http://www.zawya.com/financial_servicesen-usCopyright 2009 ABQ Zawya Ltd. All rights reserved.Sat, 21 Nov 2009 08:27:00 GMT5014476http://www.zawya.com/financial_serviceshttp://www.zawya.com/images/newsletter_zawya_logo.gifhttp://www.zawya.com/story.cfm/sidZAWYA20091121082754Saudi Arabia's increasing insurance density is poised to be sustained this year with the introduction of a new policy in compulsory motor insurance and cooperative health insurance, according to Buruj Cooperative Insurance Co. Sat, 21 Nov 2009 09:20:48 GMTPress Release ZAWYA20091121082754Openhttp://www.zawya.com/story.cfm/sidFTNEWSPLUS_CB20091121_135Dubai has removed the high-profile governor of the Dubai International Financial Center as a political power struggle caused by the emirate's financial troubles continues to build.Sat, 21 Nov 2009 09:11:26 GMTFinancial Times FTNEWSPLUS_CB20091121_135Openhttp://www.zawya.com/story.cfm/sidZAWYA20091121045444 Saad Group has agreed to sell a 19 percent stake in Petra Diamonds Limited, a UK-based mining company focusing on diamond resources, for $100 million in a private placement.Sat, 21 Nov 2009 07:10:59 GMTThe Saudi Gazette ZAWYA20091121045444Openhttp://www.zawya.com/story.cfm/sidZAWYA20091121051144The electronic card payment facility introduced by BankMuscat for services offered by ministries and government agencies has reached Dhofar region with the Sultanate's leading bank signing an agreement with Dhofar Municipality to roll out the facility in all wilayats of Dhofar governorate.Sat, 21 Nov 2009 07:01:46 GMTOman Daily Observer ZAWYA20091121051144Openhttp://www.zawya.com/story.cfm/sidZAWYA20091121053505The Iraqi Stock Exchange (ISX) this week traded over 4.7 billion shares worth 7.7 billion Iraqi dinars through 1868 transactions.Sat, 21 Nov 2009 06:46:55 GMTAswat Aliraq ZAWYA20091121053505Openhttp://www.zawya.com/story.cfm/sidGN_20112009_211113Ahmad Humaid Al Tayer (60), the newly appointed governor of Dubai International Financial Centre (DIFC) brings a large pool of knowledge and expertise to the region's largest financial hub.Sat, 21 Nov 2009 06:02:12 GMTGulf News GN_20112009_211113Openhttp://www.zawya.com/story.cfm/sidGN_20112009_211124 The restructuring of the board of the Investment Corporation of Dubai (ICD) ? the investment arm of the government ? is not likely to result in any major change of business strategy for the organisation.Sat, 21 Nov 2009 05:57:37 GMTGulf News GN_20112009_211124Openhttp://www.zawya.com/story.cfm/sidZAWYA20091120112319Saudi Hollandi Bank (SHB) launched for its customers a new credit facility that enables them to transfer the outstanding balances of all their credit cards issued by other banks to a Saudi Hollandi Bank credit card, provided that the Bank shall pay all the due amounts on the customer's credit cards to other banks. Fri, 20 Nov 2009 12:09:06 GMTPress Release ZAWYA20091120112319Openhttp://www.zawya.com/story.cfm/sidZAWYA20091120085759Standard & Poor's Ratings Services said it downgraded its long- and short-term counterparty credit ratings on Kuwait-based wholesale institution Gulf Investment Corporation G.S.C. (GIC) to 'BBB-/A-3' from 'BBB/A-2'. The outlook is stable. Fri, 20 Nov 2009 09:37:01 GMTPress Release ZAWYA20091120085759Openhttp://www.zawya.com/story.cfm/sidZAWYA20091120082606The National Bank of Egypt (NBE) and Banque Misr have raised the interest rate on their Egyptian pound certificates (the platinum and special certificates) by 75 bps, to reach 9 percent from the current 8.25 percent, reported Al-Alam Al-Youm. Fri, 20 Nov 2009 09:25:48 GMTDaily News Egypt ZAWYA20091120082606Openhttp://www.zawya.com/story.cfm/sidZAWYA20091120074941Shares of 36 joint-stock companies out of a total electronically-registered firms exchanged hands during Thursday's session in the Iraqi Stock Exchange (ISX), with shares of 18 firms going down and 12 up to close at 105.39 points in a fifth decrease in a row this week.ISXFri, 20 Nov 2009 09:17:55 