In spite the efforts made by the central bank to fight liquidity through the liquidity injection proposal this week, the United Arab Emirates’ stock markets still seem to be not impressed. The former had earlier offered to lend Dh50bn ($13.6bn) to help it fight the crisis.
With the aim to relax the domestic liquidity and free borrowing between the two, on Monday central bank assured to make up to Dh50bn of credit available for banks.
On Wednesday Dubai's bourse regulator fined the investment bank Shuaa Capital SHUA.DU almost $1 million for exploitation of DP World shares.
Dubai Financial Services Authority (DFSA) said that the sanction was done after a wide and complex investigation into trading irregularities in the shares.
The regulator reported, “The DFSA has determined that Shuaa Capital, intentionally set about to raise the closing price of DP World shares on March 31 2008, so that it could mark up the book value of its proprietary portfolio in those shares for accounting purposes.”
There is no exposure of the banks in UAE to the bankrupt U.S. investment bank Lehman Brothers, as informed on Thursday by the Central Bank of the United Arab Emirates (UAE).
According to a press release issued by the Central Bank, “There is no systemic risk in the UAE and the country's banking system is sound.”
The report further read, “The UAE central bank will consider suggestions from representatives of local banks for boosting liquidity and appropriate decisions will be taken soon.”
An Arabian Business Poll conducted recently has revealed the fact that almost 77% of customers were not satisfied with the way their banks handled the ATM scam to hit the UAE.
Last week, a terror was spread around in the UAE, when some fraudsters used fake credit and debit cards to withdraw the money from the ATM. Following this new security measures are being introduced by the banks to fight the menace of fraudsters, and customers are also being instructed to change the passwords and codes of their debit and credit cards.
DIB (Dubai Islamic bank) informed yesterday that the ownership of land assets in Dubai land allocated to plantation holding.
Later in media reports bank stated that it looking to cover the exposure and recover funds given to Dubai - based property dealers. This effected market regulators to withdraw trading in DIB shares.
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