Any firm in the UAE must have a corporate bank account. It helps pay bills and conduct international operations. However, bank account opening in Dubai isn’t as easy as it first appears. Strict AML and verification procedures complicate the process and can delay the company’s launch for a significant period. Let’s explore how to avoid possible challenges.

Key Details of Bank Account Opening in Dubai

Account opening is allowed for all officially registered entities, including mainland firms, organizations operating in free economic zones, and offshore businesses. However, there are particular rules for each category of business.

The simplest procedure is for firms registered through the Department of Economic Development. These organizations enjoy the trust of financial institutions due to ongoing government oversight. It enables quick completion of all procedures, but banks require substantial deposits.

Foreign entrepreneurs can fully own businesses in Dubai’s free zones, with registration completed in a short time. Banks often offer such companies more favorable initial deposit terms, ranging from AED 10,000 to AED 30,000.

Free zone companies can hold both AED and foreign currency corporate bank accounts, making them suitable for international trading, consulting, and service-oriented operations. Still, banks may require additional proof of a genuine business presence in the UAE, such as a tenancy contract or evidence of active operations.

Offshore businesses attract entrepreneurs who prefer cross-border operations without sales within the UAE. Banks perform enhanced due diligence to ensure compliance with global regulations and AML standards. They may request detailed information about the company’s ownership, transaction history, and the source of funds. As a result, offshore applications can take significantly longer to review and approve.

Checklist of Documents to Open a Business Bank Account in Dubai

Shareholders, managers, and other interested parties must undergo verification before activating the bank account in Dubai. An Emirates ID is an essential element of this procedure, as it is mandatory for residents.

Typically, refusal to open a Business Bank Account in Dubai is due to the absence of certain documents or their poor clarity. When opening business bank account, you must present the following papers:

• A license issued by government agencies or the free zone administration
• Business registration documents
• Incorporation documents stating the board hierarchy and the names of the company’s owners
• List of shareholders
• Board of Directors’ approval for interaction with banks
• IDs of all owners
• Residency permit and national ID (if accessible)
• Confirmation of address with a utility bill or bank statement received within the last 90 days
• Description of the company’s primary activities

ExecDubai is ready to explain which documents you should collect and guide you through every stage of the bank account opening in Dubai.

Steps to Open an Account

Opening a corporate bank account in Dubai, as a rule, takes 2 to 6 weeks. The timeframe depends on the business structure and its level of preparation. Below, we’ll outline the primary stages.

1. Selecting a financial institution that suits your firm. Various banks are suitable for different industries and organizational structures.
2. Gather a full set of documents. Ensure all documents are valid and free of inaccuracies that could trigger additional security procedures.
3. Schedule an interview. You may visit an establishment or contact them online. Financial establishments want to speak with applicants to obtain additional information about their firms and verify their identities.
4. Banks must be sure that you are not engaged in illegal activities. They will verify your channels of earnings and holdings.
5. If your application has no issues, the financial establishment will open an account. You will be able to utilize payment cards and online banking to perform any transactions.

Carefully following the guidelines is the key to preventing problems when opening business bank account in Dubai.

Timeframe

The period to open an account depends on your chosen structure and the desired type of financial product. Standard applications from citizens are processed within 2–4 weeks. For offshore organizations, the waiting period increases to 6–12 weeks. Firms in highly regulated fields should expect 6–12 weeks. If you want to expedite the procedure, it is recommended to collaborate with Electronic Money Institutions. These organizations suggest bank account opening in Dubai within 5–15 days.

What Happens After Your Application is Approved?

If the bank confirms your account, it sends you an International Bank Number (IBN) and account identifier. After this, you can receive funds and transfer your savings. Online banking lets you conduct all transactions on your smartphone or tablet. The final stage is issuing payment cards for paying for services and withdrawing money.

How to Prevent Rejection?

You should find out the reasons for rejection in advance. Clients most often encounter the following issues:

• Errors in personal information, outdated addresses, or incomplete information about owners and managers can trigger additional checks.
• Incomplete explanations of funding sources, target audience, and the type of operations can significantly increase the application review period.
• Rejections can occur if the firm cannot confirm business operations with office lease contracts or proof of commercial activity. Some applicants forget about the basic deposit requirements, so local financial institutions also refuse to open corporate bank accounts.

Check each document from the checklist multiple times to boost your chances of approval and accelerate the procedure.

Tips to Get Quick Account Approval

We’ve compiled several tips to streamline your interactions with financial establishments.

• Research which financial institutions operate in your sector. You won’t have to waste time with establishments that reject any applications in your chosen industry.
• Gather a complete set of documents to prevent delays and build a reputation as a reliable business.
• A transparent hierarchy of owners and managers ensures quick approval. Multi-level, unclear structures automatically trigger additional scrutiny.
• Names, addresses, and other information must be consistent across all documents.

Before bank account opening in Dubai, plan all procedures and study the rules. The correct approach saves your energy and decreases the risk of rejection. Also, it is recommended to consult with experts. ExecDubai has experience opening corporate bank accounts. Specialists will help you select an establishment, gather the package of documents, and guide you through every step of the procedure to boost your chances of approval.

The article Bank Account Opening in Dubai: An Ultimate Guide appeared first on Arabian Post.

Finding the best bank for a savings account isn’t always as straightforward as it seems. Sure, most banks offer a place to park your money—but not all of them offer the same value, flexibility, or ease of use. For many of us, a savings account is more than just a vault—it’s the foundation for short-term plans, emergency funds, future goals, and peace of mind.

With so many options out there, from fully digital setups to traditional branch-based banking, it helps to know what actually matters when choosing the right fit. This guide covers the key features to consider when choosing the best bank for a savings account, helping you make a confident, well-informed decision.

Competitive Interest Rates

One of the first things most people look for is the interest rate offered on savings. While savings accounts aren’t known for aggressive returns, even a small difference in rates can add up over time, especially with larger balances.

Look for banks that offer tiered interest rates, where higher balances earn better returns. Some banks also offer promotional interest rates or bonus earnings when you meet specific conditions—like maintaining a minimum balance or setting up salary transfers.

A smart savings account should reward you for saving more, not penalise you for growing your funds.

No or Low Minimum Balance Requirements

The best savings accounts are flexible—especially when it comes to minimum balance requirements. Some banks expect you to maintain a certain amount monthly to avoid penalties, while others offer zero balance accounts, particularly if your income is directly deposited there.

That said, a minimum balance isn’t always a bad thing—if it comes with benefits like higher interest, preferential services, or fee waivers. The key is to find a bank whose minimum balance aligns with your financial habits.

Ease of Access and Account Management

Convenience plays a big role when it comes to everyday banking. The best bank for a savings account will provide easy access to your money, whether through a user-friendly mobile app, online banking, or an extensive ATM network.

Here’s what to expect from a bank that truly understands modern banking:

1. A clean, intuitive mobile app with real-time alerts
2. Card management features (like locking/unlocking your card instantly)
3. 24/7 access to support via chat or phone

The best bank for savings accounts also offers smart digital tools such as goal-based savings, scheduled transfers, and expense categorisation. This makes it easier for customers to manage their money intentionally.

Account Types That Fit Your Lifestyle

The best bank for a savings account understands that one size doesn’t fit all. Instead, they offer tailored options for different life stages and goals.

Some common variants include:

1. Regular Savings Account: For everyday banking with standard features
2. Youth/Student Accounts: Designed for younger savers with no minimum balance
3. Salary Accounts: Zero balance accounts with added benefits
4. Premium Accounts: For high net-worth individuals with priority services
5. Children’s Accounts: Encouraging early saving habits with parental controls

By offering a variety of account types, a bank allows you to choose what works best for your lifestyle and future plans.

Smart Savings Tools

Saving money isn’t just about setting it aside—it’s about helping it grow in meaningful ways. Top banks go beyond traditional offerings by including tools that support financial planning.

For example:

• Automatic Savings Plans: Set up recurring transfers to grow your balance over time
• Goal Tracking Features: Allocate funds to different savings goals like travel, education, or emergencies
• Linked Fixed Deposits: Earn higher returns while keeping your savings account flexible

When these features are built right into your banking dashboard, managing your money becomes less about effort and more about strategy.

Transparent Fee Structure

Hidden charges can erode your savings over time. The best savings account providers prioritise transparency, clearly outlining any charges related to:

• Non-maintenance of minimum balance
• Debit card issuance or replacement
• ATM usage beyond free limits
• Foreign transaction or currency conversion

The best bank for savings accounts takes a straightforward approach, ensuring customers know exactly what they’re signing up for. Before opening an account, always check the schedule of charges to avoid unpleasant surprises later.

Security and International Access

Security is non-negotiable. A top-tier bank will offer advanced security features such as:

1. Two-factor Authentication
2. Biometric Login
3. Real-time Fraud Alerts
4. Card Lock Features from your Mobile App

Additionally, if you travel frequently or manage international income or investments, global accessibility matters. Banks that support multi-currency accounts, international transfers, and global ATM access make life easier for global citizens.

Rewards and Added Benefits

Some banks sweeten the deal by bundling savings accounts with added perks like:

1. Cashback or reward points on debit card spending
2. Discounts on partner services
3. Preferential rates on loans or credit cards
4. Free investment advisory

While these shouldn’t be the main reason to open an account, they can definitely add value—especially if they align with your regular spending patterns.

The Right Business Bank Account: A Gateway to Growth

Choosing the right business bank account is crucial for your company’s financial success. It’s not just about finding the best rates or lowest fees; it’s about selecting an account that aligns with your business goals and supports your day-to-day operations. A well-chosen account simplifies banking processes, improves cash flow management, and ensures you have the financial tools you need to grow.

Whether you’re a small business or a large enterprise, having the right banking partner can make all the difference. With a financial institution like Emirates NBD, businesses gain access to tailored banking solutions that provide the stability, security, and flexibility needed for future growth.

The article The Best Bank for a Savings Account: Features to Look For appeared first on Arabian Post.

First Abu Dhabi Bank (FAB) has announced 50% dividend to its share holders in United Arab Emirates. The FAB has created a huge record by breaking its own estimation of profit in the fourth quarter. The bank has achieved a high level growth in the year 2023.

The First Abu Dhabi Bank has been working hard to meet the needs of its customers. In addition, the bank management has high achievement goals for each quarter. The goals of FAB Bank include more business, more branches, more services and higher profits.

FAB Bank Made Record-Break Profit in 4th Quarter

In the fourth quarter of 2023, the First Abu Dhabi Bank showed 63 percent increase in its net income. The FAB earned AED 4.01 billion profit in the fourth quarter which was 17 percent higher than the fourth quarter of previous year 2022.

The First Abu Dhabi Bank is growing in various sectors. It has earned total net profit of AED 16.4 billion in the whole year of 2023. Compared to previous year 2022, the net profit is increased by 56 percent which was neither proposed nor estimated by the FAB management.

FAB Says, “Not Evaluating Any Offer for StanChart!”

In second week of February, First Abu Dhabi Bank released a press note about an awaiting news about Standard Chartered. The FAB declared that it was thinking to offer a bid for StanChart for sometime but has no intention to give any offer currently.

After FAB’s announcement, the Standard Chartered Shares price increased by 11% in the market. The First Abu Dhabi Bank was going to buy Standard Chartered with a bid between $30 and $35 billion. But the FAB has postponed this plan for a while and StanChart Shares rocked the stock market after this news came out.

FAB SlicePay BNPL Card Launched

The First Abu Dhabi Bank has launched a new credit card with SlicePay in UAE. The card offers buy now pay later (BNPL) service to the card holder. The SlicePay BNPL Card is powered by MasterCard and it is available for all eligible residents in United Arab Emirates.

The SlicePay BNPL Card allows customers to split their purchases of AED 100 or more into four equal installments. The First Abu Dhabi Bank Customers can apply and get the SlicePay Card for free without any joining fee or monthly/annual fee. Other bank customers need to pay the annual fee of AED 99.

The customers can split their purchases into small EMIs and repay them without any interest or additional charge. The SlicePay BNPL Card is available for UAE residents with a minimum income of AED 5000 per month.

The SlicePay card limit is determined by the FAB Card Department based on customer’s credit score and repayment history. Once assigned, the card limit cannot be changed by the customer. The maximum transaction limit per month is 20, so the customer can do up to 20 payments/purchases using the SlicePay BNPL Card in a month.

FAB Balance Inquiry and Account Statement

The First Abu Dhabi Bank offers a variety of bank accounts, debit cards, prepaid cards, credit cards and other banking products in UAE. The customers with a savings account with FAB can use FAB Balance Check service to get their account balance details.

The FAB provides several online and offline methods for FAB Balance Inquiry for its customers. Whether you have a savings account or current account or a prepaid/salary card, you can do an online inquiry to Check FAB Balance and View Account Statement for free.

 FAB Account Balance Inquiry

The FAB customers in UAE can check their bank balance through various online and offline methods. For every customer, it is important to keep track of account balance to manage their financial expenses and needs. The FAB Bank offers free balance inquiry and transaction history for all customers.

If you have a bank account with First Abu Dhabi Bank, you can check your FAB Balance online with the steps mentioned below.

1. Go to FAB official website @www.bankfab.com.
2. Select Login section and click on Personal Online Banking (UAE).
3. Enter your Username & Password, then click on Login button.
4. Find and Click on My Account section.
5. Select Check Balance or View Balance option.
6. Your FAB Balance will appear on your screen.
7. You can also check the Transaction History to know your recent payments & receipts.

Quick FAB Balance Inquiry by SMS

The FAB balance check by SMS service is available for all account holders. If your mobile number is linked to your bank account then you can check your FAB account balance by SMS anytime, anywhere in the United Arab Emirates.

Type a New Message as BAL and Send It to 2121

As you send the SMS in above format, you will receive your FAB Balance by SMS on your registered mobile number. If you have any locked or ceased balance, it will appear in the SMS received from First Abu Dhabi Bank.

FAB Ratibi Salary Card Balance Check

The Ratibi Card is a salary card offered to expat workers by First Abu Dhabi Bank. The employees do not need to open a bank account or maintain any minimum balance. They can enjoy all banking services by using a Ratibi Prepaid Card from FAB.

If you have a Ratibi Card then you must check if your salary is credited to your card. The FAB provides an easy Ratibi Card Balance Inquiry Service on its website. The card holders do not need to register or login to check their Ratibi Prepaid Card Balance. Just follow the steps given below.

1. Go to FAB Prepaid Card Balance Inquiry Page.
2. Enter last two digits of your Ratibi Card Number.
3. Enter your Ratibi Card ID.
4. Click on Go button.
5. Your FAB Ratibi Card Balance will appear on page.

In this way, you can check your FAB Balance for savings account, current account, prepaid/salary card and others.

Conclusion

The First Abu Dhabi Bank is known for its easy to access banking services through various channels. It offers everything the customers need and expectations in their day-to-day financial transactions. The FAB recently announced 50% dividend to delight its share holders after making an unexpected profit in last quarter of 2023.

The article FAB makes record-breaking profit for 4th Quarter appeared first on Arabian Post.

The United Arab Emirates (UAE) has emerged as a significant player in the global financial landscape, and as such, the demand for robust trading platforms in the region has seen exponential growth. Traders in the UAE are seeking reliable and feature-rich trading platforms to access a wide range of financial markets, including Forex, stocks, commodities, and cryptocurrencies. In this comparative review, we will explore the best trading platform in UAE, analyzing their key features, strengths, and weaknesses, to assist traders in making informed decisions about which platform best suits their needs.[/caption]

Overview of the UAE Trading Landscape

The United Arab Emirates stands as a financial powerhouse in the Middle East, attracting traders and investors from around the world. The UAE boasts a sophisticated financial infrastructure, with Dubai and Abu Dhabi serving as prominent financial hubs. The country’s strategic location, strong regulatory environment, and tax-friendly policies have fueled the growth of its financial markets.

The UAE is home to a diverse range of traders, from individuals and retail investors to institutional players, all seeking opportunities across various asset classes. The Forex market, equities, commodities, and cryptocurrencies have gained significant popularity, leading to a surge in demand for advanced and reliable trading platforms that cater to the unique needs of UAE traders.

Criteria for Evaluating Trading Platforms

Evaluating trading platforms in the UAE requires a comprehensive assessment based on specific criteria. Key factors include user-friendliness, accessibility to diverse financial markets, data security, customization options, trading tools, and customer support. These parameters are essential in determining which trading platform aligns best with UAE traders’ diverse trading styles and strategies.

HFM

The HFM App, a comprehensive and user-friendly mobile trading application, has effectively placed the global financial markets right at your fingertips. Its primary mission is to empower traders by offering an intuitive, fast, and feature-rich mobile trading experience. This award-winning app is a testament to its commitment to providing traders with the tools they need to navigate the complexities of financial markets seamlessly.

