Officials of the Finance Ministry said that the banks of UAE have enough capital to meet any further the economic requirements.
Younis Al Khoori, Director General of the Finance Ministry, said, "Banks have enough capital to face any crisis, if another one happens. A debt-repayment plan last week by Dubai, the second largest of seven U. A. E. sheikhdoms, offered creditors of a state-run holding company terms that were better than expected."
On Monday, V. Shankar was named as chief executive for the Middle East division by Standard Chartered Bank PLC, one of the main creditors to debt-laden Dubai World.
Mr. Shankar, who will be based in Dubai and will report to Peter Sands, group chief executive of Standard Chartered, will also be looking over the bank's business in Africa, the Americas and Europe.
Online fraud involving bank accounts of individual users in Abu Dhabi is the most major concern for Abu Dhabi Police officials.
Reports related to fraudulent attempt where customers were bluffed into phishing by fraudsters and look-like-real providers of banking services targeting bank accounts, were received by the Criminal Investigation Department of Abu Dhabi Police.
Offering clue of strong economic fundamentals in the coming times, the shareholder equity of UAE banks surged around 8.4 per cent during the first two months of the year 2010. The Central Bank had earlier urged lenders to strengthen their economic position that was impacted due to global slowdown and rising defaults.
The state-controlled Abu Dhabi Investment Council owned Al Hilal Bank, having 14 braches, took a major step to increase its presence in the Central Asia. The bank opened its new branch in Kazakhstan becoming the first Islamic bank to have full-fledged branch in the country.
Earlier, the Financial Markets Authority in the Central Asian Republic of Kazakhstan gave its nod to the bank for opening its branch in the resource rich country. The new bank, fully owned by Al Hilal Bank, would have capital of $36 million according to the information provided by the lender.
Standard Chartered Plc., one of the leading international banks, has been eying on tapping large scale business opportunities present in the Middle-East market especially in Dubai. The bank would expand its presence in Dubai opening new offices and investing more in the highly potential market.
The Hinduja Bank is all set to roll out its full range banking services as the Dubai Financial Services Authority has granted its principle nod for the same. The move would help the bank to expand its services in the Europe, Middle East and South Asia.
The bank said in a release, "The new license enables Hinduja Bank-Middle East to provide full range of banking services from the Dubai International Financial Centre."
- Postage Prices will Decrease from Sunday; USPS not too Happy About It
- Marriott and Starwood Hotels & Resorts Worldwide Inc Shareholders Approve to $14.41 Sales Deal
- UK plan to impose additional tax on sugary drinks
- Obesity during pregnancy may increase risk of very ‘large babies’
- Dropping Sales at Gap’s Key Brands hurt the Company’s Shares