic fundamentals are strong, so we retain our end year forecast of 8,050.Tue, 15 May 2012 13:26:00 GMTJadwa Investment pdf_150512133635Openhttp://www.zawya.com/story/GBCM_Bank_Nizwa_SAOG__Under_Transformation_15May12-pdf_150512141118/Banking sector under?penetrated in Oman, Potential for Growth remains strongFirst dedicated Islamic Bank in Oman, to tap the virgin market for Islamic banking products and servicesMarket Research suggests substantial Demand for Islamic Products and services in OmanCentral Bank yet to release specific regulations related to the sector, uncertainty a cause for concernShortage of trained human resources in Islamic Banking Industry in Oman may lead to higher HR costsIPO at par value; Stronger Retail Participation anticipated, could lead to listing gainsBanking sector under?penetrated in Oman, Potential for Growth remains strongFirst dedicated Islamic Bank in Oman, to tap the virgin market for Islamic banking products and servicesMarket Research suggests substantial Demand for Islamic Products and services in OmanCentral Bank yet to release specific regulations related to the sector, uncertainty a cause for concernShortage of trained human resources in Islamic Banking Industry in Oman may lead to higher HR costsIPO at par value; Stronger Retail Participation anticipated, could lead to listing gainsBanking sector under?penetrated in Oman, Potential for Growth remains strongFirst dedicated Islamic Bank in Oman, to tap the virgin market for Islamic banking products and servicesMarket Research suggests substantial Demand for Islamic Products and services in OmanCentral Bank yet to release specific regulations related to the sector, uncertainty a cause for concernShortage of trained human resources in Islamic Banking Industry in Oman may lead to higher HR costsIPO at par value; Stronger Retail Participation anticipated, could lead to listing gainsTue, 15 May 2012 13:25:00 GMTGulf Baader Capital Markets pdf_150512141118Subscriptionhttp://www.zawya.com/story/Aabars__investment_in_Arabtec_Holding_PJSC_as_of_14052012-ZAWYA20120515111919/Arabtec Holding PJSC confirms that Aabar's investment in the company through its investment funds totals 20.93% according to the share register of settlement date 14/05/2012.Tue, 15 May 2012 12:57:27 GMTPress Release ZAWYA20120515111919Openhttp://www.zawya.com/story/CBB_Sukuk_AlIjara_Oversubscribed-ZAWYA20120515114017/The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 175%.Tue, 15 May 2012 12:52:01 GMTPress Release ZAWYA20120515114017Openhttp://www.zawya.com/story/Key_UAE_laws_by_yearend-ZAWYA20120515042536/The UAE is expected to finalise an insolvency and bankruptcy law by the end of 2012, Minister of Justice Dr Hadif bin Jowan Al Dhahiri said at the Global Policy Conference in Dubai.Tue, 15 May 2012 11:19:20 GMTKhaleej Times ZAWYA20120515042536Openhttp://www.zawya.com/story/UAE_Clear_laws_to_improve_investment-ZAWYA20120515042710/A clear law to govern and regulate the financial restructuring and bankruptcy will improve the investment climate in the Middle East region, a top official of Dubai Economic Council (DEC), said. Tue, 15 May 2012 11:17:54 GMTKhaleej Times ZAWYA20120515042710Openhttp://www.zawya.com/story/Commercial_Facilities_Co_posts_positive_Q1_results_Net_profit_reaches_KWD4594m_up_38-ZAWYA20120515050851/Commercial Facilities Company (CFC) announced its financial results for the three months ended March 31, 2012. Tue, 15 May 2012 10:43:00 GMTKuwait Times ZAWYA20120515050851Openhttp://www.zawya.com/story/Notice_of_merger_of_Bahraini_Saudi_Bank_BSC_with_AlSalam_BankBahrain_BSC-ZAWYA20120515063221/Pursuant to the resolution of Bahraini Saudi Bank BSC shareholders in their Extraordinary General Assembly meeting to merge its business with Al-Salam Bank-Bahrain BSC, and the resolution of ASBB's Extraordinary General Assembly meeting approving the merger with BSB, ASBB notifies that the merger has been completed. Tue, 15 May 2012 10:31:02 GMTPress Release ZAWYA20120515063221Openhttp://www.zawya.com/story/اتفاقية_بين_بنك_عوده_ش_م_ل__مجموعة_عوده_سرادار_وساهام_فايننس_شم-ZAWYA20120515095147/يعلن بنك عوده ش م ل - مجموعة عوده سرادار وشركة ساهام فينانس ش. م.