Getting started with on-the-go trading has never been easier, as the app can be easily downloaded or updated from Google Play or the App Store. Registration or sign-in using myHF account credentials is a straightforward process, allowing users to swiftly access their accounts. Whether you are looking to open a Live or Demo Premium trading account on the HFM platform, the app ensures that you are ready to start trading in no time.

What truly sets the HFM App apart is its impressive range of features. With access to over 1200 markets, traders can explore derivatives across forex, stocks, commodities, bonds, ETFs, and indices, all consolidated into a single wallet for convenient portfolio management. The app allows traders to customize their trading experience, giving them the flexibility to place trades in the desired amount, lots, or units. Additionally, it provides a detailed history of each trade, enabling traders to conduct thorough performance analysis.

SaxoTraderGo

SaxoTraderGO is a trading platform known for its comprehensive features and user-friendly interface. It offers tools for trading and investing, including an enhanced trade ticket designed for efficiency. Traders can access fundamental and technical analysis tools, as well as extensive charting options. The platform also provides a research hub with news, analysis, trade ideas, and educational material. Risk management tools like the account value shield, stop orders, and margin alerts are available. SaxoTraderGO allows access to various assets, including FX, CFDs, stocks, ETFs, futures, and bonds from global exchanges. It has been in the industry for over 30 years.

Plus 500

The Plus500 Trading app offers access to a wide range of financial markets, allowing users to trade over 2,800 CFDs on Shares, Forex, Indices, Commodities, Cryptocurrencies, ETFs, and Options. While it provides a convenient platform for diversifying one’s portfolio, it’s important to note that trading CFDs involves a high level of risk, and users should carefully consider their risk tolerance and understanding of CFDs before engaging in trading activities.

The app offers features such as a demo account for risk-free practice, competitive pricing with zero commissions and tight spreads, real-time alerts, live quotes, and around-the-clock customer support. Plus500 is a globally recognized brand, and its services are available in multiple languages. However, traders should be aware of the inherent risks associated with leveraged CFD trading and exercise caution while using the platform.

Conclusion

In conclusion, while each of these platforms has its strengths, the HFM App stands out as the best trading platform for UAE traders due to its user-friendliness, versatility, and comprehensive feature set. However, it’s essential for traders to conduct their own research and consider their individual trading preferences and risk tolerance when selecting the most suitable platform for their needs.

The article A Comparative Review of Top Trading Platforms Available in the UAE appeared first on Arabian Post.

Did you know the algorithmic trading market size is expected to reach $31,494 million in 2028?[/caption]

Trading stocks can be a risky business. You never know when the market is going to take a turn for the worse. Making money in the stock market is hard. You have to be constantly on your toes, watching the news and making decisions quickly.

But don’t worry. Keep reading and follow these simple trading rules to help you make better financial plays. By sticking to these guidelines and investing tips, you’ll minimize your risk and give yourself the best chance for success.

Have a Trading Plan and Stick To It

When it comes to the stock market, you need to have a plan and stick to it. This means knowing your goals and investing accordingly. Too often, people invest without any sort of plan, which can lead to haphazard decision-making.

Only Invest What You Can Afford to Lose

This may seem like an obvious one, but it’s crucial to remember. The stock market is unpredictable, which means there is always the potential for loss. Don’t invest more than you’re comfortable losing. One way to think about this is to invest only what you would be willing to lose in a gambling situation.

Diversify Your Portfolio

Diversification is an important aspect of investing. It refers to the practice of investing in a variety of different assets to spread out your risk. By diversifying your portfolio, you can protect yourself from volatility in the stock market and minimize your losses if one particular investment goes sour.

There are several ways to diversify your portfolio, but one of the simplest is to invest in a variety of different asset classes. This might include stocks, bonds, mutual funds, and even real estate. By spreading your money across different asset classes, you can ensure that you are well-positioned to weather any storm.

Understand the Risks Involved

When you invest in the stock market, you are essentially buying a share of a company. The value of your investment can go up or down depending on the performance of the company. If the company does well, your investment will increase in value. However, if the company struggles, your investment could lose money.

In addition to these risks, there is also the risk that the company could go bankrupt. If this happens, you could lose all of your investment. As you can see, there is a certain amount of risk involved in investing in the stock market.

However, if you are careful and do your research, you can minimize these risks and make informed decisions about where to invest your money.

Have a Long-Term Perspective

When it comes to the stock market, it’s important to have a long-term perspective. This means thinking about your investments in terms of years, not days or weeks. By taking a long-term view, you’ll be less likely to make impulsive decisions that could lead to losses.

Instead, you’ll be able to ride out the ups and downs of the market, confident that your investments will eventually rebound. While a long-term perspective can’t guarantee success, it’s often a wise strategy for achieving your financial goals.

Don’t Try to Time the Market

One of the most common mistakes people make in the stock market is trying to time the market. This means trying to predict when the market will rise or fall. However, this is extremely difficult (if not impossible) to do. There are several reasons why timing the market is so difficult.

First, several different factors can affect the market, such as economic indicators, company earnings, and global events. Second, even if you can correctly predict when the market will rise or fall, you may not be able to act on this information quickly enough to make a profit.

Finally, even small changes in the market can have a big impact on your investment, so you need to be very careful when making decisions about when to buy or sell. Instead of trying to time the market, focus on investing for the long term.

This means buying quality companies that you believe will be successful over the long run and holding onto them for years (or even decades). While this approach may not make you a fortune overnight, it is much more likely to lead to success in the long run.

Stay Disciplined

When it comes to investing, discipline is key. This means sticking to your plan and making decisions based on logic, not emotions. Emotional decision-making can often lead to poor investment choices. For example, you might sell an investment that is doing poorly because you are worried about it losing even more value.

However, if you sell at a loss, you lock in that loss and miss out on the potential for the investment to rebound. On the other hand, if you hold on to the investment and it does rebound, you could see a significant profit.

Therefore, it is important to stay disciplined and make investment decisions based on a logical analysis of the situation, not on your emotions.

Know When to Buy and Sell

There is no one perfect time to buy or sell stocks. Instead, it depends on several factors, including the current market conditions, the company’s financial health, and your own investment goals. However, some general Guidelines can help you make decisions about when to buy and sell.

For example, if you’re looking to make a quick profit, you may want to buy when stock prices are low and sell when they rise. On the other hand, if you’re aiming for long-term growth, you may want to buy and hold onto shares even during periods of market volatility.

The important thing is to have a plan and stick to it. By doing your research and staying disciplined, you can increase your chances of making profitable investments.

Consider Using Stop-Loss Orders

As any investor knows, the stock market can be a volatile place. Prices can rise and fall quickly, and it can be difficult to predict which way the market will turn. One way to help protect yourself from losses is to use stop-loss orders. A stop-loss order is an order to sell a security when it reaches a certain price.

This can help you limit your losses if the stock market declines. For example, let’s say you purchase shares of XYZ Company for $100 per share. If you set a stop-loss order at $90 per share, your shares will be sold automatically if the price falls to that level.

This can help you avoid losses if the stock price falls suddenly. Stop-loss orders are not foolproof, but they can be a helpful tool for managing risk in the stock market.

Review Your Portfolio Regularly

Reviewing your investment portfolio regularly is important for several reasons. First, it allows you to monitor your investments and ensure that they are performing as you expect them to. This is especially important in volatile markets when the performance of your investments can change rapidly.

Second, regular reviews allow you to make changes to your portfolio if your goals or circumstances have changed. For example, if you have experienced a major life event such as a birth or a death in the family, you may need to adjust your portfolio accordingly.

Finally, reviewing your portfolio regularly can help you stay disciplined in your investing. By looking at your investments regularly, you are less likely to make impulsive decisions that can harm your financial health.

Use Dollar-Cost Averaging

When it comes to investing, many different strategies can be used to achieve success. One of these strategies is known as dollar-cost averaging. Dollar-cost averaging is an investing technique that involves buying a fixed dollar amount of a security at regular intervals.

This can help reduce the risk of buying at the wrong time. For example, let’s say you want to buy shares of stock in Company XYZ. You could choose to purchase these shares all at once, or you could use dollar-cost averaging and spread your purchases out over some time.

By buying a fixed dollar amount of shares each month, you will average out the cost of your purchase over time. This can help to reduce the risk of buying when the stock price is high and selling when the stock price is low. In addition, dollar-cost averaging can also help to reduce the overall volatility of your investment portfolio.

Be Patient

Investor patience is often rewarded. Consider, for example, the case of Mr. Market. Mr. Market is an imaginary figure that was created by famed investor Benjamin Graham to illustrate the importance of being patient when it comes to investing.

Graham used Mr. Market to demonstrate that the stock market is often irrational and that investors who can remain calm during times of market turmoil can ultimately be successful. Of course, this isn’t to say that there isn’t a place for short-term thinking when it comes to investing.

However, as Mr. Market shows us, it’s important to have a long-term perspective if you want to achieve lasting success in the world of investing.

Don’t Follow the Crowd

Remember the saying, “If everyone else jumped off a bridge, would you do it too?” The same principle applies to investing in the stock market. Just because everybody else is doing it doesn’t mean it’s a good idea. In fact, following the herd can often lead to financial ruin.

The stock market is an unpredictable beast. It can go up or down without warning, and often does. This is why it’s so important to think for yourself when it comes to investing. Don’t blindly follow what everybody else is doing. Do your research, and make sure you understand what you’re buying before you invest your hard-earned money.

It’s not always easy to go against the grain, but if you want to be a successful investor, it’s necessary. So next time everyone else is rushing to buy a hot stock, take a step back and ask yourself if it’s a wise investment. Chances are, it probably isn’t.

Keep Your Emotions in Check

Investing can be an emotional roller coaster. When the markets are down, it’s easy to get caught up in the panic and make decisions based on fear. Similarly, when the markets are up, it’s easy to get caught up in the excitement and make decisions based on greed. However, it’s important to keep your emotions in check when making investment decisions.

This means using logic, not emotions, to make decisions. When you let your emotions guide your investment decisions, you’re more likely to make impulsive, short-sighted decisions that could cost you dearly in the long run.

So next time you’re tempted to buy or sell based on how you’re feeling, take a step back and ask yourself if it’s the right decision. You may just find that logic wins out in the end.

Have Realistic Expectations

When it comes to the stock market, it’s important to have realistic expectations. This means understanding that the market is unpredictable and that there will be ups and downs. If you expect the market to always go up, you’re likely to be disappointed.

The key is to ride out the down times and take advantage of the up times. One way to do this is to invest in a balanced portfolio of stocks, bonds, and cash. This will help protect you from losses when the market falls and allow you to participate in the gains when the market goes up. Over time, this approach will help you build wealth while managing risk.

If you want to learn how to build trading strategies that work, check out kjtradingsystems.com.

Use These Trading Rules In Your Trading Plan

The stock market is unpredictable and ever-changing, which can be daunting for even the most experienced investors. However, by following certain trading rules, you can help increase your chances of success.

Keep an eye on your portfolio diversification, don’t put all your eggs in one basket, and remember to set realistic goals. Finally, always do your research! By taking the time to understand the companies you’re investing in and keeping up with industry news, you’ll be better equipped to make financial plays that pay off.

Want to learn more? Check out our blog for more articles like this.

The article Follow These Trading Rules to Make Better Financial Plays appeared first on Arabian Post.

The housing and construction market got rocked by the pandemic. Low real estate sales inventory and buyer demand because of low interest rates sent property values through the roof.

Construction slowed because of worker shortages, supply chain issues, and soaring construction costs. The number of building permits issued fell by 3.2% in April.

There is a massive construction backlog, but what if you’re in a position to build a property now? You’ll need to get a construction loan to complete the deal.

Do you want to know how to obtain a construction loan? Read on to learn everything you need to know about getting one in this construction loan guide.

What Is a Construction Loan?

A construction loan is a type of loan that lets you finance the building of a real estate property or another type of project. This is a short-term loan that can cover the land purchase and construction-related costs.

You may be able to use the loan for planning the project, permits, engineering, and labor.

A construction loan is useful if you need contingency expenses. This is when the project goes over budget or gets delayed.

What are the normal terms of a construction loan? They’re only for 12-18 months. You have to pay the loan back in full within that timeframe.

You can use construction loans for fix and flip projects if you’re an investor. You’ll pay the loan back when you sell the property.

If you’re looking to build a property as your primary residence, you could convert the construction loan into a mortgage. This is called a construction-to-permanent loan.

If your lender doesn’t offer the ability to convert the loan to a permanent loan, you’ll have to obtain a mortgage that includes the cost of the construction loan.

There are other key differences between a mortgage loan and a construction loan. A mortgage loan gets secured by the property the loan is for.

Should you default on the mortgage, the bank takes the property and sells it to recover the costs.

Construction loans are unsecured. You could default before the project gets completed, so there are no guarantees for the bank.

Since they carry higher risks for lenders, they have much higher qualification standards and interest rates.

How to Obtain a Construction Loan

If you thought getting a mortgage is a strict process, wait until you apply for a construction loan.

Let’s take a look at what lenders usually look for to approve construction loans. They’ll start with your credit score. You’ll need at least a score of 680, though many lenders want a score of 720 or higher.

Lenders also look at what you have for a down payment. You’ll need a 20% down payment for a construction loan. The only way around that is to get a government-backed construction loan through the USDA or VA.

If you can get a government-backed construction loan, you may be able to get 100% financing on the deal or pay as little as 3.5%.

If you already have land, that could go towards the down payment.

Do you think you’ll qualify for a construction loan? Take the next step and find a builder.

The Builder, Lender, and You

The lender is keen on protecting its interest in the project, so they want to make sure you’re working with a reputable builder.

Lenders will want more than the name of the builder you’re working with. They’ll want to fully vet them. They want to know that the builder won’t run off with a lot of cash and not perform the work.

They’ll look at a builder’s payment history with vendors, licensing, insurance, credit rating, and finances.

There’s a lot of coordination that happens between lenders and builders. A construction loan gets dispersed in stages, rather than all at once.

The bank will set project benchmarks for the builder to meet. The lender sends inspectors to that site at each benchmark to review the project.

If the project meets the standards, then more money gets disbursed. You need to do your part to manage the project as well.

The lender wants to have every assurance that the project is viable and it will get completed on time before they approve the loan.

Know Your Requirements

You should have an idea as to what type of construction loan you need. Not every lender works with government-backed loans or construction-to-permanent loans.

You might need a fix-and-flip loan for your project.

Do you need to only fund construction or both the land and construction? If you need construction, then you can have the plans ready to present to the lender.

Shop for lenders

Are you ready to shop for lenders? Start by getting referrals from your network and researching construction loan lenders online. Your builder may be able to recommend lenders.

Check out the types of loans and services lenders offer. You want to have a lender who offers the type of loan you need.

The main thing you want to look for is experience. Ask lenders how many construction loans they’ve financed. For example, constructionspecloans.com closed more than 700 construction loans.

The more experience the company has with construction loans, the easier it will be to navigate any challenges that come up.

Construction loans carry a range of fees, just like mortgage loans. This varies between lenders, but you should expect to pay 1-2% of the loan amount in fees.

Compare fees and interest rates along with the customer service. You could end up paying a little more for the loan, but get a lot better service from the lender.

Construction Loan Tips

This construction loan guide showed you how to obtain a construction loan. Construction loans have higher standards to qualify, so the more documentation you can give to the lender, the better.

You’ll be able to get the best construction loan that meets your needs. Visit this site often for the latest market news.

The article How to Obtain a Construction Loan appeared first on Arabian Post.

Have you recently found yourself owing a lot of money, and does it feel like it is taking over your life? Do you want to know how you can quickly find your way out of this issue and be debt-free?

As soon as you start owing someone money, whether it is a bank or even just a friend or family member, you are in debt. Debt can be a tricky thing to get out of, especially if you owe a lot of money. However, it is not impossible and something that can be done if you put your mind to it.

There are many different ways that you can approach when paying off your debt, but here is a list of the fastest ways you can go about doing this.

Professional Debt Help

Having debt or owing people money is not a great feeling, and it can often consume your whole life and make you feel as if it will never end. People can find themselves in debt after studying at a college or university or if they are in a difficult place and their salary does not quite support them.

If you happen to be struggling with debt and want to get out of it fast, one of the best ways to go about doing this is to get professional help. Many professionals out there work in getting people out of debt, like these Calgary consumer proposal experts, and they specialize in helping people get back on track when it comes to their budgeting and income.

This is by far one of the best strategies to get out of debt in a fast and efficient manner and to ensure that you have the right steps put in place for you for the future so that you don’t fall into the same position again.

Create A Firm Family Budget

If you have found yourself in debt and want to get out of it as quickly as possible, the next thing to do is to create a firm family budget. One of the most common reasons people find themselves in debt is poor budget control or budget management.

No matter the reason for your debt, an excellent way to ensure that you can get out of it fast and pay it back as quickly as possible is to create a reasonable family budget that your whole family will stick to. Sticking to a budget will help you ensure you have enough money to pay for all of your expenses every month and pay for your monthly debt payments.

