Author: Reputation Poll

Emirates Islamic Bank’s third quarter 2023 returns were particularly impressive. Record highs are what UAE’s leading banks are reporting with their nine-month results for 2023, with Dubai-headquartered EIB seeing a 56 per cent growth in profit to Dh1.65 billion. It was put together by higher ‘funded and non-funded income’ and which in turn reflected ‘improved business sentiment’. In the July to September period alone, the Emirates Islamic Bank income grew 46 per cent from a year ago period to Dh1.2 billion. On the expenses side, they were up 35 per cent at the end of the nine months, given the…

Frankfurt was ready to celebrate. Only a year after the 2016 Brexit referendum, the vast majority of US banks had set up their EU hubs in the German city. International school places were being block-booked ahead of relocations from the UK and property prices were rocketing. But the French government had other ideas. Emmanuel Macron, victorious after defeating far‑right candidate Marine Le Pen in France’s presidential elections, started courting the world’s biggest investment banks. “Their people were texting our people photos of magnificent, historic buildings we could open trading floors in, saying they had amazing food and great infrastructure,” said…

Britain on Tuesday scrapped a decade-old cap on banker bonuses inherited from the European Union, signalling a clear divergence in post-Brexit financial rules from the 27-country bloc it left in 2020. Britain was outvoted in the EU when the cap was introduced in 2014 to try to prevent the kind of behaviour that led to the global financial crisis of 2008 and its accompanying taxpayer bailouts of lenders. The move to ditch the cap drew criticism from trade unions and campaigners on Tuesday, who dubbed it inappropriate at a time when many households were struggling in a cost of living…

World fintech and banking industry stakeholders will converge in London, United Kingdom (UK) for this year’s edition of the Global Reputation Forum (GRF)/Reputable Banks and Fintech Awards & Conferences (RBFA), bringing together experts from both the financial and technology sectors 8-9 December, 2023. The quintessentially British London Marriott County Hall will be venue to the annual event which provides a platform for fintech startups and established banking institutions to showcase their latest innovations. Participating institutions and personalities get to witness firsthand how technology is transforming traditional banking services, from digital payments and lending to robo-advisors and blockchain-based solutions. Besides its…

Big banks in Britain are preparing for any future escalation of Western sanctions on China and have shared their “scenario planning” with the British and U.S. governments, a senior banking official has told Reuters. The project involves sharing lessons learned from other sanctions frameworks, including those on Russia, and discussions about the effect any measures imposed on China might have, Neil Whiley, director of sanctions at lobby group UK Finance, said. After many companies were wrongfooted by the speed and breadth of prohibitions on Russia, banks are drawing up contingency plans in case geopolitical tensions between the West and China…

U.S. Defense Secretary Lloyd Austin announced Sunday that he has ordered American military ships, including an aircraft carrier and additional aircraft, to move closer to the eastern Mediterranean in response to Hamas’ unprecedented, multi-fronted attack on Israel. At least four U.S. citizens were among the more than 700 people killed in Israel amid Hamas assault, according to a Sunday night statement from Senate Majority Leader Chuck Schumer. “Today, in response to this Hamas attack on Israel, and following detailed discussions with President Biden, I have directed several steps to strengthen Department of Defense posture in the region to bolster regional…

Despite having around 28 per cent of the world’s Muslim population, Africa’s Shariah compliant banking assets make up only around two per cent of global Islamic banking assets, Moody’s Investors Service has said. A report issued Thursday by the rating agency, stated that African Islamic banks face obstacles to growth, including high level of competition from conventional banks in some countries and a lack of product awareness in some other jurisdictions. While the industry’s na- scent legal and regulatory landscape has been among the constraints, there is noticeable progress now being made in jurisdictions such as Morocco, Nigeria and across…