أنّهما قد وقّعا اتّفاقيّة لتملّك مساهمة أكثريّة في رأسمال ليا للتأمين.Tue, 15 May 2012 10:23:25 GMTPress Release ZAWYA20120515095147Openhttp://www.zawya.com/story/GFH_reports_1m_profit_for_Q1-24by7_150520120839043/Gulf Finance House (GFH) has announced its financial results for the first quarter ending 31st March, 2012, recording a net profit of $1million with total income for the period recorded at $12.9 million resulting primarily from management fees and restructuring of debt.Tue, 15 May 2012 09:10:14 GMT24X7 News 24by7_150520120839043Openhttp://www.zawya.com/story/Access_to_liquidity_main_snag_facing_Saudi_SMEs-ZAWYA20120515045411/Although Saudi Arabia is among the most competitive countries in the G20 group of nations and the most competitive rapid-growth market in the group, SMEs are not playing their perceived role and are still facing many challenges, according to Richard Banks, Director of Euromoney Saudi Arabia Conference.Tue, 15 May 2012 08:36:53 GMTThe Saudi Gazette ZAWYA20120515045411Openhttp://www.zawya.com/story/GFH_posts_USD1m_net_profit_in_Q1-ZAWYA20120515045141/Gulf Finance House (GFH) recorded a net profit of USD 1 million in the first quarter of this year, with total income of USD 12.9 million resulting primarily from management fees and restructuring of debt, the bank said Monday in a statement.Tue, 15 May 2012 08:34:58 GMTThe Saudi Gazette ZAWYA20120515045141Openhttp://www.zawya.com/story/إندماج_البنك_البحريني_السعودي_في_مصرف_السلامالبحرين-ZAWYA20120515070920/اعتبارا من تاريخ 25 ابريل 2012 أصبح مصرف السلام-البحرين المالك المطلق لأصول البنك البحريني السعودي بالكامل وحل محله في جميع الحقوق والالتزامات. Tue, 15 May 2012 08:27:05 GMTPress Release ZAWYA20120515070920Openhttp://www.zawya.com/story/بيتك_شراء_مجمع_سكني_في_كندا_بـ_425_مليون_دولار-ZAWYA20120515042126/أعلن بيت التمويل الكويتي (بيتك) عن شراء مجمع سكني» كنتا ليك ابارتمنت» في مدينة أوتاوا بكندا بقيمة 42.5 مليون دولار كندي، يتكون من 146 وحدة سكنية جديدة في ثاني صفقة لـ «بيتك» في السوق الكندي بالتعاون مع الشريك الاستراتيجي شركة كيلام بروبرتيس العقارية العالمية. Tue, 15 May 2012 07:40:24 GMTAl Anba ZAWYA20120515042126Openhttp://www.zawya.com/story/Exchange_prices_crisis_not_burdened_by_CBI__expert-ZAWYA20120515042752/A banking expert said that the crisis in the Iraqi exchange prices is not shouldered by the Central Bank of Iraq (CBI) alone, but all governmental and parliamentary organs responsible for the economic dossier, calling to establish a crisis cell to implement a strategy for methodological economic plan to reform the economic system.Tue, 15 May 2012 07:07:15 GMTAswat Aliraq ZAWYA20120515042752Openhttp://www.zawya.com/story/Saudi_Arabian_Cooperative_Insurance_obtained_the_final_approval_from_SAMA_for_the_sale_of_the_Group_Life_Insurance_Policy-ZAWYA20120515040252/Saudi Arabian Cooperative Insurance Company announced that it had obtained the final approval from SAMA for the sale of the Group Life Insurance Policy .Tue, 15 May 2012 06:56:15 GMTTadawul ZAWYA20120515040252Openhttp://www.zawya.com/story/Gulf_Union_Cooperative_Insurance_announces_obtaining_the_renewal_of_requalification_from_CCHI-ZAWYA20120515040115/Gulf Union Cooperative Insurance obtained renewal of requalification from CCHI by a correspondence letter number Q/T2/33/780 dated 23/6/1433H, which received on 23/6/1433H corresponding to 14/5/2012 that obtained the renewal of company requalification from CCHI starting from 19/5/1433H for one year and ending on 18/5/1434 H. Tue, 15 May 2012 06:50:14 GMTTadawul ZAWYA20120515040115Openhttp://www.zawya.com/story/Saudi_Arabian_Cooperative_Insurance_obtained_renewal_of_SAMA_temporary_approvals_for_sale_of_26_insurance_products-ZAWYA20120515040124/The Saudi Arabian Cooperative Insurance Company announced that it had obtained the renewal of the temporary approvals from SAMA for the sale of (26) insurance products.Tue, 15 May 2012 06:40:48 GMTTadawul ZAWYA20120515040124Openhttp://www.zawya.com/story/NBO_launches_Middle_Management_Development_Programme-ZAWYA20120515033521/NBO