Creating a budget should include rent, groceries, education, medical needs, and anything else that is necessary. If you find yourself in debt, it is good to avoid expensive recreational activities that would push you out of your family budget.

Consider Starting a Small Business

The next way to get out of debt is to consider starting a small business or a side gig. There are many different small businesses and side gigs that one could start, which are relatively easy to get going and will have a great profit or turnaround.

A good example of a business that will not cost you very much but will bring in a good amount of money to get out of your debt relatively quickly is a tire business, and you can lead by the example of Canada Custom Autoworks in Calgary. You could also start a small business such as a small craft shop on Etsy or work on a freelancing website.

Debt Consolidation

Debt consolidation is an interesting thing to consider when it comes to getting out of debt quickly, but this should be reserved for those who want to get out of debt for a certain thing but don’t mind being in debt for another thing.

The concept of debt consolidation is paying off one loan by taking out another loan. This type of debt repayment method is typically used when the repayment period of a loan is coming to an end, and you need to pay off your loan relatively quickly.

It is important to note that this debt consolidation will still leave you in debt, but it will give you a little bit more time to work on paying it back.

Track Your Spending

Last but not least, the final thing that you should be doing to get out of debt as quickly as possible is to track your spending. Once you begin to do this, you will notice that there are likely very many things that you carelessly purchase. These unnecessary purchases could be money saved and put towards your debt repayments. By tracking your spending, you could know how much you are spending within a month and what you can cut back on.

The article How to Get Out of Debt Fast: A Guide appeared first on Arabian Post.

UAE is aggressively amplifying its Digital Transformation, by incorporating a fruitful, long-term Digital Landscape, fostering technology growth, across the region. Not only that, the consumers in UAE have adapted to the Digital Landscape to an extent that their main Payment Mechanism, is through Digital Payment Gateways. Digital Payment ways are now the go-to in the region, and there’s no going back, given how much the Fintech Sector has grown in the region.

Importance of Payment Gateways in UAE

The COVID-19 Pandemic was a distressful global event, however, it brought on a shift in countries like UAE, where the retail shopping experience was considered to be the dominant mode of shopping, while cash was considered to be the primary source of making payments and transacting. The shift towards online shopping forced the customers to get accustomed to payment gateways, and resound to popular payment gateway solutions in the UAE. Today, UAE has seen an immense growth in the adaption of Payment Gateway Solutions by the citizens of the region.

Consumers in UAE are now habitual and frequent users of payment gateways, whether it is for B2B or B2C purposes. Payment gateways solutions provide feasibility and seamlessness to its consumers, with a safe and secure mechanism, transacted in a matter of seconds. The fact that Covid-19 was the trigger, which made consumers in UAE realize the usefulness of technology, means that there are more efforts being made the Government to promote the Fintech sector.

Having said that, you must know the best options for payment gateways in UAE.

1. Amazon Payment Services (APS) – APS is one of the most widely used payment gateway solution in the UAE, simply because of how robust its mechanism is. With absolutely zero startup fees for entry-level packages, Amazon Payment Service Gateway is recognized as one of the most credible and seamless Payment Solution in the region. Even for Mid-tier accounts, E-commerce Merchants need to pay AED 200 per month only. Not only that, the additional transactional charges are as low as 2.8%, being lower than the competition, charging 3% or above. APS is, perhaps, the most viable option for large-scale merchants, as the Payment Gateway Solution offers custom packages, based on transactional volume (per month), making it ideal for Up-scaled E-commerce Merchants.

Additionally, the Payment Gateway Solution also offers its customers an installment option, allowing further flexibility for merchants. What’s more is that APS data analysis algorithms allow for business growth tracking, in real time, making it the most ideal option for most medium to large-scale businesses, and even ambitious startups.

2. Telr – Undoubtedly, one of the best payment gateway solution in UAE, Telr has allowed consumers across the region to transact with ease. Providing multiple payment methods on-board, the service is exceptional, both in terms of popularity and service delivery, in the UAE. Telr has a global reach of 120 Countries, with the payment gateway being supported by Woocommerce, OpenCart, Prestashop, Magneto, and Shopify. There are three payment levels, associated with Telr Payment Gateway Solution, which includes Entry, Small, and Medium, making the payment gateway solution ideal for Startups, SMEs, and E-commerce Businesses, to make payment transactions, without any hassle, through UAE, across 120 different countries. Additionally, Telr offers multiple features, when setting up your account, which includes No Security Deposit Fee, No Setup Fee, and as high as AED 1 Per Transaction Cost.
3. CCAVENUE – This is another big name in the UAE, when it comes to the best payment gateway solutions, in the region. Originating from India, CCAVENUE is widely used by the consumers in UAE, especially in the E-Commerce landscape. The best part about CCAVENUE is that its associated setup cost is Zero, with monthly charges as high as roughly $55 with an additional 3% charged on further transactions. CCAVENUE is very famous for flexible payment plans, which is why E-commerce startups tend to opt for CCAVENUE, not only because the payment gateway solution offers flexibility in pricing, but also offers unmatched customer service, with 24/ 7 on-call support. Even the maintenance fee is as low as AED 200 per month.
4. Checkout – This Payment Gateway Solution may be considered as one of the most underrated service, offering a great deal of flexible payment options for E-commerce merchants, of various scalability. Launched back in 2014, Checkout.com acts as a universal Payment Gateway Solution, accommodating support of 15 languages and 87 currencies, making it the ideal choice for sending or receiving Global Payments in the UAE. Many users in UAE opt for Checkout, due to its flexibility and custom payment options. E-merchants using Checkout Payment Gateway Solution are only required to pay the one-time setup fee of $500, with additional charges of 0.95% + 2 cents, and 2.9% + 20 cents per transaction, on European Cards, and Non-European Cards, respectively.
5. 2CHECKOUT – Another quite popular and heavily acclaimed Global Payment Gateway Solution, widely opted for, across UAE. 2CheckOut has an expanded reach of E-merchants, being available in 211 countries, all across the Globe. Providing full-fledge PCI Compliance, the payment gateway solution supports up to 87 currencies, with support of 15 different languages. The service also provides ‘Ultimate Fraud Detection,’ accommodating Address Verification, backed up 300+ CVV and rule checks. The additional transaction charges are slightly higher, given the payment gateway solution’s global reach, translating to roughly 4% (3.9 to be exact), + 45 cents on every transaction.

Honorary Mentions

Based on our discussion of the best payment gateway solutions in the UAE, we are also enlisting three honorary mentions that are also popular in the region, offering unique payment services to its customers:

Adyen – Adyen is another underrated, but commonly used payment gateway solution in the UAE, with large-scale international reach. This end-to-end payment processing platform connects merchants to widely used payment methods, such as Mastercard, VISA, UnionPay, and many others, which includes local offerings as well. The service allows for transacting across Global borders, from or within UAE, with ease. The service incorporates 250+ local and international payment methods with tailored checkout providing custom experiences to its merchants. Adyen’s Point of Sale (POS) feature helps in facilitating in-store payments with end-to-end processing through terminal integration. Moreover, the payment gateway solution supports up to 187 different currencies, with security protocols, in terms of fraud detection.

Hyperpay – While this service is more popular in Kingdom of Saudi Arabia (KSA), as it is Saudi-based, the payment gateway solution is also used by a lot of users in the UAE. The service has over 100 banking partners and well-known credit card companies, across UAE. Additionally, Hyperpay offers secure checkout and fraud detection mechanism, with a tailored checkout experience. It is a powerful dashboard, with easy integration of E-commerce platforms such as BigCommerce, Magneto and WordPress. The Payment Gateway Solution supports Mastercard, VISA, American Express, PayPal, Apple Pay, and Mada STC Pay.

Stripe – Stripe is another popular payment gateway solution in UAE that enables merchants to send and receive payments, all across the globe. The payment gateway solution offers seamless payment mechanism for E-commerce Merchants, E-Retailers, Software Platforms, and the Online Marketplace, in general. Additionally, Stripe also has unique features on-board which include profound fraud management, invoice management, issuance of digital or physical cards, and much more. The payment options of this service include Wallets, Bank Re-directs, Cards, Bank Transfers, Bank Debits, Currencies, BNPL (Buy Now Pay Later), and cash-based vouchers.

Conclusion

UAE is thriving the digital transformation charge across Middle-East, setting example for other countries to follow. The country’s digital outlook is constantly growing and expanding, which is why you should keep note of the above Payment Gateway Solutions, to make sure that you’re well equipped to transact seamlessly in the UAE.

The article Best Payment Gateways Solutions in UAE appeared first on Arabian Post.

Being a homeowner is a major accomplishment and remains an important milestone for many Americans.

However, the work doesn’t stop once you own a home. This is the most important investment you’ll make in your life, and you’ll need to take the required steps to protect it.

It’s essential that you take the time to understand how to protect your home against flood risk and other threats. Protecting your home from natural disasters is a basic responsibility all homeowners must face.

How can you use home flooding insurance to help ensure you and your possessions are protected? Read on and we’ll walk you through the details.

How Does Flood Insurance Work? 

You might already have some sort of homeowner’s insurance policy in place, but there’s a chance that what you don’t have is flood insurance. Most standard home insurance policies don’t actually protect against flooding damage, which is why you’ll need this additional protection for your property.

Flood insurance covers all damages and losses caused by flooding from a natural disaster. If a hurricane were to come to town, for example, and create a flood environment, you would be protected.

Every property has a flood risk level that the city determines. These levels of risk are called flood zones.

Your home’s risk of flooding will be directly related to the price you’ll need to pay for this kind of insurance. The higher likelihood of a flood, the more you’ll need to pay for protection.

The exact coverage you’ll receive will depend on what flood insurance plan you go with. It is possible to obtain flood insurance directly from the federal government through their NFIP program. You can also look into providers like Property Insurance HQ to find the best policy for you.

While the government plans might be somewhat cheaper, you can often secure better service and a more extensive coverage policy through private providers.

Do I Need Flood Insurance? 

Some homeowners find themselves on the fence when considering whether or not they want to invest in flood insurance. If you don’t think the risk of your home flooding is high, it can be easy to convince yourself of this investment.

However, you may want to think twice.

The damage that a flood can cause your property can be more substantive than any other kind of disaster, including a fire. In addition to the actual damage caused by the flood, homes impacted often develop serious mold problems that can be incredibly expensive to fix.

If you can fit flood insurance into your budget, it’s much better to be safe instead of sorry when it comes to this sort of preparation.

Combatting Flood Risk

When it comes to protecting your home, there are few things as important to consider as flood insurance. Protecting your home against flood risk is all-important, and the above information can help you to understand why.

Need more advice for the home? Keep scrolling our blog for more.

The article How to Protect Your Home or Business With Flood Insurance appeared first on Arabian Post.

Only 1% to 3% of the US population has invested in precious metals.

If you’re looking for a steadier investment that maintains its value through a physical backer, you need to consider bullion.

What is bullion? Use this useful guide to find and learn all the benefits when you buy gold bullion or buy silver bullion.

What Is Bullion?

Bullion is a precious metal in its purest form. For example, you can have silver bullion, gold bullion, or even platinum bullion. It’s valued strictly for its metal content and not a government stamp (like currency) or artistic aesthetics (like jewelry).

Unlike typical currency or other investments, bullion tends to be safer from the effects of inflation and market uncertainty.

Examples of Bullion

In order to be considered bullion, the metal must be refined to a pure or nearly pure status. Most often, bullion comes in the form of coins or bars of gold, silver, platinum, and palladium.

Even in coin form (which you can purchase directly from mints and manufacturers), bullion is not meant to be currency. it is an investment in something that will not lose value in and of itself. Genuine bullion is often stamped with its purity and size.

You may purchase bullion bars or coins (more common) through online precious metal dealers, auctions, and brick-and-mortar stores. You may also find a bullion investment through exchange-traded funds backed by gold and silver or through futures contracts.

How Does a Bullion Investment Work?

Precious metals are limited in supply. They either have to be mined from the earth or synthetically created in an expensive process. Because there is a limited supply of precious metals, ownership of it is considered a rare privilege and a sign of wealth.

Bullion also has a tendency to appreciate instead of depreciating in value, so many people add bullion to their investment portfolio in order to include something more reliable than some other rewarding yet risky investments.

It’s a good idea to include bullion in your portfolio if you have concerns about your other investments depreciating overtime or being at the mercy of inflation and geopolitical risks.

Even the U.S. government (and many other world governments) recognize the value of bullion and keep a stock of it in their own federal reserves. It’s one of the most reliable investments for individuals or governments to make.

Alternatives to Physical Bullion

Not everyone wants the stress of personally protecting physical gold bars and coins in their home or finding a safety deposit box for bullion. Instead, people opt for not physical versions of investing in bullion.

Similar to buying stocks, you can buy gold bullion by buying a share of gold EFTs. These are stock exchanges that use gold or silver bullion as their main backing asset. The gold and silver will never personally pass into your hands, but you’ll be able to buy and trade stock in it that will be much more reliable than some of your other stock options.

The Simple Guide to Bullion

Hopefully, this beginner’s guide to bullion has answered your question, “What is bullion?” Consider buying into one of the steadiest and most reliable forms of investment!

Want more financial advice and explanations? Check out our Markets section for more!

The article What Is Bullion? appeared first on Arabian Post.

Did you know that if you miss the 10 best days of investing, you could lose $15,000? If you’re interested in making extra money through investing, you might wonder how and where to begin. 

Have you thought about investing in Texas? There are several reasons why many are choosing the Lonestar state for investment benefits. Read this guide on why Texas is the place to invest today!

1. Home Values

Check out this investment market in Austin. The Austin real estate market is booming right now with a growing population, increasing home values, and more.

While real estate keeps increasing, you might be able to find a home that you could rent out or sell. Consider flipping property, and you could see a nice profit.

2. Austin’s Economy

One of the top reasons to invest in Austin includes its strong economy. Unemployment continues to decrease as it’s becoming quite the tech hub.

Many are leaving Silicon Valley behind for Austin. Even if you’re not in technology, there are a variety of other occupations to choose from.

3. Educational Opportunities

There are a variety of secondary education options. Austin is known for having high-quality schools.

You can also find The University of Texas nearby. It’s one of the top schools in the country. There are plenty of business and tech development schools to choose from too.

4. A Growing Population

The city continues to expand which gives investors more opportunities for growth. The only cities ahead of Austin include Fort Worth, Houston, and New York City.

It’s one of the top locations for people looking for a new destination. Even during the pandemic, Austin holds on strong.

5. Increased Rent

Consider buying a property and renting it out. Be sure to check the rules of your loan first.

Some loans don’t allow you to rent out property. You could also consider hiring a real estate agent to find tenants for you.

Think about how much you can charge in rent to see if it’s worth it. Consider monthly expenses as well as potential emergencies. These could include plumbing issues and other items breaking.

6. Great Opportunities

Even though the prices of homes are increasing, you can still benefit from the area. Consider multiple rental communities to offset the price.

Find a lender who can help you close on a property fast. Be sure that they’ll help you secure a loan quickly as well.

In this competitive market, you’ll want to have a pre-approval letter from the lender. If you see a good deal, jump on it, so you don’t miss out. Be competitive with the price that you offer too.

7. Desirable Locations

Some great neighborhoods to buy rental properties include Pflugerville, Cedar Park, and Georgetown. In some areas, you’ll be able to charge over $2,000/month. Hutto, Leander, and Manor are great locations too.

8. Businesses Flocking to the Area

More businesses in the area mean more jobs available. More jobs mean more people who will need a place to stay.

Tesla is now in Austin and plans on creating thousands of jobs. Amazon plans on creating more tech and corporate jobs in the area too.

9. Investment Options

You can go in and invest on your own, but it’s a good idea to first do research. Consider working with a realtor or lender who is familiar with the area.

There are also crowdfunding opportunities online. REITs (real estate investment trusts) are where you place a portion of your money toward real estate.

It’s less of a risk because it tends to be lower amounts. Looking for real estate investing platforms online.

There are also investors in the area who could help you learn and profit. They’ll either charge you in advance or take a portion of your profit.

Flipping is another popular option. You’ll want to hire the right people to do the job and flip it as fast as possible. The sooner you can sell it, the sooner you’ll be able to make a profit.

Renting out a room is another option. If you’re nervous about placing too much into investing, try out this smaller strategy and see how you like it. If you use places such as Airbnb, they do take portions of your profit.

10. An Active Community

Whether you enjoy kayaking or mountain biking, there’s plenty of fun to be found. Even in the downtown area, you can rent a paddleboard, canoe, or kayak.

Downtown, they have Barton Springs, which is in Zilker Park. Year-round it stays at a comfortable temperature. Lake Austin and Travis are great options for sailing, wakeboarding, and fishing.

11. Appreciating Values

Real estate tends to appreciate over time. As time progresses, homes and properties will be worth more.

Even if you only buy land, the property could increase in value. Improvements that you make could increase the value of your home.