GMTAswat Aliraq ZAWYA20091120074941Openhttp://www.zawya.com/story.cfm/sidDS201109_dsart58Figures released by the central bank of Lebanon show that the number of credit and debit cards issued in Lebanon reached 1.61 million cards at the end of September 2009, constituting a 1.3 percent decrease from end-June 2009.Fri, 20 Nov 2009 08:05:10 GMTThe Daily Star DS201109_dsart58Openhttp://www.zawya.com/story.cfm/sidGN_19112009_201146Dubai His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has issued a decree reshuffling the board of the Investment Corporation of Dubai (ICD). Fri, 20 Nov 2009 06:35:22 GMTGulf News GN_19112009_201146Openhttp://www.zawya.com/story.cfm/sidZAWYA20091119134012The success of Gulf International Bank's (GIB) Saudi Riyal-denominated bond issue in the Kingdom of Saudi Arabia earlier this month has given a positive signal to the country's financial market. Thu, 19 Nov 2009 14:41:34 GMTPress Release ZAWYA20091119134012Openhttp://www.zawya.com/story.cfm/sidZAWYA20091119114743 CFA Bahrain, the Kingdom's pre-eminent association for local investment professionals consisting of portfolio managers, investment advisors, educators and other financial professionals, has today announced its new board of directors.Thu, 19 Nov 2009 12:05:15 GMTPress Release ZAWYA20091119114743Openhttp://www.zawya.com/story.cfm/sidZAWYA20091119102211Societe Generale Group is further strengthening its wealth management activities in the Middle East with the creation of a new office in Bahrain under the brand Societe Generale Wealth Management. Thu, 19 Nov 2009 10:42:49 GMTPress Release ZAWYA20091119102211Openhttp://www.zawya.com/story.cfm/sidZAWYA20091119085509HE Shaikh Khalid bin Ahmed Al-Khalifa, Foreign Minister of Bahrain and Dr John Chipman CMG, Director General and CEO of the International Institute for Strategic Studies (IISS) have signed an MoU that facilitates and supports the establishment of an IISS-Middle East office in Manama.Thu, 19 Nov 2009 09:38:03 GMTPress Release ZAWYA20091119085509Openhttp://www.zawya.com/story.cfm/sidWAM20091119054036727 UAE Central Bank has announced the successful completion of trial run of Basel II, the new capital adequacy standards system, and now ready to start actual implementation of the system.Thu, 19 Nov 2009 08:24:03 GMTWAM (Emirates News Agency) WAM20091119054036727Openhttp://www.zawya.com/story.cfm/sidZAWYA20091119062007The Iraqi Stock Exchange (ISX) registered a slight decrease in Wednesday's trading session as more than 1.2 billion shares exchanged hands at a value of 1.9 billion Iraqi dinars (roughly $1.6 million) over 31 joint-stock firms, closing at 107.19 points.Thu, 19 Nov 2009 08:21:58 GMTAswat Aliraq ZAWYA20091119062007Openhttp://www.zawya.com/story.cfm/sidZAWYA20091119072550The UAE's First Gulf Bank has set price guidance for a 3-year benchmark dollar bond at 250-275 basis points over midswaps, a banker close to the transaction said.Thu, 19 Nov 2009 08:15:21 GMTGulf News ZAWYA20091119072550Openhttp://www.zawya.com/story.cfm/sidZAWYA20091119074243A line of credit agreement was signed in Beirut on November 18, 2009, between the Arab Trade Financing Program, based in Abu Dhabi, and Bank Audi sal - Audi Saradar Group, a designated national agency of the Program in Lebanon.Thu, 19 Nov 2009 08:14:40 GMTPress Release ZAWYA20091119074243Openhttp://www.zawya.com/story.cfm/sidZAWYA20091119070157The Kuwait China Investment Company (KCIC) announced on Wednesday it has launched an equity fund for long-term investment in Asian emerging economies.Thu, 19 Nov 2009 07:37:34 GMTKUNA (Kuwait News Agency) ZAWYA20091119070157Openhttp://www.zawya.com/story.cfm/sidZAWYA20091119040714The Central Bank of the UAE has directed banks to make 50 per cent provisions by December 31 2009 against exposure to failed Saudi Arabian business groups of? Al Gosaibi and Saad. Thu, 19 Nov 2009 07:22:18 GMTKhaleej Times ZAWYA20091119040714Openhttp://www.zawya.com/story.cfm/sidZAWYA20091119034437Any