Academy of Excellence recently launched its flagship "NBO Middle Management Development Programme".Tue, 15 May 2012 06:29:10 GMTOman Daily Observer ZAWYA20120515033521Openhttp://www.zawya.com/story/CMA_luring_family_firms_to_Saudi_stock_market-ZAWYA20120515031859/Saudi Capital market authority (CMA) is conducting talks with some of family-owned companies to have them listed on local Saudi stock exchange (Tadawul), according to financial sources.Tue, 15 May 2012 06:27:45 GMTArab News ZAWYA20120515031859Openhttp://www.zawya.com/story/Nass_Corporation_reports_BD2m_profit_in_Q1-24by7_140520121112058/Bahrain-based regional construction giant, Nass Corporation, reported a net profit of BD1.938 million for the first quarter of 2012, a slightly higher than BD1.827 million for the same period last year.Tue, 15 May 2012 06:12:43 GMT24X7 News 24by7_140520121112058Openhttp://www.zawya.com/story/Ithmaar_Bank_in_the_red_at_end_of_Q1-24by7_140520121112059/Ithmaar Bank, a Bahrain-based Islamic retail bank, reported a net loss of $0.5 million, compared to a net profit of $4.8million in the same period last year, despite a net operating profit of $4.4million, before impairment provisions and taxation, compared to a net operating loss of $2.8million in the same period last year.Tue, 15 May 2012 06:12:04 GMT24X7 News 24by7_140520121112059Openhttp://www.zawya.com/story/Damas_shares_to_be_delisted-ZAWYA20120515032119/The shares of regional jewellery major Damas International Ltd (DIL) will be delisted from Nasdaq Dubai on June 12, as part of the company's takeover by BidCo, a consortium composed of Qatar's Mannai Corporation and investment funds managed by EFG Hermes, an Egypt-based investment bank.Tue, 15 May 2012 05:49:59 GMTEmirates 24|7 ZAWYA20120515032119Openhttp://www.zawya.com/story/GCC_assets_surge_USD456bn_in_2011-ZAWYA20120515030757/A surge in oil prices and region's crude production boosted the net foreign assets of Gulf hydrocarbon producers by a whopping USD456 billion in 2011 to record their biggest asset increase since they began exporting oil.Tue, 15 May 2012 05:28:34 GMTEmirates 24|7 ZAWYA20120515030757Openhttp://www.zawya.com/story/Invest_AD_creates_private_equity_venture_with_Paladin_Capital-GN_14052012_150502/US private investment company Paladin Capital Group and Abu Dhabi-based investment company Invest AD have established a private equity joint venture that will channel investments into the Middle East and North Africa (Mena) region and Turkey.Tue, 15 May 2012 05:26:36 GMTGulf News GN_14052012_150502Openhttp://www.zawya.com/story/Indian_rupee_hits_nadir_vs_UAE_dirham_despite_RBI_efforts-ZAWYA20120515030801/The beleaguered Indian rupee made fresh lifetime lows on Monday against the US dollar - and the dollar-linked UAE dirham - even as the market ignored suspected intervention by the country's central bank to stem the rot in its currency.Tue, 15 May 2012 05:25:39 GMTEmirates 24|7 ZAWYA20120515030801Openhttp://www.zawya.com/story/Rise_in_Dubai_property_deals_with_banks_aiding_clients_offload_units-ZAWYA20120515030614/In a sign of a maturing market, banks have now started assisting their mortgage clients offload multiple properties in the emirate even as experts maintain that property prices may have already bottomed out in select areas of the emirate.Tue, 15 May 2012 05:13:01 GMTEmirates 24|7 ZAWYA20120515030614Openhttp://www.zawya.com/story/Fitch_puts_Oman_International_Bank_on_RWP_affirms_HSBC_Bank_Middle_East-ZAWYA20120514121333/Fitch Ratings has placed Oman International Bank's (OIB) Long-term and Short-term Issuer Default Ratings (IDR), Viability Rating and Support Rating on Rating Watch Positive (RWP) and simultaneously affirmed HSBC Bank Middle East's (HBME) Long-term IDR at 'AA-'. Mon, 14 May 2012 12:34:19 GMTFitch Ratings ZAWYA20120514121333Openhttp://www.zawya.com/story/Arabtec_says_Aabar_units_hold_2076_stake_in_company-ZW20120514000024/Aabar Investments holds a 20.76% stake in Arabtec Holding, further consolidating its influence over the Dubai-based