12. Build Equity

The longer that you own a home, the more equity that you could have. This occurs due to paying off your loan.

Decreases in the market are normally temporary. You’ll want to wait out any decreases until it increases again.

Exploring the Top Investment Benefits in Austin

After exploring this guide, you should have a better idea of the top investment benefits in Austin. Take your time deciding if Austin is right for you and which approach you’ll take.

Speak with others who have done the same to come up with an action plan. If you enjoyed this article, be sure to check out our other articles today!

The article Investment Benefits: The Top 12 Reasons to Invest in Austin appeared first on Arabian Post.

Are you ready to make a move to Texas in 2022? We ask because Texas is now more than cowboy boots, ranches, and barbeques; it’s also one of the fastest-growing states in the U.S.

Whenever you think about Texas, you may think about cowboys, big spaces, and country music. While all those are true, there’s more to Texas than meets the eye.

Many people are moving to Texas due to its job opportunities and affordable living. Not only that, but the state also boasts a diverse population and culture.

Learn more about the five benefits of moving to Texas in this article below.

1. Affordable Cost of Living

One undeniable benefit of moving to Texas is its low cost of living. Unlike in other states, the real estate market of Texas is affordable.

Many Texas real estate can offer you huge properties with half the price. This offer compares to same-sized properties in states like California.

The Lone Star State has no land shortage problems. Buying a house outside the inner cities won’t dent much of your pocket. Aside from that, utility bills like electricity are cheaper.

All Texas cities have a thriving real estate market, and Granbury is one of them. The city is one of the best places for single-parent homes and townhouses. You can check some properties at granburyrealty.com that can fit your needs.

2. Protects Assets and Zero-State Income Tax

Texas State has one of the best laws to protect your assets. For example, you get involved with a lawsuit. Unlike other states, many of your assets are off-limits to creditors.

The Texas state laws can also protect your home with the Texas Homestead Law. Creditors won’t be able to seize or sell your home even in bankruptcy.

Aside from that, Texas has no state income policy. But property taxes are higher in the state.

3. Increasing Number of Job Opportunities

In 2021, Texas had around 13 million job opportunities. Most of these relate to the oil and gas industry. But there’s a good percentage coming from IT, tourism, and energy companies.

Many big corporations like Whole Foods and Southwest Airlines have their headquarters in Texas. The state also has speedy employment recovery rates during the pandemic.

4. Diverse Landscape and Population

The population of Texas is also becoming more diverse. While many are Hispanic and Latino, there are also many Asian-American households. This diversity makes the Texas culture and state rich and lively.

Apart from the people, Texas also has a varied landscape. The place isn’t only ranches and deserts. It also has mountains and stunning coastlines that many outdoor enthusiasts would love.

5. Good Food and Music

Texas has been well-known for its diverse food, like Tex-Mex cuisine. Not only that, but barbeque is also a staple in the state.

When it comes to music, the state has endless entertainment value. Although much of it is country music-related, there’s still more to discover.

The Five Major Advantages of Moving to Texas

Moving to Texas can bring you a lot of benefits. The state offers many job opportunities and asset protection.

More than that, it also has an affordable cost of living in many diverse cities. These five advantages are only some of what you can take away on your move to Texas.

Did this article clear your doubts about Texas? Check our other blog posts to get more cool content relevant to you now.

The article 5 Undeniable Benefits of Moving to Texas appeared first on Arabian Post.

When it comes to retirement planning, there are a lot of options to choose from. One popular choice is starting your own business. A business can provide you with an income during your retirement years, and it can also be a tax-advantaged way to save for retirement. This blog post will discuss some business ideas that can fund your retirement.

Photo by energepic.com from Pexels

1) Start A Home-based Business

A home-based business can be a great way to earn some extra income during your retirement years. It also has the added benefit of allowing you to stay in your own home, which can save on expenses. Some popular home-based businesses include online marketing, pet sitting, and freelance writing.

If you are interested in starting a home-based business, be sure to do your research first. Ensure that you have the time and resources to start and run the business successfully. Also, be sure to check with your local municipality about any zoning restrictions or other regulations that may apply to home-based businesses.

2) Start A Part-time Business

Starting a part-time business is another excellent way to earn some extra income during your retirement years. Most people have at least one hobby or interest that they could turn into a side business. If you are interested in starting a part-time business, be sure to do your research first. Ensure that the local market will support your new venture and make sure there is enough demand for what you want to sell or provide. It’s also essential to think about how much time you can realistically devote to starting and running this type of enterprise; many people underestimate how demanding it can be!

3) Buy A Franchise

One option for starting a business in retirement is to buy a franchise. Franchises offer the benefit of pre-established branding and marketing, as well as training and support from the franchisor. This can be an especially good option if you are not interested in starting a business from scratch or if you don’t have the time or resources to do so.

When considering a franchise purchase, it’s essential to do your homework first. Ensure that you understand the financial requirements of owning a franchise and are comfortable with the associated risks. It’s also essential to research different franchises and compare them before deciding. Be sure to consult a Franchise agreement lawyer to make sure that you fully understand everything before committing to the deal.

4) Buy An Existing Business

If you’re looking for a more hands-on approach to starting a business in retirement, consider buying an existing business. This can be especially helpful if you want to get started quickly and don’t have the time or resources to start from scratch. It also gives you access to existing customers and suppliers, as well as any other assets that may come with the purchase price (such as inventory).

Once you’ve decided on the type of business that best suits your needs, it’s time to start researching different options. One way to do this is by looking online at sites for existing businesses in your area; another option would be contacting local chambers of commerce or other small business organizations near where you live. These resources can help provide information about specific companies and industry statistics and trends that may affect their success rates. Once you have an idea of what kind of enterprise might work best for you, make sure to talk with others who are knowledgeable about these types of ventures too! This could include financial advisors, tax professionals, attorneys etc. so that you feel confident about the decision before investing any money.

5) Become A Consultant

If you’re looking for an easy way to start a business in retirement, consider becoming a consultant. This can be especially helpful if you have expertise or experience that others would benefit from but don’t necessarily want to take the time or effort required to set up their own business. Some common types of consultants include financial planners who offer advice on investments and budgeting; accountants who provide tax preparation services; attorneys specializing in different areas like real estate law or family law; marketing experts helping clients with digital marketing strategies etc.; there are many opportunities available! Many people choose this type because they enjoy working independently while still being able to make money doing what they love most – consulting!

In conclusion, there are several different options for starting a business in retirement. It is important to do your research before investing any money or time into one of these ventures so that you feel confident about the decision; make sure to talk with others who are knowledgeable about these types of ventures too!

The article Business Ideas That Can Fund Your Retirement appeared first on Arabian Post.

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Payments online no longer evoke fear or uncertainty, as they are now a standard way of exchanging money for various goods and services. We shop online, book tickets, make reservations, and pay for all of it from our bank accounts, using our credit cards. Such activities are easy to track and controlled by banks. The majority of people don’t care about that fact, but there are some who would wish that their payments were rather anonymous and discreet. Lucky for them, there are quite a few possibilities to do so.

E-wallet

E-wallet is one of the easiest and widely available options, but it’s worth underlining that in most cases it’s only partially anonymous. What is it? As the name suggests, this option resembles a traditional wallet but in a digital version. It allows “keeping” money in one place, making payments, receiving them and adding credit cards. Among the most popular e-wallets are such options as PayPal, Google Pay and Apple Pay.

PayPal’s main goal was not to enable anonymous payments, but it turned out that it facilitates such transactions. It’s widely accepted and easy to use. If you set up an account in the right way and additionally use a VPN service that hides your IP address, you can make anonymous transactions. If you want to try it out, check how PayPal works and whether it’s really something for you.

Other apps, such as Google Pay and Apple Pay, are a bit more secure and anonymous. Both platforms use tokenization, a technology that creates a virtual number every time a user makes a transaction. However, there is a catch. It’s not that anonymous, or at least not anonymous enough for some users. As, especially in the case of the Apple app, it’s linked to your device, which unfortunately can be easily tracked down.

Masked or prepaid cards

An interesting option is a use of a masked or prepaid card. However, such a solution is not entirely anonymous, which for some people might be inconvenient. It’s still a way to make a discreet payment, so let’s take a closer look at those two possibilities.

A masked card might be offered by a bank, but not all institutions have them in their offer. This masking service allows using your own “official” credit card, but its number and your personal details are not revealed throughout the process of the transaction.

Its main disadvantage is that you still use the card that is assigned to a particular bank that knows about your transactions and has your personal data.

Prepaid cards work a bit like gift cards. You exchange cash for such a card, and you can use it online to buy goods and services for a sum equal to the worth of the card.

This way, any transaction is anonymous and, in most cases, only requires registering a card with a given website.

Cryptocurrency

One of the best methods of anonymous, discreet payment is the use of cryptocurrency. It’s a digital currency, and one of the well-known ones is Bitcoin. The anonymity of cryptocurrency is both its advantage and a source of criticism – depending on the point of view. The majority of people do not understand what cryptocurrency exactly is and how it works, but the fact remains that it’s still one of the safest ways of payment when it comes to discretion.

Why is it useful?

Why bother with anonymous payment in the first place, and does it have to be linked to criminal activity? No, there could be a variety of reasons why someone wishes to be secure and covert. It’s prevalent among businesses, as well as regular Internet users. If you wish to play in an online casino in a country where gambling is prohibited, such as the United Arab Emirates, you’ll need to employ discreet payment methods. All you have to do is find a secure platform where you can read online gambling guides from a secure site like Arabianbetting and choose a discrete payment option to wager and play simply.

Other Internet users simply care about their privacy and want to protect their valuable data wherever they can. That is when discreet payment methods might also prove to be useful and reliable. The choice of such methods is vast and suitable for all needs.

The article Discreet payment methods online appeared first on Arabian Post.

U.S. Bank, the  fifth-largest retail bank in America, has announced its cryptocurrency custody service is now available to fund managers. The offering will help investment managers store private keys for bitcoin, bitcoin cash, and litecoin with assistance from NYDIG.

According to Gunjan Kedia, vice-chair of the bank’s wealth management and investment services division, support for other cryptoassets like ethereum is expected over time. The move sees U.S. Bank join the likes of Bank of New York Mellon, State Street and Northern Trust in offering cryptocurrency custody services.

“Our clients are getting very serious about the potential of cryptocurrency as a diversified asset class. I don’t believe there’s a single asset manager that isn’t thinking about it right now,” Kedia was quoted saying:

U.S. Bank was founded during the Civil War in 1863 and has over $8.6 trillion in assets under custody and administration.

The article US Bank launches bitcoin custody service appeared first on Arabian Post.

A personal loan is a personal financing option. It lets you borrow a lump-sum amount for various purposes, typically with a fixed interest rate, fixed monthly amortizations, and a short repayment period.

Personal loans may be secured or unsecured. Moreover, personal finance pricing varies depending on several factors.

Lump-Sum Amount

Through a personal loan, you can get a lump-sum amount from your bank or lender. Thus, a personal loan is unlike a line of credit where you get a maximum credit limit instead of a lump-sum disbursement.

Maximum Loan Amount

The lump-sum amount of money you can borrow depends on several factors. For instance, if the loan is unsecured, the lender will base the maximum loan amount on monthly salary or verifiable monthly income.

The maximum loan amount available to secured personal loans is typically higher than that of unsecured personal loans. In unsecured loans, lenders determine the maximum amount based on the value of the loan collateral.

Actual Loan Amount

Note, however, that the maximum amount is just that – a ceiling or an upper limit. The actual lump sum amount you can borrow will vary according to many factors, such as your credit score, your monthly salary, and your debt burden.

By the way, the amount of money borrowed is called the principal.

Personal Financing Purpose

Personal loans are generally versatile instruments because you can use them for a variety of purposes. They are different from a student loan or a mortgage, which you use to pay for tuition or a home purchase, respectively.

You can use it for medical expenses. Personal loans are also a popular debt consolidation option. Others use it on home renovations or vacations, while some use it to finance their grand marriage proposal or wedding.

However, personal loans may have a use-case restriction. Some banks won’t accept personal loan proceeds as a home or car purchase down payment.

A down payment is an equity investment by a home or car buyer. In other words, a down payment gives a customer a stake in the property he is buying. Thus, it does not make sense for a bank or lender to provide the money for it.

Fixed Interest Rate

Most personal loans have fixed interest rates. In a fixed-rate personal loan, the interest rate will not change throughout the life of the loan. In the less common variable-rate personal loan, the interest rate varies according to market rates (and thus market conditions).

The interest is the amount a bank or lender charges on the amount you borrowed. It is the cost you pay for borrowing money or the profit the bank or lender makes for lending you money.

Lenders charge interest on a per-annum basis. The annual interest rate and other charges determine the annual percentage rate.

Fixed Monthly Amortization

Fixed-rate personal loans provide an easy-to-follow monthly amortization schedule. The monthly installment does not change from month to month for the entire duration of the loan term. This makes a fixed-rate personal loan easier to manage.

Note, however, that your monthly payments are typically not applied to your loan the same way throughout the loan term. Initially, a considerable proportion of your installments go to interest payments rather than being deducted from your principal.

In the less common variable-rate personal loan, your loan amortization may vary monthly. Monthly amortization amounts will depend on the prevailing applicable interest rates for that payment period.

Short-Term Loan

Personal loans are usually short-term loans, and typical loan terms range from 12 to 60 months. Rarely do personal loans go beyond this term. But it is possible depending on applicable banking laws, bank or lender policies, and your relationship with the lender.

Secured or Unsecured

Most personal loans are unsecured loans, so they are not secured by assets or any collateral. However, lenders typically protect themselves from default by lending only to salaried customers or those who have regular business income.

In unsecured loans, the lender may require you to execute an agreement that will let it deduct your monthly amortization directly from your salary.

Although rare, there are secured personal loans, too. Secured personal loans typically offer better terms than unsecured personal loans. They may offer higher loan values, longer terms, or lower interest rates.

Factors That Affect Personal Finance Pricing

How much effective interest will you pay on your personal loan? Personal finance pricing varies according to the type of loan, the provider, your credit score, and the loan term, among other factors.

1.     The Type of Loan

As mentioned above, secured loans are likely to have more favorable pricing than unsecured loans. Personal lines of credit also have a different pricing scheme.

In a personal line of credit, interest is charged only when credit is used, and it is computed only on the actual amount of credit utilized. In a personal loan, however, the interest is charged outright against the principal.

2.     The Provider

Different banks offer different interest rates and, consequently, different annual percentage rates and effective interest rates.

How does a bank, credit union, or lender calculate personal loan pricing or the interest rate it will charge for a personal loan? While lenders may consider similar factors, they may give each one a different weight in their calculations.

Digital financing companies or purely online lenders, moreover, may also have a non-traditional approach to personal finance pricing. For instance, some use machine learning technologies to assess loan applications.

3.     Your Credit Score

Of course, lenders will consider your credit score when calculating the effective interest rate on your loan.

Your credit score is your numerical credit rating provided by one or more credit reporting agencies or credit bureaus. Credit bureaus calculate this using many factors such as your credit history and debt burden, among others.

Credit History

Have you taken out a loan before? How much was the loan? Have you fully paid for your past loans? Were you ever late paying your loan amortizations?

The number of credit inquiries made against your credit record also affects your credit score. An inquiry is essentially a request by an institution for your credit information.

This statistic typically indicates how often you have attempted to apply for a loan. The more inquiries made, the more attempts to borrow. Thus, frequent credit inquiries will negatively affect your credit score.

Debt Burden

Lenders learn about your debt burden from your credit report. The debt burden pertains to the percentage of your monthly income that goes to debt servicing. The greater your debt burden, the higher the risk for the lender.

A high debt burden will hurt your credit score.

4.     Loan Term

The loan term also affects your loan pricing. The longer the loan payment term, the lower the annual interest rate is likely to be. Because the longer you repay a loan, the more sizable your total interest payment will be.

Before Your Finance: Stop and Look, Then Carefully Choose

Personal financing schemes like personal loans fill the need for easy-to-obtain short-term or emergency funding. Personal loans are versatile; use them for almost any purpose. They are straightforward, too, with their set loan amounts, fixed loan terms, and manageable monthly installments.

However, personal loans are not the only type of financing available, and your alternatives may or may not be more appropriate to your needs. Therefore, never take out a personal loan – or any loan for that matter – without thoroughly checking all of your options first.

The article Personal Financing Through a Personal Loan appeared first on Arabian Post.

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Personal Loans can help you consolidate debt, pay off high-interest credit cards, or get money at a set rate when you need it. Unfortunately, many con artists prey on customers seeking a personal loan or other forms of credit.

A personal loan scam is a means for fraudulent lenders to gain your private information or charge you fees without really lending you money. The most prevalent personal loan scams involve fraudsters obtaining your personal information or finances by proposing a loan with no background or credit checking. While others make unsolicited loan offers and then will disappear after collecting upfront fees or collateral.