near-term merger activity among Gulf banks is likely to focus on the UAE, Kuwait and Bahrain, where margins are low and the customer base relatively small, a Standard and Poor's (S&P) analyst said.Thu, 19 Nov 2009 07:17:03 GMT7Days ZAWYA20091119034437Openhttp://www.zawya.com/story.cfm/sidZAWYA20091119034910Primary gross insurance premiums in the Jordanian market rose by 8 per cent to $431.5 million by the end of October of this year compared to $401 million recorded by the end of October in 2008, according to a report issued by the Insurance Commission (IC).Thu, 19 Nov 2009 06:57:25 GMTJordan Times ZAWYA20091119034910Openhttp://www.zawya.com/story.cfm/sidZAWYA20091119034216 Vodafone Qatar announced yesterday that their customers can now purchase Flexi plans on Red prepay vouchers at all Qatar National Bank (QNB) ATMs. Thu, 19 Nov 2009 06:57:09 GMTThe Peninsula ZAWYA20091119034216Openhttp://www.zawya.com/story.cfm/sidZAWYA20091119032242 The Commercial Bank of Qatar ('Commercialbank') yesterday announced the successful closing of its inaugural global bond offering and its first subordinated public bond issuance. Thu, 19 Nov 2009 06:47:07 GMTThe Peninsula ZAWYA20091119032242Openhttp://www.zawya.com/story.cfm/sidZAWYA20091119043641Share prices of 15 firms listed on the UAE stock markets have gone up more than 100 per cent since hitting multi-year lows in February this year, Emirates Business research shows.Thu, 19 Nov 2009 06:15:09 GMTEmirates Business 24/7 ZAWYA20091119043641Openhttp://www.zawya.com/story.cfm/sidZAWYA20091119043756Share prices of 15 firms listed on the UAE stock markets have gone up more than 100 per cent since hitting multi-year lows in February this year, Emirates Business research shows.Thu, 19 Nov 2009 06:13:29 GMTEmirates Business 24/7 ZAWYA20091119043756Openhttp://www.zawya.com/story.cfm/sidGN_18112009_191102A report by the Ernst & Young Item Club released yesterday highlights that despite the impact of the last 12 months sovereign wealth funds (SWFs) are poised to enter another period of sustained and impressive growth.Thu, 19 Nov 2009 05:38:01 GMTGulf News GN_18112009_191102Openhttp://www.zawya.com/story.cfm/sidGN_18112009_191163The UAE Central Bank said yesterday that banks operating in the country have a combined exposure of $2.9 billion (Dh10.7 billion) to Saudi Arabia's troubled business groups ? Saad and Algosaibi ? and ordered the banks exposed to take specific provisions for bad loans.Thu, 19 Nov 2009 05:29:57 GMTGulf News GN_18112009_191163Openhttp://www.zawya.com/story.cfm/sidGN_18112009_191160The UAE Central Bank said its board has discussed proposed provisions for exposures to Algosaibi group, Saad group, The International Banking Corporation (TIBC), a subsidiary of Algosaibi group and Awal Bank, a subsidiary of Saad groupThu, 19 Nov 2009 05:22:25 GMTGulf News GN_18112009_191160Openhttp://www.zawya.com/story.cfm/sid20091118_684_488A precipitous decline in the Doha stock market early this year spurred the government to offer to buy the entire local equity portfolios of local banks at the value they were held at on balance sheets, preventing investment writedowns from damaging capital adequacy rates.Thu, 19 Nov 2009 05:18:26 GMTFinancial Times 20091118_684_488Openhttp://www.zawya.com/story.cfm/sidZAWYA20091118124921Standard & Poor's Ratings Services said today that it assigned its 'BBB' long-term counterparty credit and insurer financial strength ratings to Jordan-based Middle East Insurance Co. of Jordan (MEICO).Wed, 18 Nov 2009 12:52:15 GMTPress Release ZAWYA20091118124921Openhttp://www.zawya.com/story.cfm/sidZAWYA20091118111946Standard & Poor's Ratings Services said today it had assigned its 'AA-' senior unsecured debt rating to the State of Qatar's (AA-/Stable/A-1+) $7 billion global bond issue.Wed, 18 Nov 2009 11:31:11 GMTPress Release ZAWYA20091118111946Openhttp://www.zawya.com/story.cfm/sidZAWYA20091118104430 A new, major player has entered the