Employee steals $220,000 in cryptocurrency fraud

Tuesday, 13 March 2018

A digital currency trading firm in Dubai lodged a case against an employee after detecting discrepancies in the transactions amounting to Dh800,000 ($220,000) from a cryptocurrency platform.Dubai resolved the case through its expertise and disputes settlement department, according to Al Bayan newspaper. The lawsuit claimed that the worker took advantage of his position to establish fake accounts and embezzle the money following an investigation into the company records.Using his expertise in ...

Founder of Dubai private equity firm Abraaj hands over control of fund

Friday, 23 February 2018

Arif Naqvi, the founder of Dubai-based emerging markets private equity fund, Abraaj Group, has handed the running of the fund to two co-chief executives and halted investments during a review of the structure of the business. The reorganization comes weeks after a reported dispute between Abraaj and four of its investors over the use of their money in a healthcare fund. Naqvi, a Pakistan-born investor, founded Abraaj in 2002 and expanded it into a major emerging and frontier market powerhouse ...

Qatari government injects $43 billion to help banks amid Arab boycott

Wednesday, 21 February 2018

Senior Director for financial services at S&P Global Ratings, Mohamed Damak, said on Tuesday that the Qatari government and state-controlled companies have injected nearly $43 billion to help banks after the country’s boycott in June last year. According to Damak, about $22 billion worth of deposits flowed out of the country since the boycott. A Bloomberg article quoted Damak as to saying that this injection will allow blanks to increase their lending and financing of government ...

Abu Dhabi considering guide to regulate virtual currency exchange

Monday, 12 February 2018

Abu Dhabi’s Financial Services Regulatory Authority (FSRA)is developing and considering a framework to regulate and supervise virtual currency activity.The FSRA issued its first regulatory guide in October, which states that virtual currencies are considered commodities therefore the derivative trading will be regulated under Financial Services and Markets Regulations, however, spot trading will not.The also advised consumers of virtual currencies to take caution when making large ...

Clients say a Saudi bank transferred money to them by mistake

Monday, 12 February 2018

Al-Rajhi Bank in Saudi Arabia accidentally transferred money to its clients’ accounts on Sunday, the daily Sabq reported. According to the report, some Saudis confirmed via Twitter that the bank accidentally transferred money to them while others said they tried to give the money back but the bank refused.They also posted photos showing that their accounts have millions of riyals after the money was transferred to them. After the hashtag “Al-Rajhi Bank accidentally transfers ...

UAE’s First Abu Dhabi gets securities licence in Saudi Arabia

Monday, 5 February 2018

First Abu Dhabi Bank, the largest bank in the United Arab Emirates by assets, has been given the go-ahead by Saudi Arabia’s regulator to conduct arranging and advising activities in the securities sector, a source close to the matter said. It is the latest foreign bank attracted by opportunities in Saudi Arabia, which is embarking on an investment drive to diversify its economy beyond oil revenues. FAB, created by last year’s merger between National Bank of ...

Sudan devalues pound to 30 against US dollar

Monday, 5 February 2018

Sudan’s central bank Sunday announced it will devalue the local currency to 30 Sudanese pounds against the US dollar, the second such move in weeks amid soaring inflation. The new official exchange rate will go into effect on Monday, the central bank said on its website. The Sudanese pound has been trading at an official rate of 18 to the dollar but on the black market it has hit an all-time low and was selling for between 40 and 43 to the dollar on Sunday. The new devaluation would be the ...

VIDEO: WSJ says standoff putting pressure on Qatar’s financial system

Monday, 29 January 2018

The Wall Street Journal said in a report last week that the ongoing Gulf standoff with Qatar is pressuring the country’s financial system.This comes after Fitch Ratings in August downgraded Qatar’s credit rating to AA- from AA because of geopolitical risks related to the diplomatic standoff, which it said was “unlikely to be resolved for some time”.Al Arabiya’s Bashayer Almutairi reports.

Morocco looks for smooth transition to more flexible exchange-rate system

Monday, 15 January 2018

Morocco’s introduction of a more flexible exchange-rate system from Monday could result in only a slight depreciation in the short term, analysts and bankers said, but the dirham could become more vulnerable if commodity prices rise.The move is aimed at giving the economy greater protection from external shocks, with central bank officials saying it will preserve competitiveness and that it has sufficient foreign exchange reserves -- covering 5 months and 24 days of imports -- to allow a ...

Hamed Merah, head of Islamic finance body AAOIFI resigns

Saturday, 13 January 2018

The head of the Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has resigned after more than three years at the helm of the standard-setting body.Secretary General Hamed Hassan Merah told Reuters he had presented an “objectively reasoned resignation” to AAOIFI’s board of trustees which in turn accepted it on Thursday.Saudi-born Merah took the role in September of 2014, helping oversee the most significant overhaul of AAOIFI’s ...

1 2 3 ... 62
How are we doing?

How are we doing?

Name Name *
Email Email *
Country Country
Message Message *
Maximum 550 words allowed