While finding a reputable payday loan online company is a challenge nowadays, here’s how to spot and detect personal loan scams online.

Their Website Is Fishy

Check to see if the lender is licensed to provide loans in your state. Also, check if there are any wrong spelling or grammar mistakes. While many fraudulent are improving their appearance, it’s often simple to recognize a scam website by paying attention to the syntax.

Information about a credible financial institution should be available on the internet. Simply decline if you can’t locate any information about a particular lending company or any of its products.

In addition, check the URL of the lender company’s website to see if it uses HTTPS. Secure is what it means in HTTPS. Thus, if the company’s URL has no S and has HTTP only, then it is not a secure site for collecting personal information and makes it a red flag for a scam.

Requires No Credit Checking

If someone offers you a loan without first verifying your credit, you should decline. Credible lenders check the credit history to see if you can be able to repay your loan on time. And, underwriting is a requirement for lenders in order to assess and price a loan effectively.

While Fraudsters, on the other hand, are unconcerned with whether or not you will pay back the loan. They‘re more interested in acquiring access to your money or bank account details upfront rather than lending you money.

Furthermore, lenders claiming that everyone can acquire a loan and have exorbitant terms are most likely illegitimate lenders. Although it is arguable that every lending company that doesn’t run a credit check is a scam, be wary of offers that seem too good to be true.

Asks For Upfront Payments

You are most likely a victim of a personal loan scam if your lender requests payment of costs before the application process or shortly after the loan approval. Although many lenders charge fees for services, this is legal if the borrower is aware of the fees ahead of time and agrees to them in exchange for the money they require.

What makes it a red flag is collecting a fee for a loan that a formal agreement has not guaranteed. Many fraudsters demand money from applicants before their loan is even approved. Some will simply vanish after receiving this payment, never to be seen or heard from them again.

To prevent this from happening, take a step back before paying someone and ask yourself if something doesn’t feel right. Look for documented information regarding origination fees on the lending company’s site.

Pressuring You To Take The Loan

Trustworthy lending companies will not compel you to apply for a personal loan or force you through the process. Also, reputable lending companies typically give consistent lending options depending on characteristics such as creditworthiness and present personal loan rates.

While some lenders may provide fee waivers for a limited period, these discounts are usually limited to fees and have no bearing on your interest or other loan rates.

That’s why make sure you’re not under any pressure to make a decision right now or to reveal sensitive information. Because for example, it’s most likely a scam if a lender tries to rush you into taking out a loan by giving a cheap interest rate and then stating it’s only available for a limited period.

Takeaway

Unfortunately, as people’s interest in personal loans grows, so does the number of personal loan frauds. Fraudsters look for easy targets for personal loan frauds and take advantage of people’s desperate cash needs, especially in the current economy.

That’s why it is essential to keep an eye out for lenders who have these red flags, mainly if you can’t find much information about their organization. If you’re unsure, go with a lender you could trust. Hence, not only can thoroughly researching any lending company protect you from personal loan frauds, but it will also help you acquire the best interest rate available.

The article Red Flags: On How To Detect Personal Loan Scams Online appeared first on Arabian Post.

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Once you arrive in Dubai, there are many things you have to do to complete your transition as an expat. One of the most important tasks is opening a bank account.

Whether you are working or starting a business in this city, you have to put some thought into opening your first bank account in Dubai if you want to get the most out of it.

Failing to do so can cause you plenty of inconveniences and headaches. Moreover, you won’t be able to carry out important banking transactions and achieve your financial goals.

Finding the Ideal Bank in Dubai

The right bank should meet your individual needs, whether you want to earn some money on your savings, use online budgeting tools, or gain access to different digital banking services in the UAE or an enormous ATM network.

If you want to ensure you will open and maintain the best bank account that suits you in Dubai, here are six tips that can help you:

1.     Know what type of bank account you want to open.

The best thing to do is to narrow down your list of bank account options first.

Banks offer different types of bank accounts. These include savings, checking, and money market accounts.

You can decide which type of account you want to open based on your financial goals and priorities.

A basic savings account allows you to have a safe place to store your money, which you can access anytime. Whether you need a large amount for an emergency or a small one to buy something, you can get it immediately by heading to an ATM or the nearest branch of your bank.

If you want to save more money, consider opening a high-yield savings account.

A checking account comes with plenty of conveniences in terms of various day-to-day banking transactions, such as depositing pay cheques, withdrawing cash, and paying bills.

Many checking accounts now come with various ways to access money. These include debit cards and personal checks. But the biggest benefit this type of account offers is that there is no limit to the number of monthly transactions you can make.

Many banks offer other types of accounts. You will do well to look into all their products since you may discover another option that will address your needs and work with your expected lifestyle better.

2.     Check the fees.

The right bank should allow you to store and even earn money, not cause you to lose it.

Some banks have penalty fees when you overdraft an account or charge monthly maintenance fees with their checking accounts.

Others even come with fees for basic transactions, such as withdrawals, debit card purchases, and interbank money transfers.

If there are fees assigned to these transactions, then start thinking about choosing another bank.

Paying too many fees to your bank won’t help you in any way since you are essentially throwing money down the drain with this setup.

If you are drawn to a particular bank account that has a monthly fee, but you are sure that you can meet this requirement to get it waived, you can put this product on the top of your list.

However, if you are uncomfortable with these fees and find them too inconvenient, look for another bank.

3.     Find out if there is a minimum balance requirement.

Many banks have a minimum balance requirement, which means you need to keep the balance above the stated amount or pay a penalty.

In most instances, this fee corresponds to the monthly maintenance fee. The only way to have this waived is to maintain that minimum balance.

Since you have only recently moved to Dubai and are still starting out, you will need some time to recoup some of your expenses and begin saving. Because of this, you may find it difficult to maintain the required minimum balance in your account.

As such, it will work to your advantage to choose a bank with accounts that do not have this requirement to avoid unnecessary fees.

4.     Check the bank’s network of ATMs.

Some banks have products that are too great to resist. However, one issue that you may forget to look into is its network of ATMs.

Having difficulties accessing an ATM can be inconvenient and even frustrating, especially if you need cash immediately.

To avoid this problem, check how many ATMS your shortlisted bank has. Make sure there is one in a few different places that are near you or that you frequent, such as malls, supermarkets, and convenience stores.

If the bank you are considering does not have that many cash machines, consider taking them off your list to avoid finding yourself in such unfortunate situations. Check the fee that comes with withdrawing from ATMs of different banks as well.

5.     Look into the bank’s digital features.

Many banks now offer their basic services, such as transferring funds, paying bills, and checking balances, through their mobile apps and websites.

Some banks also include a mobile check deposit feature, which means you can deposit a money order or cheque with the help of your phone’s camera without too much hassle.

However, not all banks have advanced digital capabilities. These include the ability to lock a debit card and manage mobile banking alerts. Some do not even have mobile apps at all.

A mobile app makes it easy for you to carry out different digital banking transactions wherever you are as long as you are connected to the Internet. As such, it should be one of the features you should look for in your first bank.

6.     Choose a bank that suits your lifestyle.

Ultimately, the bank you open an account in should fit your lifestyle and meet your needs.

If you want to save money as soon as you have transitioned in Dubai, look for a bank and account with features that can help you achieve this goal.

If you are starting a business in this city, you need a bank that can provide support as you build and grow your venture. With sufficient research, you will be able to find one that can support you throughout the entire process.

You will also do well to choose a bank that allows you to open separate savings accounts.

Whether you are working or opening a business in Dubai, with the right bank, you will be able to open a personal savings account, another for an emergency fund, and one for your company, among others.

If you choose the right bank, you will also have access to different features and tools that will help you manage your budget and track your expenses efficiently.

Your bank in Dubai can help you achieve your financial goals once you arrive in this city. Take some time to choose the best one to ensure you get the support you need.

The article 6 Tips for Choosing a Bank That’s Right for You in Dubai appeared first on Arabian Post.

Beginners don’t have the proper knowledge about the market. For this reason, they fail to take wise steps in the market. Being a trader, if you want to do well in Forex, you have to analyze the market properly. You need to know about the different patterns of the market which will help you to take the right measures. However, some newbies have a lack of interest to know about the market. That’s why they fail to manage good trade deals and thus don’t get the desired result.

However, as a newbie, if you want to get your expected result, you have come to the right place. Because now we will give you some tips which will aid you to reach the peak of the market. So, let’s know about this.

Manage the risk

You should reduce the risk factors so that you can avoid loss. For this, you have to follow the risk management rules which will help you to manage the risk. In Forex, traders need to take the risk depending on the situation. However, by diversifying the portfolio, you can minimize the risk. Remember, if you put your all eggs in one shell, you may face a big loss. Traders also need to become aware of their risk tolerance level. If they don’t know about their risk tolerance capability, it would be tough for them to take the right decision.

Keep the discipline

Traders should do every task with discipline. If they can’t maintain discipline, they can’t do their task at an appropriate time. However, in trading, it’s important to develop discipline so that traders can overcome the barriers. But, many beginners break the rules and make huge mistakes in the market. So, as a trader, you should stick to your Forex trading plan to gain success. At times, you might have the urge to trade with high risk. But such intention must be avoided at any cost. Failing to manage the risk factors can lead to big losses.

Control the emotions

Without controlling the emotions, you can’t trade properly. So, you should take some steps to control the emotions. For example, if you think, you are not coping up with the market, you can take a break. Some traders also read some books, watch movies, and so on to refresh their minds. In the market, you have to become practical in terms of making the decision. If you make an emotional decision, you will face huge problems. So, you should handle your emotions to protect your business.

Modify the plan

Sometimes, to adjust to the market, you have to modify your plan. Because it’s not possible, you will use the same plan in every situation. For this reason, you should make some necessary changes to the plan. Remember, if you are not flexible enough, you can’t adjust to the market. But, for becoming successful in trading, you have to adapt to the new situation of the market. So, you should change your plan according to the situation of the market. Remember, if your plan doesn’t match the situation of the market, you will lose your money. However, you should remember, you have to make practical changes.

Choose the right technical instruments

To trade in a comfortable environment, you have to choose the right indicators. Sometimes, traders choose excessive indicators and tools, you will face more troubles. So, you need to choose the right indicators and tools so that you can identify the situation of the market and can easily make the right decision. Remember, without understanding the scenarios of the market, it would not possible to do well.

So, we think, these tips will support you to become successful in trading. You can also get help from experienced traders in the market. They might help you a lot to solve your problems. So, try to always connect to the smart traders in Forex.

The article Exploring the Major Guidelines for Novice Traders appeared first on Arabian Post.

While it may not be the most widely discussed economic area, the Middle East and North Africa (MENA) region is one of the largest in the world.

For example, MENA covers a surface of over 15 million square kilometres, while it’s also home to an estimated 6% of the world’s total population. This puts it roughly on a par with the European Union (EU), which is celebrated as the largest and most lucrative trading block in the world.

At the same time, most MENA countries are experiencing rapid population growth and continue to boast high dependency ratios, making them a viable target for investors from across the globe. This applies to currency investors too, but what are the highest and most valuable MENA currencies in 2021?

1. Kuwaiti Dinar (KWD)

 We start with the Kuwaiti dinar (KWD), which remains one of the strongest currencies in the world thanks to a number of political and economic reasons.

To begin with, it’s one of the few international currencies that’s still backed by a central government, while substantial oil production volumes continue to support the nation’s wider wealth and economic growth.

These factors have combined to ensure that Kuwait has amassed a significant sovereign wealth fund through 2020, which is independently managed and utilised to create a constant cycle of growth, investment and prosperity.

The dinar has continued to rise against the US dollar (USD) of late, with a single dinar now equal to $3.31 (as of March 14th).

2. United Arab Emirates Dirham (AED)

 Next up is the United Arab Emirates Dirham (AED), which remains pegged to the greenback and has been set at a rate of $1 to 3.6725 AED since 1997.

The decision to peg the AED to the USD is underpinned by the region’s reliance on the oil industry, which remains genuinely advantageous as the price of oil is always denominated in US dollars.

For years, this has enabled the UAE government to reduce the innate volatility of its exports, while the region’s economic indicators and current account are maintained at optimal levels to ensure that a peg of 3.6725 is sustained at all times.

3. Jordanian Dinar (JOD)

 On a similar note, the Jordanian dinar (JOD) is pegged to the US dollar, in order to create a stable exchange that would help to attract sustained levels of US investment throughout the region.

Of course, while any country can peg its currency to the USD at any point in time, this asset must keep its value relative to the dollar in order to maintain this relationship.

Jordan has managed to do this successfully during the first two decades of the 21st century, with a single JOD currently worth 1.41 USD.

In fact, the average exchange rate for the USD/JOD pairing during recent times is fixed at 1.4105, and this trend is likely to be sustained into the future.

4. Omani Rial (OMR)

Oman is another country that has pegged its currency to the USD at a fixed exchange rate, while it has strived to maintain its value against the greenback by implementing a tight monetary policy and stringent financial restrictions.

More specifically, Omani policy makers have generally restricted the money supply to protect the country against war and conflict in the Middle East.

This has also impacted heavily on the inflation rate associated with the Omani Rial (OMR), while lending practices in Oman tend to favour risk-averse business ventures in the region.

A single dollar will buy you 0.38 OMR at present, with this rate of exchange having remained remarkably similar during the last 12 months.

5. Bahraini Dinar (BHD)

We close with the Bahraini dinar (BHD), which was pegged to the USD at a slightly higher value than its Omani rival.

More specifically, a single BHD is currently worth $2.66, while the currency’s yearly average has remained close to its current exchange rate since 2011.

This rate has been largely maintained despite the adverse impact of low oil prices on Bahrain’s inflation rate, thanks largely to quantitative easing measures and wider monetary policy.

The article The highest and most valuable MENA currencies in 2021 appeared first on Arabian Post.

ProgressSoft, a leading global payment solutions provider since 1989, unveiled a new Digital Banking Platform in a global launch that has been sparking curiosity among bankers worldwide.

The highly anticipated global launch was announced at the Middle East Banking Innovation Summit, providing hundreds of senior banking leaders with an exclusive first look at a transformative platform that provides banks with the ability to digitally onboard customers, provision online financial services for individuals and corporates, and unify customer data via one centralized platform.

“We are changing the way your customers engage with you, the speed in which you introduce new services,” announced ProgressSoft’s Business Development Officer, Carole Elias, on main stage “and most importantly, you get to control it all in real-time, from different branches and locations, at any time, on one platform.”

ProgressSoft’s Digital Banking Platform, which was designed and developed according to the direct insights of hundreds of everyday customers, provides bank customers with holistic and personal financial experiences through intuitive technologies that recommend goods and services nearby, and prompt profitable and cross-selling next actions.

The platform’s integration capabilities and microservices architecture also gained massive traction for its ability to seamlessly connect to back-end and third-party systems, automatically comply with regulations and sanctions lists, and offer a centralized, yet interoperable platform.

“We are immensely proud of this grand achievement for the banking industry.” noted ProgressSoft’s Chief Executive Officer, Michael Wakileh, “Now is the time for banks to reinvent the way they engage with their customers and become an integral part of their financial and non-financial lives, and here is the platform to achieve it.”

Download ProgressSoft’s Digital Banking Platform Brochure.

The article ProgressSoft Unveils New Digital Banking Platform appeared first on Arabian Post.

Hard work and discipline are the most essential things that should be applied to succeed in day trading. It will bring long-term success to investors. Consistency in making money will be elementary if there is a specific strategy used to run the business. One vital thing is to do is to diversify your assets along with a maintaining a robust mentality.

Day trading is such a system that can maintain a position and close the same position within the same period. Carrying a suitable position should be avoided in the day trading process. Sometimes the risk is lower, and the positioning is very relevant to continuing this business. There are so many security issues and some price gaps that can change the scenario. Today, we will give some tips to help you become a successful day trader.

Tips to become a successful day trader

Create a comfortable trading strategy

A trader’s personality is often different from another’s. So you have to find an accurate strategy which will suit the character of a trader in the Mena region. There are two types of strategies; systematic and discretionary. When you make a decision based on various factors it is known as a discretionary strategy. When you do not employ the discretion, a systematic strategy will be formed. When the signal is starts to identify the position, another signal is there to exit that position.

The management of the risk is controlled by the system that are used in the strategy. If you want to use the specific structure and develop the purchase decisions, you must understand all nuances. It will help you to use the historical data and test the real-time environment of the platform. If you want to catch a suitable trend, you have to devise a proper trading strategy. When the market conditions go wrong, try to pick an appropriate design that can smoothly manage real capital.

Find the robust platform

For generating profitable revenue, you should choose a suitable trading platform. All the appropriate tools are there if the robust platform is preferred. Try to make sure that you have a perfect Forex broker who can deal with great care opportunities.  Both the technical analysis tools and the charting are crucial for making a smooth business operation. A robust trading platform can easily change the method and ensure the rapid earnings.