company.Mon, 14 May 2012 10:45:48 GMTZawya Dow Jones News ZW20120514000024Openhttp://www.zawya.com/story/Capital_Investments_Jordans_Banking_Sector__Monthly_Chart_Book_May12-pdf_140512103448/This is a PDF report. Mon, 14 May 2012 10:32:00 GMTCapital Investments pdf_140512103448Subscriptionhttp://www.zawya.com/story/Loan_offered_for_Bank_Nizwa_IPO_investors-ZAWYA20120514072641/At least two leading Omani banks -" National Bank of Oman (NBO) and Oman Arab Bank (OAB) -" are offering credit facility for investors applying for the Bank Nizwa's RO60 million-initial public offering.Mon, 14 May 2012 07:45:54 GMTTimes of Oman ZAWYA20120514072641Openhttp://www.zawya.com/story/Fair_value_rating_for_Bank_Nizwa_IPO-ZAWYA20120514031952/As the deadline for the close of the initial public offering of the new-float Bank Nizwa is nearing, analysts give a fair value rating to the issue.Mon, 14 May 2012 07:43:13 GMTOman Daily Observer ZAWYA20120514031952Openhttp://www.zawya.com/story/UAE_lending_deposits_up_in_Q1-ZAWYA20120514041522/Lending in the country rose 0.3 per cent, while deposits increased by 7.1 in the first three months of the year, according to the UAE Central Bank.Mon, 14 May 2012 07:41:14 GMTKhaleej Times ZAWYA20120514041522Openhttp://www.zawya.com/story/CFC_Q1_net_profit_reaches_KD_4594_mln-ZAWYA20120514064130/Commercial Facilities Company (CFC) today announced its financial results for the three months ended March 31, 2012. Led by strong revenue growth in its core operations, CFC reported a net profit of KD 4.594 million for the first quarter in 2012 compared to KD 3.334 million for the same period in 2011, an increase of 38 per cent.Mon, 14 May 2012 07:23:52 GMTArab Times ZAWYA20120514064130Openhttp://www.zawya.com/story/سامبا_اكتتاب_الطيار_للسفر_يبدأ_غدا_وسعر_السهم_57_ريالا-ZAWYA20120513102550/تم تغطية الاكتتاب وتحديد سعر الطرح عند 57 ريالا للسهم، وهو الحد الأعلى للنطاق السعري للمستثمرين من شريحة المؤسسات الذي طرح بين 45 إلى 57 ريالاً.Mon, 14 May 2012 07:19:54 GMTAl Watan ZAWYA20120513102550Openhttp://www.zawya.com/story/36_مليارات_درهم_أرباح_مصارف_أبوظبي_الربعية-ZAWYA20120514052038/أظهرت نتائج الربع الأول من العام الحالي أن البنوك الوطنية بأبوظبي بدأت مرحلة انتعاش جديدة وتجاوزت تداعيات الأزمة المالية العالمية وانعكاساتها السلبية.Mon, 14 May 2012 07:19:03 GMTAl Bayan ZAWYA20120514052038Openhttp://www.zawya.com/story/صندوق_النقد_العربي_يدعو_الى_قياس_إدارة_المخاطر_في_البنوك_وتعزيز_الرقابة_عليها-WAM20120513132012814/دعا صندوق النقد العربي الى قياس إدارة المخاطر في البنوك من أجل ضمان سلامة واستقرار النظام المالي.Mon, 14 May 2012 07:05:59 GMTWAM (Emirates News Agency) WAM20120513132012814Openhttp://www.zawya.com/story/مصر_توقع_اتفاقية_منع_الازدواج_الضريبي_مع_السعودية_قريبا-ZAWYA20120513111815/قفز حجم التبادل التجاري بين السعودية ومصر خلال الربع الأول من 2012 ، بنسبة زيادة سجلت 50%، مقارنة بالفترة نفسها من 2011.Mon, 14 May 2012 07:04:02 GMTAl Riyadh ZAWYA20120513111815Openhttp://www.zawya.com/story/أبوظبي_11_التضخم_في_4_أشهر-ZAWYA20120513072549/الرقم القياسي لأسعار المستهلك ارتفع خلال الأشهر الأربعة الأولى من عام 2012، بنسبة 1.1 في المائة.Mon, 14 May 2012 06:40:57 GMTAl Qabas ZAWYA20120513072549Openhttp://www.zawya.com/story/NCB_Saudi_Economic_Perspectives_2012__2013-pdf_140512065216/For 2012 and 2013, we see Saudi Arabia’s growth returning to its medium-term trend of around 4% due mainly to base effects, including the slower pace of increase in Saudi oil production, and the fading-out of one time transfers estimated at around SAR94 billion, representing around 4.3% of 2011's GDP. The Kingdom’s real GDP will expand by 3.9% and 4.4% this year and next, respectively, largely driven by the expansion in the non-oil sector and partially by increased oil production. Saudi crude oil prices are expected to average around USD105/bbl in 2012. The fiscal account will be in surplus at 14.3% of GDP, a substantial SAR317.4 billion. The current account surplus is expected to rise at around 31.3% of GDP, as hydrocarbon exports offset the increase in imports.Mon, 14 May 2012 06:40:00 GMTNational Commercial Bank pdf_140512065216Subscription