The new Home Loan offers varied interest rates to suit the client's individual financial circumstances, with rates starting from as low as 3.95% fixed for 12 months, to a 24-month fixed rate or a variable rate scheme linked to market rates. It further offers a maximum loan to assessed value of 80% spread over a period of 20 years with a free for life credit card. The product is available to salaried customers who are residents of the UAE.

Speaking at the launch, David Power, Head of Retail Banking, said: "The property market is maturing into a home-owning environment, and CBI would like...

"Bringing Lifestyle into Banking" is the new philosophy of Premier Banking at Burgan Bank. The new identity brings together affluence with priority & recognition, which its Premier Banking Customers aspire to. Bringing lifestyle into Banking is the bank's new initiative to fulfill our Premier Banking Customers' sophisticated personal and professional banking needs by providing a unique standard of service and exclusive benefits.

The bank's Premier Banking Customers can now enjoy more personalized and value added services. The new Debit VISA Platinum card for Premier Banking Customers...

Belgium-based SWIFT, which provides banks with a system for moving funds around the world, bowed to international pressure on Friday and said it was ready to block Iranian banks from using its network to transfer money.

Expelling Iranian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) would shut down Tehran’s main avenue to doing business with the rest of the world – an outcome the West believes is crucial to curbing Iran’s nuclear ambitions.

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SWIFT, the global interbank transfer network, said Friday it was ready to exclude Iranian banks from its system once the EU has enacted new sanctions to that effect against Tehran.

"SWIFT stands ready to act and discontinue its services to sanctioned Iranian financial institutions as soon as it has clarity on EU legislation currently being drafted," the Belgium-based organisation said in a statement.

The United States and European Union have been tightening sanctions against Iran to force it to abandon its nuclear programme, which they suspect has military aims. Tehran insists the...

Doha Bank will offer a whopping QR12mn in cash to loyal customers this year as part of its enhancing customer rewards under the “popular” Al Dana savings scheme.
Besides monthly and quarterly cash prizes in Al Dana, young savers will be eligible for many attractive prizes every month, the bank said yesterday.

During the launch event, Doha Bank Group CEO R Seetharaman said, “Al Dana is a ‘must have’ with inspiration lying in QR12mn that will be given away to loyal customers during the course of the year”.

He added: “The unorthodox creative...

BankDhofar has appointed Deloitte and Touche for a market assessment and feasibility study into launching of Islamic window services at the bank, a press release said.

The bank has also appointed a new head of Islamic banking to prepare it to handle the new service.

BankDhofar is planning to implement Islamic financial services and has already invested in training programmes for executives, providing them with insights into planning and executing Islamic banking products and services.

This study is in response to the Royal Decree issued last year by His Majesty...

Saudi Fransi Capital, the brokerage arm of Banque Saudi Fransi, has six initial public offerings in the pipeline, including three that might launch in the first half of the year, its chief executive said.

Yasir al-Romayan said the firm, whose parent, Saudi Arabia’s fourth-largest lender, is partly owned by France’s Credit Agricole, was gearing up one of them by the end of March.

The IPOs, which include firms in the fast-growing construction and cement sectors, range in size from 500mn riyals ($133mn) to over 1bn riyals, he said.

“We think we will see...

UAE banks have started applying stringent restrictions on banking services to non-resident Iranians and businesses owned by them, bankers told Gulf News yesterday.

Banks are quietly turning away Iranian customers for fear of violating any international sanctions that could invite penalties for them in the US and Europe.

A leading bank has issued an internal memo to staff to seek prior permission from the top management for offering banking services to non-resident Iranians including salary earners.

“Branches have been advised to obtain prior approval of our head office...

Wethaq Takaful Insurance Company advised, on Tuesday, to ensure personal and business banking accounts against data loss due to increasing attacks of internet piracy.
Manager of the Reinsurance Department Al-Sadiq Al-Tawali told KUNA internet piracy is on the rise, recently, therefore it is very importance for clients to ensure the safety of personal accounts from any data loss.

The insurance industry has played a vital role in compensating and reviving companies and individuals from any loss of properties and finances, he added.

Therefore, banks should impose simple insurance...

Despite higher interest rates for deposits and a single rate for foreign currencies, Iran's gold coin and foreign currency markets are still chaotic. Experts are convinced that the instability is rooted in Iran's economic issues and the Central Bank of Iran (CBI) can't control the market through circulars and orders.

Fereydoun Khavand, a Paris-based economist and analyst, told a reporter from Trend he believed the dollar costs 18,300 rials today and the CBI's attempt to impose its rate on the market failed because it was unreasonable and unrealistic to set the price for the dollar at 12,260...