Some of you might not feel the urge to deal with a high end Forex broker. But without having the right tools and advanced educational resources, it is very hard to keep pace with the market. So, act wisely while selecting your brokerage firm.

Make sure to use skills and knowledge.

Investing is a business. We all know that companies need to do proper planning to prosper. Without executing a good plan, some difficulties can appear when running the business. Many people start trading before having the understanding or skills and knowledge needed, so the ultimate result can be damaging. You have to apply your skills and expertise in the vulnerable situation and make sure you can do better to gain success. Losing money is a part of Forex trading.

So, if there is a loss at the beginning of the business, it can confuse the traders. But they must keep in mind that it is a standard part of the company and they cannot ignore it. They can use stop losses and make a good opportunity for earning profit. One of the biggest mistakes made by newbies is to cut a deal before letting it play out.  This happens due to a lack of skills and knowledge.

Diversify the capital

A common problem that traders face is market volatility. They have to manage it more carefully; otherwise, generating returns cannot be possible. When the market is moving sideways and stagnant in nature, it can create a problem to make a good profit. Try to diversify the capital and make a solution for this. Moving markets can give a better result if you want to avoid stagnant conditions.

The article Expert’s Tips to Become a Successful Day Trader appeared first on Arabian Post.

Bitcoin trading is one of the most trending ways to earn money in the modern world. It refers to buying bitcoins at low prices and then selling them out at higher prices to make a profit. Bitcoin is a digital currency that is of great value in the market. Its price keeps on fluctuating, which provides the traders with an opportunity to make some profits.

Bitcoin trading offers massive gains, but at the same time, it is full of risk. If you are a novice trader, then it will be a challenging task for you to read the market make the right decisions. There are different software for blockchain, which can help you in bitcoin trading. You can read below to learn some of the top tips for bitcoin trading.

Begin with a proper plan

One of the most common mistakes made by beginner bitcoin traders is that they start trading without any plan or strategy. Bitcoin trading is full of risks, and if you don’t follow a suitable plan, then you would surely end up facing losses. You must formulate a plan so that you know what your objective is and what the right time to enter and exit the market.

There are several important aspects of bitcoin trading, such as profit limits, stop losses, etc. Having a proper plan will keep you on track and will tell when to buy, when to sell and how to lock profits to minimize the losses.

Follow a budget

In trading, the golden rule is that you should never invest more than you can afford to lose. So, if you want to enjoy profitable bitcoin trading, then you must have a clear budget and should follow it strictly. It will help you avoid any confusion in the amount that is safe to put at risk. Having a budget will keep you in control and will ensure that you don’t overspend.

Having a budget will keep you financially stable even if you lose everything you invested in bitcoin, but without a budget, you will end up risking all your hard-earned money, and if things go wrong, you will be almost bankrupt. If you want to stay away from such a situation, then you must invest according to your budget.

Keep your fear and greed in control

Letting your emotions affect your trading decision is never a good idea, but there are two specific emotions that are crucial to be controlled while bitcoin trading; greed and fear. Several news and rumors keep on revolving in the market, but only a few of them are true. So, you must not let them fear you and sell your bitcoin in a panic. You must do proper research and analysis before making any move.

The second emotion that you need to control is greed, as when a person sees an opportunity in front of him, it is quite difficult for him to stay calm. When bitcoin price goes up, most traders have this Fear of Missing Out, which makes them sell their currency. You must not be greedy and wait for the right time to close your trades.

Learn from losses

There is no bitcoin trader in the world who has not faced losses. Profits and losses are not what makes a trade successful or unsuccessful. A successful trader is one who learns from the losses and uses the experience and lesson to make profits in the future. Whenever you face a loss, you must analyze your mistake and learn from it.

It will help you to make better decisions in the future and will enhance your knowledge and trading skills. Learning for a single mistake can make you a successful bitcoin trader in the future.

Follow the trend

The bitcoin market has two types of trends; upwards and downwards. The upwards trend is termed as a bullish trend, and the downward trend is termed as a bearish trend. If you have proper knowledge about these trends, then you can follow them to make the right trading decisions. If the market is bearish, then it is the right time to purchase and holds for the market to go up. On the other hand, if the market is bullish, then you must sell and earn maximum profits as the prices are high.

The article Most fantastic tips to get successful in bitcoin trading! appeared first on Arabian Post.

By K Raveendran

The ongoing investigations into the sensational case of gold smuggling through the diplomatic channel provide a live example of the nexus between gold, drugs, dirty money and havala. All preliminary findings point to a ‘standard operating procedure’ followed across the world by the underworld, as highlighted in what has been called the FinCEN files, just published by the International Consortium of Investigative Journalists (ICIJ).

Law enforcement has long seen gold trade as a key vulnerability in the global fight against money laundering. Drug gangs and armed militant groups use gold to launder money and fund conflicts. In the process, they have supported illegal mining operations that destroy pristine rainforest and are hubs for sex trafficking and child labour. In Peru, Latin America’s biggest gold producer and the world’s second-largest cocaine supplier, the illegal gold trade is now twice as big as drug trafficking.

“There is no better mechanism in the world for laundering money than gold,” the papers quote David Soud, head of research and analysis at I.R. Consilium, a consulting firm that specializes in analyzing resource-related crime, as saying. “It is concentrated, portable wealth, has essentially the same value anywhere in the world, and can be moved outside the global financial system.”

Dubai, from where the gold smuggling through the diplomatic channel originated, is a key hub for the clandestine trade, which gives the case currently under investigation in India international ramifications. Investigators are already pursuing leads for the link between gold smuggling and terrorism. They are now in search of actionable proofs.

In fact, according to FinCEN files, a Dubai company, named Kaloti Jewellery Group, had become a key cog in the dirty gold trade, buying the precious metal from sellers suspected of laundering money for drug traffickers and other criminal groups. Kaloti often paid in cash — sometimes so much it had to be hauled in wheelbarrows — and wired money for suspect clients to other businesses, investigators believed.

In 2014, a US Drug Enforcement Administration-led task force recommended that the Treasury Department designate Kaloti a money laundering threat under the USA Patriot Act, a seldom-used measure known as the financial ‘death penalty’ because it can freeze a firm out of the international banking system.

But the Treasury Department never took action against Kaloti. Former Treasury officials said a decision on whether to move ahead was deferred for fear of angering the United Arab Emirates, a key US ally in the Middle East. When attempts to convince the UAE to act on its own against Kaloti fizzled, the investigation was mothballed.

The documents, called suspicious activity reports, or SARs, were obtained by BuzzFeed News and shared with ICIJ and 108 media partners as part of the FinCEN Files investigation. Some of the documents in the FinCEN Files were gathered as part of US Senate committee investigations into Russian interference in the 2016 U.S. presidential election while others were gathered following requests to FinCEN from law enforcement agencies.

ICIJ confirmed additional details about the government inquiry into Kaloti with nine current or former law enforcement and other officials with knowledge of the investigation, who agreed to discuss it on the condition that their names not be used. They are not authorized to speak publicly about the case and fear repercussions for discussing it.

US investigators never questioned Kaloti directly. Because the case did not result in charges or a Treasury designation, Kaloti never had a chance to see or challenge any of the evidence investigators had gathered.

In 2014, a former partner at EY’s Dubai office reported that Kaloti had accepted gold exported from Morocco disguised as silver, with falsified paperwork. Auditors at the global accountancy firm, formerly known as Ernst & Young, also discovered that Kaloti had purchased gold from Sudan, where the precious metal has financed a militia group under investigation for genocide,  without properly vetting its suppliers, according to the former EY partner. The following year, Kaloti’s refinery lost an important industry accreditation.

Kaloti has managed to maintain business ties with major corporations, including the Swiss refiner Valcambi, according to Global Witness, an anti-corruption advocacy group. Kaloti recently opened a new refinery in Dubai.

Indian investigators have failed to track down any major player in Dubai in connection with the gold smuggling through diplomatic channels, except for fringe actors, who may have acted on their own behalf or for some others. The investigations have been stonewalled by issues of diplomatic immunity for the consulate staff, suspected of doubtful roles in the clandestine operation.

The article Universal currency of the underworld appeared first on Arabian Post.

By Hassan Ali Mansoor

Like a raging bull, Covid-19 has swept through the world. Besides infecting millions of people and resulting in the killing of hundreds of thousands of people, it has also brought the global economy to a standstill and disrupted existing projections of capital markets and cash liquidity.

Banks and financial institutions have been forced to review their existing policies and projections, governments around the world have offered stimulus packages to business to remain afloat, and a sense of panic has gripped global markets. In the new normal we see during Covid-19 , we are witnessing an environment where the way work is completed, how consumers bank, how employees learn new skills and how brands are perceived have all changed. And perhaps forever. The degree to which these changes take root will be driven by business and societal dynamics as well as how long it takes to move to a new equilibrium.

Amidst all the uncertainty and challenges presented by Covid-19, UAE can once again hold its head high as one of those very few countries that has not only taken concrete steps to contain the spread of the pandemic but also taken positive steps to sustains its economy and ensure the betterment of its people.

The banking sector of the UAE too has all the reasons to stay optimistic this year.

To recall, 2019 was a year of relatively good progress for the UAE banking sector. As always, the Central Bank of UAE proved to the crucial pivot for private banks. It assisted private banks through its progressive policies that led banks to establish a broader footprint and adopt good international practices.

Lately, the UAE Central Bank has observed that it is still too early in the day to gauge the extent of the impact that Covid-19 will have on the UAE economy. However, the Central Bank has once again assured the private banks that it remains committed to ‘intervene and help effected businesses’. The Central Bank governor Abdulhamid Saeed is reported to have said that the banking sector is well positioned to manage the substantial stress situation and uncertainty in economies caused by the COVID-19 pandemic.

It is important to note that this is not just rhetoric. The UAE government has extended support to businesses impacted by the pandemic and this has enabled businesses to stay afloat in a time of credit crunch. Moreover, this assistance was also given to the banks and financial institutions. In April this year, the UAE gave a whopping AED 256 billion stimulus package to banks and financial institutions that enables them to ‘provide loans, defer borrowers’ debt payments. Fitch said that the recent measures by the Central Bank of the UAE to increase maximum loan-to-value ratios and to allow real estate lending up to 30 per cent of total loans may increase banks’ asset quality vulnerability to falling real estate prices.

Nevertheless, UAE Central has rightly cautioned that 2020 will present an extremely stressed environment in which the role of the banking regulator will be critical in facilitating financial stability and consumer protection. He has also confirmed that the Central Bank will “re-assess its strategic priorities and play a vital role to address these issues… in a proactive and progressive manner.”

Another reality that banks will need to come to terms with is increased M&A activity. Despite the financial assistance and support offered by the Central Bank, not all banks and financial institutions will be able to sustain in the long run. One can therefore expect to see a wave of mergers and acquisitions among banks, particularly among banks with weaker franchises, those with deteriorating business conditions in retail and wholesale trade, and the real estate and construction sectors. UAE banks can improve their uptake with a more widespread increase in digital penetration and change in overall consumer behavior.

Whilst the Central Bank as the Regular will continue to support banks and financial institutions, they too must think out of the box and make opportunities out of this crisis. The patterns of social behavior and interaction have changed during the last three months of the lockdown. Social distancing will drive up the demand for digital banking services. It is time that the banks too adopt and/or improve their existing online banking, mobile bank transfer and e-wallet services for contactless payments.

Given that digitalization has been on an upward trajectory in the UAE, this must be made into a permanent trend, beyond the pandemic because the patterns of social interaction developed during the pandemic era will be likely to continue in the future as well.

Analyses of last four financial crises and 16 market crashes in last 100 years has shown that financial industry got a positive opportunity each time. We are likely to see the same pattern this time as well. It is possible that banks may cut down on costs by retrenching employees but also not reopen branches closed during the pandemic. Some banks would do well to look at moving into cloud, because their data servers and application servers would be on cloud. If this is the case, cloud providers will take the responsibility of securing their environment because globally they are doing this and they will have lot more resources. This way banks can shift their risk to cloud service providers so that they can focus on core banking business and security and data center are taken care by somebody else. This will be akin to an outsourcing of functions to reduce cost and become more efficient.

There is an opportunity in every crisis. Covid-19 is an unprecedented opportunity for decisive private banks that wish to right-size branch networks, optimize the digital experience, and establish sustainability credentials, thus emerging in a stronger position. More than ever before, this is time for the ‘survival of the fittest’. Private banks that adopt a more considered and strategic response will emerge victorious and be able to not only sustain themselves but progress at a time when many other institutes are in a panic mode.

The author is a banking professional with more than 15 years of banking experience. He can be reached at : h_a_m23@hotmail.com

The article Covid-19 and the banking ecosystem of UAE appeared first on Arabian Post.

Non-Residential Indians (NRIs) and Person of Indian Origin (PIO) have several banking needs that are difficult to be served by any regular bank account. Since these people reside abroad, they generally have their savings and income in foreign denominations such as US Dollars, Euros, etc. Therefore, such individuals need a different account to suit their requirements.

NRI accounts have distinctive facilities for amount transfers, tax-related issues, currency denominations, and more. Before one dives deeper into these facilities, one needs to understand the basics of a Non-Residential Indian (NRI) Account.

Source: Image from freepik.com

The term NRI Account stands for an account that is opened by a Non-Resident Indian or a Person of Indian Origin (PIO) for availing various banking facilities. This account is opened with a bank or a financial institution that has been authorized by RBI.

Standard Chartered is one such bank that provides a range of banking accounts for its Non Resident Customers. The bank has an extensive pool of services to serve its Global Indian customers. NRI accounts are necessary for individuals who want to invest their money in India or manage their incomes from various geographies.

The types of NRI accounts by Standard Chartered in India are:

1. NRE Savings Account

The Non-Resident External account provided by Standard Charted bank serves a dual purpose. Customers can access their funds in Indian Rupees while they are in India and can convert those funds into foreign currency and access them anytime as they wish.

Here are a few features and benefits of an NRE Account:

1. Funds in the account and the interest earned on those funds, both are fully repatriable
2. Customers get a globally valid VISA Platinum Debit Card that offers multiple benefits such as higher ATM withdrawal limits, no fuel surcharges in India, and attractive discounts on dining
3. There is no TDS on the income received from the interest
4. Customers can transact in Standard Chartered Bank in India without any additional cost
5. Customers get multicity cheque books free of charge that enable them to issue cheques across India
6. Customers can access the account anytime through the secure internet banking and phone banking services

2. NRO Savings Account

The Non-Resident Ordinary Account offered by Standard Chartered comes with an option to deposit and manage funds in local rupee as well seamlessly. Many Non-resident Indians have a portion of their income coming from India as rent, pension, dividends, and others. Some of the exclusive features of an NRO Account are:

1. The interest earned on the funds is fully repatriable after the tax
2. Customers can transact in Standard Chartered Bank in India without any additional cost
3. Customers get a VISA Platinum Card for their spends in India at zero cost
4. Customers get multicity cheque books free of charge that enable them to issue cheques across India
5. Customers can access the account anytime through the secure internet banking and phone banking services
6. Customers can also subscribe for regular account statement via mail at no additional cost to keep track of their transactions

3. NRE Employee Banking Account

For employees based in overseas locations, Standard Chartered offers an NRE Employee Banking Account. Some of the essential features of this account are:

1. Customers are not liable to keep any minimum balance in the account
2. Customers get an Employee banking platinum cards at zero additional cost
3. Customers can withdraw cash from any VISA ATM in India for free
4. Customers also have a facility of getting preferential FOREX conversion rates
5. This account can be opened instantly
6. Customers can access the account anytime through the secure internet banking and phone banking services
7. There is no TDS on the income received from the interest

4. RFC Account

For NRIs returning to India, Standard Chartered’s RFC accounts are the best solution. This type of account lets the customers keep the funds in foreign currency even after their return. Customers have an option to either keep a terms deposit account or a savings account.

5. NRI 3 in 1 Account

This account is an excellent mix of a savings account with Standard Chartered and a Demat and Trading Account with SCSI (Standard Chartered Securities India). Herein customers can either open an NRE 3 in 1 account or an NRO 3 in 1 Account or both. Some of its benefits are:

1. Customers can transact in Standard Chartered Bank in India without any additional cost
2. Customers get a globally valid VISA Platinum Debit Card that offers multiple benefits such as higher ATM withdrawal limits, no fuel surcharges in India, and attractive discounts on dining
3. Customers get multicity cheque books free of cost that enable them to issue cheques across India
4. Customers can access the account anytime through the secure internet banking and phone banking services

6. Portfolio Investment Scheme (PIS) Account

Customers can open an NRO PIS Savings Account, or an NRE PIS Savings Account, or both to avail the following benefits:

1. It provides efficient reporting to RBI and compliance of statutory regulations
2. The bank offers calculations of capital gains tax liability and presents the issue of the certificate of tax deduction
3. Customers have the facility to transfer the funds from the linked NRE/ NRO account in case the PIS account faces a shortfall

Standard Chartered Bank provides its NRI customers with a wide range of facilities to choose from. Its global presence, seamless banking opportunities, and efficient wealth growth solutions make it one of the most trusted banks for financially smart individuals.

