A long-awaited mega Islamic bank to be headquartered in Bahrain may be launched this year and $600 million of its $one billion capital will be contributed by Islamic banks in the Arab region, a senior banker has said.

The remaining capital will be subscribed by local sovereign wealth funds and other financial institutions and investors, said Adnan Youssef, chairman of the Beirut-based Union of Arab Banks (UAB).

Touted to be the world's largest Shariah-compliant unit, the bank idea was first floated in 2009 but was delayed many times because of the repercussions of the 2008 global...

Both firms are based at Dubai International Financial Centre (DIFC), and their joint venture aims to actively market alternative investment funds in the region and to provide a full bouquet of capital raising capabilities to fund managers - thereby saving them the time and effort associated with finding Middle Eastern investors for individual funds.

Explaining the new venture in context, Lars Pampel, Chief Executive Officer of Bridgehead Administration Ltd and Director of Investor Relations (Alternative Investments) at Royal Investment Bank Ltd, said that improving market visibility and...

Abu Dhabi Financial Services (ADFS), Al Jazira Capital, Al Rajhi Capital, Al Ramz Securities, Arqaam Capital, BankMuscat, Commercial International Brokerage Co. (CIBC), EFG Hermes, EmiratesNBD Securities, HC Brokerage, HSBC Saudi Arabia, Oman Arab Bank, QNB Financial Services (QNB FS), and Sambacapital are among over 30 firms from the Middle-East that are now using Thomson Reuters Autex Trade Route to connect to global markets.

Dennis Wijsmuller, Chief Operating Officer at Arqaam Capital, said: "We are constantly exploring new ways to provide our clients with the premium products and services...

The SYP/USD opened the week's trade at SYP 58.43 and closed at 58.54, recording a 0.18 % rise, while the Euro started off the weekly trading against the SYP at 76.88 and closed at 77.89 with an increase of 1.29 %.

According to the Central Bank of Syria (CBS) weekly report, the CBS has continued steps to support the exchange rate of the SYP as it started last September"...

Lebanese banks which worked for years to build up business in neighboring Syria have been quietly implementing U.S. and European Union sanctions against Damascus to avoid jeopardizing their international operations, bankers and economists say.

This is despite close financial ties between the two countries, cemented by the opening of seven Lebanese banking affiliates in Syria after President Bashar al-Assad began liberalizing the economy when he came to power 12 years ago.

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The EU member states’ governments are planning to introduce a new round of sanctions against Syria, this time targeting the country’s central bank assets as well as its exports of precious metals, an EU official told journalists, on 8 February.

The new sanctions, which should be harsher than the previous ones, were discussed by member states’ ambassadors"...

The Central Bank of Syria (CBS) has continued steps to support the exchange rate of the SYP as it started last September to move the SYP/USD exchange rate in accordance with the global exchange rate movements in a way that reflects the changes in the local supply and demand of foreign currency, according to the CBS weekly report on Wednesday.

The Central Bank continues to meet the market's needs of different"...

Gemalto (Euronext NL0000400653 GTO), the world leader in digital security, announces that Al Rajhi Bank, the largest financial institution in Saudi Arabia, has completed the main phase of the Dexxis Instant Issuance deployment program for on-the-spot EMV card delivery. With more than 500 branches equipped nationwide and over 15,000 cards issued daily, Al Rajhi Bank embarked on the largest rollout of any smart banking card instant issuance solution. Gemalto’s unique offer encompasses highly secure EMV DDA1 payment cards, a complete, mission-critical issuance"......

The SYP/USD opened the week's trade at SYP 57.81and closed at 57.86, recording a 0.08 % rise, while the Euro started off the weekly trading against the SYP at 74.80 and closed at 75.95 with an increase of 1.51 %.

According to the Central Bank of Syria (CBS) weekly report, the CBS has continued steps to support the exchange rate of the SYP as it started last September to"...

The net profit rose from OR14.10m in 2010 to OR18.22m in 2011, demonstrating continued growth in the bank's core operations. "Ahlibank has performed strongly in 2011 achieving continued growth in its chosen market segments following the strategic realignment of its Corporate and Retail businesses. The results demonstrate positive momentum in both revenue and lending growth and we will look to maintain this for the year 2012," commented Mr. Abdul Aziz Al Balushi, CEO of Ahlibank.

The Bank Net Operating Income for the year ended December 31, 2011 grew by 37% to OR35.31m as compared to OR25.83m...