Kuwait’s Warba Bank and Gulf Bank have begun discussions to explore a potential merger aimed at boosting long-term growth and competitiveness in the local Islamic banking sector. The announcement came in separate disclosures to Boursa Kuwait on May 26, leading to a temporary suspension of trading in both banks’ shares for one hour, in accordance...
The Central Bank of the UAE (CBUAE) and the Central Bank of the Republic of Azerbaijan (CBAR) have signed a Memorandum of Understanding (MoU) aimed at boosting cooperation and the exchange of expertise within the financial sector. The agreement was signed in Abu Dhabi by His Excellency Khaled Mohamed Balama, Governor of CBUAE, and His...
D360 Bank, a Shariah-compliant digital bank based in Saudi Arabia, has announced that it has welcomed over one million customers within just four months of its official launch. This achievement sets a new global standard for digital banking adoption, demonstrating the increasing demand for efficient and secure digital financial solutions in the region. Since its...
Saudi Arabia has successfully repaid SAR60 billion (approximately $16 billion) in sukuk, or Islamic bonds, that are set to mature over the next five years. In conjunction with this repayment, the kingdom has issued a new sukuk of the same value to support its domestic market and meet its debt obligations, according to a statement...
India and the United Arab Emirates (UAE) have embarked on a groundbreaking digital payments initiative through the expansion of the Unified Payments Interface (UPI), aiming to redefine cross-border transactions. This partnership is designed to provide super-fast, highly secure, and seamless payment options, significantly improving financial interconnectivity for millions of expatriates and facilitating global transactions. The...
Mashreq, a prominent financial institution in the MENA region, has unveiled its next-generation API Marketplace. This dynamic platform is designed to provide corporate clients, developers, and fintechs with seamless access to Mashreq’s suite of APIs. These Application Programming Interfaces (APIs) facilitate smooth data exchange between different systems, transforming how businesses manage payments, receivables, and liquidity...
Ripple, a leading provider of digital asset infrastructure for financial institutions, has announced its first customers in the United Arab Emirates (UAE). The partnerships with Zand Bank and Mamo will utilize Ripple Payments, which incorporates blockchain technology to offer fast and transparent cross-border payments. This service is designed for banks, crypto companies, and fintechs globally....
Crossfin, a South African fintech investment team, has initiated its global expansion by investing in UAE-based Unitey Digital Holdings. This investment is made through Crossfin’s newly established investment arm in Singapore, marking a significant step in targeting new markets in the Middle East and Asia. Anton Gaylard, co-founder and CXO of Crossfin, stated that since...
Financial institutions worldwide are facing a significant challenge as financial fraud has surged dramatically in 2023. Global losses from fraud scams and bank fraud schemes are estimated to be approximately $485.6 billion, underscoring the extensive financial impact of fraudulent activities. As schemes become more sophisticated, traditional detection methods are increasingly inadequate. To combat these evolving...
Mashreq Bank, a prominent financial institution in the MENA region, is focusing on digitalization to enhance customer experiences and drive business growth. According to Mashreq group CEO Ahmed Abdelaal, the banking industry is set to face significant disruptions driven by geopolitical instability, changes in customer expectations, and technological advancements. He emphasizes that Mashreq is adopting...