The article Types of NRI accounts that you can explore with Standard Chartered in India appeared first on Arabian Post.

The foreign exchange market is gaining in popularity as more exposure of how it works spreads online. It is the world’s most traded market, turning over more than $5 trillion every day and it is openly accessible and relatively easy to start. One of the key attractions of forex is that the market operates 24 hours a day. There isn’t any one centralized place for forex – it operates in whichever market is open at the time and isn’t constrained to the normal 9-5.

Source: Pixabay

Introduction to forex

Trading forex means buying a currency and selling another in order to achieve a profit through the transaction by speculating the direction a currency will take against another. The production of software and tools from forex brokers has made it much more simple to do this and begin trading. For instance, XTB online trading has easy-to-use software, trading charts and a calculator that shows performance statistics, on both mobile and PC platforms. All of which is fully customizable to help trading strategy from over 1500 global markets.
Every trader has to start somewhere and before starting it is usually advisable to find an online broker which offers lessons in the forex market, how it operates and how to manage currency pairs. By using sites like XTB, you can get an introduction to forex terminology and the foreign exchange market as a whole, because getting started in forex means understanding the language used in trading. It’s important to understand how to set up a trade and then what happens to the trade to turn it into a profit or a loss on your account.

Key forex terminology to know

Currency Pair: The value of any currency is always determined by its comparison to other currencies. A currency pair is the basic price structure between two currencies in the foreign exchange market. The first currency is called the base currency and the second is called the quote currency. This demonstrates the value of one currency against the other.
Base Currency: This is the first currency quoted in a currency pair, often the domestic currency or the US dollar.

Source: Pixabay 

Quote Currency: This is the second currency in a currency pair, that applies the value to the base currency.
Pip: Currencies are usually calculated to four decimal places and the pip is the smallest price change that can occur in an exchange rate, usually the movement of the last decimal point. And this is often how traders calculate their profit.
Cross Currency Pair: Because the US dollar is the most popular currency in a currency pair, any currency pairs that don’t include it are referred to as cross currency pairs. For instance

How forex trading works in action

When trading the euro (EUR) against the dollar (USD) for instance, if the current price for the euro is 1.1137 it means one EUR is worth 1.1137 USD.
If are buying EUR, it means you are predicting that it will rise in price against the dollar and that the USD will fall in value against the EUR. If the price moves to 1.1142 then it is has moved 5 pips. Depending on the size of your trade, your position will have increased by five times that pip value. Conversely, if the price of the EUR falls to 1.1132, then you will have lost 5 times the value of your pip.

Different types of currency pairs have different risks

Major Pairs
These are the most commonly traded pairs, accounting for over 80% of foreign exchange volume. These are major currencies traded against the USD, like the EUR, Japanese yen (JPY), Pound Sterling (GBP) or Australian dollar (AUD).
These currencies are from highly managed, stable economies that experience smaller movements and with it smaller spreads. They are less volatile and have high liquidity.
Cross Currency Pairs
These are pairs that do not include the USD. So a trade between the GBP/AUD would be considered a cross currency pair. They are typically (but not always) less liquid than major pairs and can experience more volatility in price movement.

Source: Pixabay

Exotic Pairs

These are pairs that include currencies from either smaller or new economies, usually against a major currency. They represent a much riskier trade as they are highly illiquid, susceptible to manipulation and can be sensitive to shifts in political or financial influences.

Forex is the biggest and most accessible financial market

The need to exchange currencies for goods and services is the reason that forex is the largest (and most liquid) finance market in the world. Because there is no central place where it happens, it makes it one of the most accessible and influential financial markets for anyone taking their first steps into trading.

Because markets are open around the world, currencies can be active all day, every day. It can take time to understand what it takes to spot currency traits or identify potential positions in the market, and it pays to seek as much instruction as possible before playing the markets for real.

The article Taking the first steps into forex appeared first on Arabian Post.

|By Arabian Post Staff| IFC, a member of the World Bank Group, and the IFC Middle East and North Africa (MENA) Fund, a fund managed by IFC Asset Management Company, LLC (AMC), are investing $19 million in equity in Yellow Door Energy. The investment will support the deployment of lease-to-own rooftop and ground-mounted solar-power and energy-efficiency solutions to commercial and industrial customers in Jordan, UAE, and beyond.

The investment is part of a $65 million financing package that Yellow Door Energy is raising from a group of investors. IFC will provide $5 million from its own account, and the IFC MENA Fund will invest $14 million. The investment will help this leading solar-power developer expand operations into Pakistan, growing its presence across the Middle East beyond current markets of UAE and Jordan.

Jeremy Crane, CEO and Co-Founder of Yellow Door Energy, said the funding enables the company to scale its  energy platform from the Middle East to Africa and Asia. It plans to build 300 megawatts of solar in the next two years, benefitting hundreds of businesses and the broader economy, he said.

Many countries—including Jordan, Lebanon, and Pakistan—are heavily reliant on expensive and pollution-causing thermal generation for their power. Yellow Door Energy uses an innovative leasing model to help commercial and industrial businesses build and maintain ground mounted and roof-top solar arrays to lessen their reliance on local power grids. IFC and AMC’s investment will help local businesses tap into a clean, reliable supply of energy while demonstrating the potential of small-scale solar systems in Pakistan and other countries suffering from power shortages.

Other investors include Mitsui & Co., Equinor ASA, Arab Petroleum Investments Corporation (Apicorp), and Adenium Energy Capital, the founding investor of Yellow Door Energy.

The article IFC, asset firm invest in Middle East solar power project appeared first on Arabian Post.

Saxo Group India, part of the Saxo Bank Group, has expanded its presence with the move to a new and bigger office in Gurugram to accommodate future growth with a plan to increase headcount by 20 % in 2018.

Established through an acquisition in 2010, Saxo Group India employs more than 500 people primarily within IT and operations. The organisation in Gurugram works with Saxo Bank’s headquarter in Copenhagen as one team to continuously improve the core of the Bank which is the trading technology and platforms that give clients access to more than 35,000 financial instruments across asset classes and geographies.

According to Deepak Gupta, COO at Saxo Group India, the company is  making major investments in IT with the aim of digitising the whole value chain and leveraging new technology.  Kim Fournais, CEO & founder at Saxo Bank, said despite being more than 25 years old, Saxo has never stopped thinking like a start-up,.

Saxo Group India has been instrumental in the journey to become a leading fintech specialist and our team in Gurugram has grown eightfold to more than 500 extremely skilled and dedicated Saxonians. We look forward to welcoming even more talented people in the near future.”

The article Saxo Bank expands in India appeared first on Arabian Post.

|By Arabian Post Staff| Abu Dhabi Securities Exchange (ADX) has signed a Memorandum of Understanding (MoU) with the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and seven leading global Central Securities Depository (CSD) companies to collaborate on Distributed Ledger Technology (DLT) implementation in post trade operations, as well as capital market transactions.

Today, securities processing, particularly in areas requiring multi-party contact and involving extremely cumbersome manual processes carry significant inherent cost and risk. As a part of the MOU, SWIFT and the CSDs have defined the product requirements for an e-voting solution based on DLT that includes common standards (ISO 20022) and principles.

Other aspects of the MOU include fostering collaboration amongst the CSD community in DLT research and development, helping define the role of financial market infrastructure providers in markets based on distributed ledgers and; identifying, defining and developing additional use cases for DLT in a CSD environment and the post-trade landscape, such as services for different kinds of DLT-based digital assets.

In addition, the group will focus on creating and adapting common standards and principles for the use of DLT amongst CSDs and the financial industry, and promoting the adoption of those standards and principles to other parties, including regulators.

Confirming the importance of the CSD Working Group on DLT, the International Securities Services Association (ISSA) recently endorsed the group and included it as part of a new work stream within the Association’s existing Working Group on DLT, giving this initiative greater industry visibility. As a part of ISSA, the CSD Working Group on DLTwill initially focus on digital assets with a goal to establish a business framework for how these assets could be used in the post-trade space. The framework will identify key definitions, classifications, services and post trade service provider roles. Findings from the use case on digital assets are expected to be published in Q2 of 2018.

Rashed Al Blooshi, Chief Executive of ADX, emphasised the importance of the MoU in building on ADX’s reputation for technological leadership and delivering the highest standards of disclosure and transparency.

Al Blooshi said: “As the first market in the MENA region to enter into an agreement of this kind, this signing marks another significant achievement for ADX. The Exchange will open channels of constructive dialogue with various stakeholders to identify the common principals, standards and business rules needed for the successful implementation of DLT in post trade operations, with the aim of enhancing the speed and security of capital market transactions.”

ADX Chief Executive noted that the signing of this MoU is part of ADX’s broader agenda to upgrade trading and listing systems, and enhance its advanced technical structure thereby adhering to international best practices in corporate governance.

Al Blooshi highlighted the benefits that DLT implementation will bring ADX, including more efficient clearing and settlement operations through the reduced requirement for human input, increased system flexibility and data integration, and reduced costs and time.

Al Blooshi added: “ADX’s launch of the ‘Blockchain for e-Voting’ in 2016 used in Annual General Meetings was in line with the Abu Dhabi Digital Government’s directives to enhance the quality and speed of services through innovation and creativity, and underscored ADX’s interest to actively participate in the field of digital solutions for stock markets. This technology provides real-time, credible and transparent information, and allows parties to access information for inspection and auditing purposes within a secure digital environment.”

Al Blooshi concluded: “ADX is committed to contributing to the vision of Abu Dhabi Digital Government and Abu Dhabi Economic Vision 2030 in achieving an effective and sustainable digital transformation that supports the national economy and sustainable development of the Emirate. The MoU cements the cooperation and coordination frameworks between the signatories to adopt DLT and to advance the technical structure of global securities markets.”

The article ADX signs MoU with SWIFT for securities transaction process appeared first on Arabian Post.

|By Arabian Post Staff| After posting a 10 per cent year-on-year rise in MENA region profits in 2017, Saxo Bank, the online multi-asset trading and investment specialist, has consolidated its high-performing Dubai station as its regional hub of operations.

The double-digit annual profit growth across the region, which has elevated MENA to the company’s third most profitable operation this year, had led Saxo’s Head of MENA, Mario Camara, to predict a “bullish” forecast for further growth in 2018 – a year when Saxo will launch a series of new programmes to continue diversifying its client base.

“We have seen many new investors interested in trading across international financial markets emerge in the fourth quarter of 2017 – and we anticipate this trend continuing into 2018, the region is bullish in overseas investments and full of potential,” said Camara. “Our focus lies in three key areas: catering to women in finance and fintech, accessibility and ease of use for new investors, and supporting entrepreneurs to preserve wealth.”

Dedicated to enable High Net Worth Individual (HNWI) investors and asset managers preserve and grow wealth, Saxo Bank’s global strategy to democratise the online trading landscape has also taken root in the region.

Having held its first exclusive event for regional female finance professionals in November via a partnership with Dubai Business Women Council (DBWC), Saxo is committed to empowering the region’s female investors in 2018 and beyond.

“Women continue to play an increasingly crucial role not only in business but also in government. We are witnessing this across this region with more Emirati women opting to forge their own path as industry decision-makers, business leaders, entrepreneurs and investors,” said Camara. “Saxo has already identified a number of asset management firms in the GCC which were founded by women and are successfully led by women and whom would make good mutual partners with Saxo.”

In 2018, Saxo Bank is also keen to increase access to invest in global markets for new-to-market individuals via a fully digital account called the ‘Essential’, which offers only specific products and spread allowances to limit the risk for beginner investors. “We’re targeting entrants to the financial trading world and will limit the risk these smaller investors can take in exchange for guaranteeing their account will not be allowed to go into negative territory.”

As the Middle East, championed by Dubai, progresses towards complete digitisation, Saxo Bank is also energised by a growing community of FinTech innovators benefiting from government-level initiatives designed to support entrepreneurs.

“The Dubai government’s incentives to enhance digitalisation and encourage young entrepreneurs with FinTech start-ups have created a number of interesting firms that have developed great solutions for democratising financial investments in novel ways,” said Camara.

“We saw the initiative crystalise when the DIFC Authority created the FinTech HIVE at DIFC and the DFSA’s creation of the ‘Innovation Testing Licence’.  As a 25-year-old FinTech pioneer, we do not consider young FinTech entrepreneurs competition, but consider them natural partners who share our vision and DNA – we are very excited to support them in their nascent stage.”

The article Saxo Bank upgrades Dubai to hub appeared first on Arabian Post.

|By Arabian Post Staff| National Bank of Ras Al Khaimah (RAKBank) Group said the bank’s profit for the third quarter more than doubled to Dh224.8 million, compared to the previous period and recorded all-round improvement in its 9 months performance, achieving a growth of  9.4 per cent in the consolidated net profit of Dh606.3 million. Gross loans and advances stood at Dh32.6 billion as of 30 September 2017, up by 12.5 per cent compared with the same period last year. Total assets were up by 8.3 per cent to Dh46.1 billion compared to the end of 2016. Customer deposits grew by Dh2.1 billion to Dh31.5 billion, a 7 per cent growth compared to the end of 2016. Total income increased by 1.2 per cent for the third quarter of 2017 compared to the same quarter of the previous year.

“RAKBank’s performance these past nine months is a reflection of the bank’s diversification strategy that was initiated a few years ago,” said RAKBank CEO, Peter England.
“All the various business segments of Wholesale Banking, Business Banking, Personal Banking, and Treasury have made solid progress throughout the year.
“Whilst diversifying our loan book and growing into new areas in Treasury and Wholesale banking particularly, the bank remains very committed to the SME segment despite the challenges faced in this area in the past 2 years.” 
The Group’s Wholesale Banking, Business Banking and Insurance businesses brought about strong growth in the non-interest income despite the net interest income for nine months declining due to the changes made in the Bank’s business mix of lending.
Impairments continued their downward trajectory from its peak in the third quarter of 2016, declining by 27.8 per cent in the third quarter of 2017 compared with the third quarter of previous year and is down by 12 per cent in the nine months compared to the same period in 2016.
The bank’s capital adequacy ratio as per UAE Central Bank regulations stood at 20.4 per cent as of the end of September 2017. The advances to stable resources ratio stood comfortably at 88.8 per cent compared to 85.5 per cent at the end of 2016.

The article RAKBank third quarter profit doubles appeared first on Arabian Post.

|By Arabian Post Staff| Abu Dhabi Commercial Bank  reported net profit of AED 3.206 billion for the nine month period ended 30 September 2017. The figure was 2% higher than the the previous level.

Total net interest income and Islamic financing income of AED 4.983 billion was up 8% while operating income of AED 6.585 billion was up 4%, and operating expenses of AED 2.147 billion was also up 4%, which resulted in a stable cost to income ratio of 32.6% compared to 32.7% in 9 months of 2016. Operating profit before impairment allowances of AED 4.437 billion was up 4% while non-interest income of AED 1.602 billion was down 6%. Net fee & commission income of AED 1.130 billion was up 3%

Total assets grew 1% to AED 260 billion and net loans and advances to customers increased 5% to AED 166 billion over 31 December 2016. Deposits from customers increased 5% to AED 163 billion over 31 December 2016. Low cost current and savings account (CASA) deposits comprised 43% of total customer deposits and loan to deposit ratio of 101.8%, stable over 31 December 2016.

The other highlights were: Capital adequacy ratio of 18.47% and tier I ratio of 15.25%, compared to capital adequacy and tier I ratios of 18.92% and 15.66% respectively as at 31 December 2016; Liquidity coverage ratio (LCR) of 117% compared to a minimum ratio of 80% prescribed by UAE Central Bank; Net lender of AED 14 billion in the interbank markets, and maintaining a strong liquidity ratio of 23.4%. NPL ratio of 2.9% and provision coverage ratio of 118.7%, compared to NPL and provision coverage ratios of 2.7% and 129.9% respectively as at 31 December 2016.

Ala’a Eraiqat, Member of the Board and Group Chief Executive Officer, commented on the results: “We are pleased with the Bank’s performance for the nine month period of 2017. Net profit for the quarter was up 9%, while year to date net profit was up 2% over the prior year, with a solid return on equity of 15%. Our balance sheet registered healthy growth, continuing to outpace industry wide growth, with 5% increase in net loans and 5% increase in customer deposits over the year end. The Bank’s loan portfolio remains well-diversified by business segment and economic sector, while the liability base offers stable and diversified sources of funding. Islamic Banking continues to form an integral part of our franchise, with a 14% increase in Islamic financing assets and a 22% increase in deposits year to date. The Bank’s results for the nine month period are encouraging and reflect the continued successful execution of our strategy against the softer economic environment.