Alternative Asset Management field, it was announced today with plans to launch their first social-infrastructure focused fund in April 2010.Wed, 18 Nov 2009 11:14:29 GMTPress Release ZAWYA20091118104430Openhttp://www.zawya.com/story.cfm/sidZAWYA20091118074036Allen & Overy LLP and its associated office in Riyadh, Abdulaziz AlGasim Law Firm, have advised Gulf International Bank (GIB) on the issuance of their SAR2 billion (USD533 million) bond.Wed, 18 Nov 2009 08:12:08 GMTPress Release ZAWYA20091118074036Openhttp://www.zawya.com/story.cfm/sidZAWYA20091118074816Crédit Agricole Egypt (CAE) obtained the approval of the Egyptian Financial Supervision Authority to raise its stake in the Egyptian Housing Finance Company to reach 99.98 percent. Wed, 18 Nov 2009 08:09:37 GMTDaily News Egypt ZAWYA20091118074816Openhttp://www.zawya.com/story.cfm/sidZAWYA20091118075956Kotak Mahindra Bank, one of India's leading private sector banks, today formally launched its Representative Office in Dubai, illustrating the Bank's commitment to expanding its operations in the Middle East region. Wed, 18 Nov 2009 08:07:44 GMTPress Release ZAWYA20091118075956Openhttp://www.zawya.com/story.cfm/sidZAWYA20091118072741The Kuwaiti National Assembly (parliament) agreed, in its ordinary meeting on Tuesday, to postpone to December 23, 2009, the due date on which its committee on financial and economic affairs should produce a report on the issue of citizens' loans.Wed, 18 Nov 2009 07:49:39 GMTKUNA (Kuwait News Agency) ZAWYA20091118072741Openhttp://www.zawya.com/story.cfm/sidZAWYA20091118063903Moody's Investors Service has finalised a new methodology for bank hybrid securities and subordinated debt instruments rating. Wed, 18 Nov 2009 07:38:10 GMTEmirates Business 24/7 ZAWYA20091118063903Openhttp://www.zawya.com/story.cfm/sidZAWYA20091118062718Asset base of UAE banks continued to grow and recorded an increase of almost Dh15 billion as of October end from previous month, according to the figures released by the Central Bank yesterday. Wed, 18 Nov 2009 07:29:12 GMTEmirates Business 24/7 ZAWYA20091118062718Openhttp://www.zawya.com/story.cfm/sidZAWYA20091118062745UAE banks established 46 branches in the country in the first 10 months of 2009 despite the negative impact of the economic downturn.Wed, 18 Nov 2009 07:28:38 GMTEmirates Business 24/7 ZAWYA20091118062745Openhttp://www.zawya.com/story.cfm/sidZAWYA20091118062840Female bankers and businesswomen from the UAE and other Arab countries will gather in Saudi Arabia next month for a conference that will focus on seeking a bigger role in the region's banking and financial sector, organisers said.Wed, 18 Nov 2009 07:28:16 GMTEmirates Business 24/7 ZAWYA20091118062840Openhttp://www.zawya.com/story.cfm/sidZAWYA20091118060402Harbinger Capital Partners LLC, the hedge fund firm run by Philip Falcone, bought a 4.5 per cent stake in Interpublic Group of Companies during the third quarter.Wed, 18 Nov 2009 07:23:26 GMTEmirates Business 24/7 ZAWYA20091118060402Openhttp://www.zawya.com/story.cfm/sidZAWYA20091118060725The Iraqi Stock Exchange (ISX) registered a slight decrease in Tuesday's trading session as 1.336 billion shares exchanged hands at a value of 2.120 billion Iraqi dinars (roughly $1.8 million) over 32 joint-stock firms, closing at 107.85 points.Wed, 18 Nov 2009 07:22:30 GMTAswat Aliraq ZAWYA20091118060725Openhttp://www.zawya.com/story.cfm/sidZAWYA20091118032109Renaissance Services has signed term loan facilities of RO 5.75 million ($15 million) with Bank Sohar and RO 3.28 ($8.5 million) with BankMuscat.Wed, 18 Nov 2009 07:01:26 GMTOman Daily Observer ZAWYA20091118032109Openhttp://www.zawya.com/story.cfm/sidZAWYA20091118035705Several prominent Kuwaiti lawmakers protested on Sunday evening against the government's policies on the purchase of citizens loans and the insolvency fund at a seminar held at MP Saleh Ashour's diwaniyaWed, 18 Nov 2009 06:43:43 GMTKuwait Times ZAWYA20091118035705Open