We continue to invest heavily in technology, operations, risk and compliance. Recently, we have successfully completed the migration and consolidation of our core banking system. The implementation required over two years of extremely complex programming, and today the new platform gives the bank an unprecedented capability to deliver fast-to-market solutions. We are focused on operational efficiency and digital technology to deliver a superior customer service.

ADCB is well positioned to benefit from the long-term growth prospects of the UAE economy. Our strategy is efficient, our business model is strong and we remain committed to deliver value for all our stakeholders.”

Deepak Khullar, Group Chief Financial Officer, commented: “We are pleased with our third quarter results, top and bottom line growth remained healthy over the previous year. For the nine month period of 2017, operating income of AED 6.585 billion was up 4%, and operating profit before impairment allowances of AED 4.437 billion was up 4% year on year. The Bank’s disciplined approach to cost management resulted in stable and solid key metrics for the Bank. Cost to income ratio for the nine month period was unchanged over the prior year. Despite the rising benchmark rates, cost of funds has remained stable over the last three quarters, and cost of risk has consistently remained in the 80 basis points range amidst the challenging operating environment and the economic headwinds.

Our balance sheet remains strong and resilient, Wholesale Banking loans were up 6% and Consumer Banking loans were up 3% year to date. Capital ratios remain robust and low cost CASA deposits comprised 43% of total customer deposits. Liquidity coverage ratio was 117%, compared to the 80% minimum stipulated by the UAE Central Bank.

We continue to position ourselves as disciplined and efficient and continue to focus on measured and sustainable growth.” he said.

The article ADCB 9-months net profit up 2% to AED 3.206 billion appeared first on Arabian Post.

|By Arabian Post Staff| Leading UAE bank FGB has successfully concluded one of Abu Dhabi’s first Special Purpose Vehicle (SPV) aircraft financing deals, in collaboration with Abu Dhabi Global Market (ADGM).

The financing deals were part of ADGM’s innovative SPV regime, and were arranged to refinance two Etihad A380 aircraft bridge financings which were maturing in December 2016 and originally financed by FGB.

Natixis Leasing secured the bid for both aircrafts, one of which was subsequently part-financed by FGB under a USD 302 million lease finance structure. Acting as Advisor and Facilitator, FGB played an instrumental role in introducing the Natixis team to ADGM and is continuing to work with the financial centre to welcome further SPVs into the ADGM stable.

Steve Perry, Global Head of Debt Markets and Syndications at FGB, said that the successful conclusion of these first two aviation financing related SPVs under ADGM marked the

ADGM launched its SPV regime officially to the industry in January 2017. Designed to address the needs of the business community, ADGM SPV regime caters to a broad range of uses in various industry sectors including but not limited to corporates, financial institutions, sovereign wealth funds, family offices and individual investors. The SPVs have been deployed as a strategic tool for a variety of purposes including efficient corporate and financial structuring, risk management and ring-fencing of assets and liabilities.

The article First Gulf completes SPV aircraft finance deal appeared first on Arabian Post.

|By Arabian Post Staff|Leading UAE bank FGB has launched the UAE’s first Wealth Sentiment Index, which measures the prevailing mood of affluent investors in the UAE market, from a personal and business point of view.
The index will serve as an indicator of the overall sentiment of the market, based on existing fundamental and economic factors.

The new index was launched during FGB’s fourth annual Investment Conference, which featured sessions led by a host of renowned global financial experts who provided insights into recent market trends and practices, as well as future developments and opportunities across the region and globe.

The launch event was attended by wealth relationship managers from across the UAE and FGB, and explored a host of topics including the role of commodities, the US property market, the outlook for the US equity market, the implications of global politics and referendums, the search for income and emerging markets.

The bank says FGB Wealth is dedicated to enabling customers to grow, protect or transfer their wealth through the help of dedicated wealth managers and a disciplined four-step wealth management programme. This includes understanding each customer’s needs and goals, assessing their risk profile, developing and implementing a complete financial plan and providing expert advice about any changes or new opportunities.

The article First Gulf launches UAE wealth index appeared first on Arabian Post.

|By Arabian Post Staff| The three-month Saudi Interbank Offered Rate, or Saibor, used as a benchmark to price loans, has climbed 15 successive months to the highest in seven years, Bloomberg reported.

It gained 84 basis points this year to 2.385 percent on Sunday, compared with a 27 basis-point advance in the London Interbank Offered Rate for dollars. Meanwhile, the loans-to-deposit ratio among Saudi banks, a key measure of liquidity, rose to 90.8 percent in August, the worst since 2008.

The Saudi Arabian Monetary Agency is said to have offered lenders about 15 billion riyals in short-term loans in late June after the drop in oil curbed bank cash holdings. In February, it allowed institutions to lend as much as 90 percent of their deposits, up from 85 percent.

The regulator said last month that the latest cash injection will be in the form of time deposits by government entities. It also introduced seven-day and 28-day repurchase agreements, or repos, to give lenders greater access to cash.

The kingdom is tapping new funding sources in a bid to alleviate the squeeze. The nation will this week conclude investor meetings for a planned debut sovereign bond sale that investors expect to raise about $10 billion, the largest ever from the Middle East.

Saudi banks also have a “lot of room to increase bond issuance,” said Meijer, who highlighted that lenders’ liabilities in the country comprise almost no foreign-currency bonds, compared with between 5 percent and 20 percent for those in the United Arab Emirates. “Bonds are long-term funding and are a lot more stable than deposits,” he said.

The pace of deposit growth in 2015 moderated to the slowest in more than 20 years, according to central bank data.

Saudi Arabia will post a budget deficit of 13.5 percent of economic output this year, the highest since 1992, declining to 9.6 percent in 2017, according to forecasts from the International Monetary Fund. Amid the shortfall, direct local government debt climbed to $63 billion at the end of August from almost $38 billion at the end of 2015, according to information in the Saudi bond prospectus obtained by Bloomberg.

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The article Saudi interbank rates hit 7-year peak appeared first on Arabian Post.

|By Arabian Post Staff| The Dubai Islamic Economy Development Centre is in the process of developing a National Bonds Sukuk Trading Platform, which uses assets in the local economy to structure Shariah-compliant consumer financing.

This is pat of the initiative to develop new strategies to meet the liquidity management and personal financing needs of Islamic banks and Islamic windows at conventional banks. These products are expected to address both the operational needs of Islamic banks and the preferences of their customers and external stakeholders.

Its structure will segregate the component transactions, which occur on a bilateral basis by the different parties, at different times, with no conditionality. It will also provide this service with lower transaction costs than some of the alternatives in the market.

The dearth of Islamic liquidity management instruments has been a challenge in modern Islamic banking throughout its 40-year history.

Islamic banks in the GCC today hold 9% of their assets in cash and equivalents and 10% in placements with other financial institutions. Currently, Islamic banks place liquid funds in short-term instruments such as commodity murabaha that Shariah rules have deemed non-tradable in secondary markets because of bans on trading receivables. Moreover, stakeholders typically view these inflexible instruments as artificial transactions. Many Shariah experts had hoped they would be temporary solutions used in limited contexts where no other instruments could be developed, but lacking alternatives, they have persisted and become widely adopted in the industry.

According to Abdulla Mohammed Al Awar, Chief Executive Officer of Dubai Islamic Economy Development Centre, since the launch of Dubai: Capital of Islamic Economy vision, the Centre has been working with stakeholders and strategic partners towards developing Islamic finance instruments and reinforcing the significant role of existing instruments such as sukuk in the growth of Islamic finance.

The article New trading platlform for sukuks and Islamic bonds coming appeared first on Arabian Post.

|By Arabian Post Staff| Abu Dhabi Islamic Bank, which bought Barclays Plc’s UAE retail business, has cut more than 200 jobs over the past three months, Bloomberg reported quoting some people.

The cuts were made mostly in the retail business, the report said. About 100 people were dismissed last month, with the layoffs mostly affecting junior staff, one of the people said. A spokesman for the bank, which employs about 2,500 people across the country, said the bank doesn’t comment on speculation and rumors, the wire service clarified.

Bloomberg listed Union National Bank and Emirates NBD among the banks that have reduced the workforce. Union National Bank dismissed about 50 people in August, while Emirates NBD reduced its workforce by more than 250 people at its small and medium enterprise and Islamic lending businesses in April.

The article Abu Dhabi Islamic cuts 200 jobs appeared first on Arabian Post.

Researchers at the Universities of Birmingham and Brighton studied a merger that took place in Bahrain, between an Islamic bank and a conventional bank in the wake of financial crises that rocked the world between 2007 and 2009.

Their study showed that the 2009 acquisition of Bahrain Saudi Bank by the Islamic institution Al Salam Bank Bahrain (ASBB) prompted a significant increase in the liquidity of ASBB after adopting an Islamic banking system.

Published in the Journal of International Financial Markets, Institutions and Money, the study looks at how the amalgamated bank operated after the merger, concluding that Islamic banking offered the institution significant advantages.

Professor Andros Gregoriou, Professor in Finance at Brighton Business School, said: “The ‘credit crunch’ resulted in customers losing confidence in the conventional banking system used throughout the world. As a result, some Western financial institutions changed their infrastructure into Islamic banks following the crises, as Islamic banks were better equipped to deal with the aftermath than Western banks.”

Dr Jairaj Gupta, Lecturer in Finance at Birmingham Business School, said:  “We have found overwhelming evidence that a change in banking philosophy from Western to Islamic provides financial institutions with distinct advantages. Our findings demonstrate a long-term improvement in the liquidity of ASBB as a result of adopting an Islamic banking approach.”

Islamic banking is consistent with the principles of sharia, or Islamic law, which prohibits acceptance of specific interest or fees for loans of money. Investment in businesses that provide goods or services considered contrary to Islamic principles, such as companies which sell pork or alcohol, is also prohibited.

The study directly tested the impact of a change from Western to Islamic banking on the same financial institution. It indicated that the permanent rise in liquidity of ASBB stocks could result in increase in the bank’s value, as it could be less costly for them to borrow, issue capital or issue public equity after the increase in liquidity resulting from the introduction of Islamic banking.

Its findings revealed that better liquidity of ASBB stocks, following the introduction of Islamic banking, was maintained over a three-month trading interval. There were also permanent increases in the stock price and trading volume of ASBB stocks after the adoption of Islamic banking.

The article Study finds Islamic banking lends strength to FIs appeared first on Arabian Post.

These are the key findings of the new report “Websites for Wealth Management 2016 – The Digital Divide between Wealth Managers Deepens” for which the Swiss research company MyPrivateBanking Research analyzed and ranked, for the seventh year, the desktop and mobile websites of 35 leading wealth managers worldwide.

According to the research, less than half of the benchmarked wealth managers had consistently improved their website performance from year to year. The average mobile score for mobile websites remains with 50% of the possible points low; however, on a more positive note the number of wealth managers with no mobile offerings at all has declined from twelve to seven.

“Wealth managers are stumbling where other retail industries and FinTech players are striving to deliver great user experiences and apply the latest technologies to their websites,” states MyPrivateBankings’ senior analyst Emma Haffenden. “Around one third of the wealth managers we analyzed appear to be lagging their peers to such an extent that only a relaunch of their websites could enable them to catch up. The leading wealth managers however are beginning to form a breakaway group, having developed the skills to continuously improve their websites each year.”

The top performers continue to enhance and evolve their websites in an effort to keep pace with new technologies and the steadily rising bar of client expectations. ABN AMRO is the overall winner of MyPrivateBanking’s 2016 ranking with a total of 66 points (out of a maximum of 80), achieving this top spot for the third consecutive year. DBS holds onto second place with 63 points, closely followed by Charles Schwab with 62 points and Investec with 59 points. Barclays and Vontobel are ranked joint fifth with 57 points each.

Overall in this year’s survey, desktop websites are generally not keeping pace with user needs, and have suffered a loss of transparency regarding key performance measures. Only 37% of the available points were earned on average for disclosing assets under management, 39% for information on costs and fees for their services, and the poorest performing of all desktop website requirements is the inclusion of discretionary mandate performance, earning just 11%.

With respect to mobile websites, MyPrivateBanking sees it as a positive sign that most wealth managers now seem to understand that a mobile app is not a substitute for a mobile website, because mobile websites and mobile apps have distinctive use cases. The report finds improvements in all areas of the mobile benchmark due to the shift from dedicated mobile sites to responsive websites. This is especially true for the content evaluation, which stepped up from 57% to 64% of possible points. An area requiring attention, in MyPrivateBanking’s view, is mobile website interactivity, as with an average score of only 27% most firms are not enabling the basic capability to send/share documents, articles or multimedia content via e-mail.

“Wealth managers should continuously review the positioning of their website not only versus other digital touchpoints, but also the traditional and new competitors,” urges Emma Haffenden. “At a time when robo-advisors are attacking the traditional investment industry with a direct challenge on fees and transparency of portfolio returns, wealth managers’ websites should offer this openness as well.”

Analyzed Wealth Management Websites (Desktop and Mobile):ABN AMRO, ANZ, Bank of Singapore, Barclays, BNP Paribas, BNY Mellon, Charles Schwab, CIBC, Citi Private Bank, Commerzbank, Coutts & Co., Credit Suisse ,Danske Bank, DBS Bank, Deutsche Bank, EFG Bank, Goldman Sachs, HSBC, ING, Investec, J.P. Morgan, Julius Bär, KBL, Lloyds Bank, Merrill Lynch, Morgan Stanley, Pictet, RBC, Société Générale, TD Bank, UBS, Unicredit, Vontobel, Wells Fargo, Westpac.

The article Digital divide in wealth management industry appeared first on Arabian Post.

The research also highlighted that there is a real danger when it comes to losing money when traveling: 22% of respondents have experienced such a loss, and 8% have had a card compromised whilst in a foreign country.

In contrast, fewer respondents named device infection (11%) or online fraud (20%) as one of their top-three worries whilst traveling. That’s despite the fact that 18% has been a victim of cybercrime when abroad.

It’s not surprising that travelers are becoming victims of cybercrime. 82% connect to public Wi-Fi anywhere when abroad and, using this potentially risky connection which can be intercepted and used by cybercriminals, 61% of consumers bank online and 55% shop online. Without the appropriate protection in place, this behavior is exposing users – and their money – to unnecessary danger, but only 34% of users apply a secure connection (VPN) when connecting to public Wi-Fi, while 18% express that they do nothing at all to stay protected.

“In today’s connected world, we are able to travel easily, for work or pleasure, and stay connected whilst we do. This ability brings with it amazing and exciting opportunities, but also exposes us to dangers if we are not careful. It’s all too easy to connect via potentially insecure Wi-Fi abroad then continue our normal habits of banking and shopping online, without stopping to think about the consequences of what we are doing. As we approach the Eid Al Adha holidays, we urge travelers to be more cyber savvy, think twice about their online activities abroad and put measures in place to protect their money from harm,” says David Emm, Principal Security Researcher at Kaspersky Lab.

To prevent the loss of money, users should behave safely when they are abroad. They should never lose sight of their credit cards, only connect to the Internet via a secure VPN connection, and use a robust security feature to protect themselves.

The article Most travellers fear losing money on card spends on trips appeared first on Arabian Post.

“As a result, banks in Uzbekistan are somewhat shielded from the volatility characteristic of some other countries in CIS,” Olga Ulyanova, a Vice President – Senior Analyst at Moody’s, said in a report.

The International Monetary Fund (IMF) forecasts real GDP growth of 5% for Uzbekistan in 2016, with growth supported by increasing gas exports to China, strong domestic demand from continued public infrastructure spending, and wage increases, Uzbek Embassy in Abu Dhabi said in an email message to the Arabian Post.

As a result of this benign operating environment, Moody’s expects problem loans to remain stable over the outlook period at 4%-5% of total loans. In addition, the rating agency does not expect sector-wide credit losses to exceed 1.5% of banks’ average gross loans over the next 12-18 months, in annualized terms.

Uzbek banks’ problem loan ratio declined to 3.5% at year-end 2015 from 3.9% a year earlier, owing largely to nearly 25% loan growth over this period. Moody’s notes that, in the long term, this rapid loan growth could cause asset quality deterioration if rapidly augmented and still ‘unseasoned’ loan vintages start maturing against the backdrop of a less favourable operating environment.

Nevertheless, Uzbek banks’ capital buffers and earnings are sufficient to absorb incremental credit losses over the outlook period. “Banks in Uzbekistan have a high proportion of loss-absorbing capital, as evidenced by a system-wide tangible common equity ratio of 14.7% as of end 2015,” explains Ms. Ulyanova. “The reported system-wide Tier 1 leverage ratio also was high at 9.7% as of end 2015.”

In addition, funding and liquidity metrics for the country’s banks will stay stable, underpinned by domestic customer deposits and long-term government funding. Rated Uzbek banks’ corporate and retail deposits comprise only about 56% of their non-equity funding — two other major sources are stable and long-term financing from the Uzbek government (20%) and funding from international financial institutions (15%).

Profits for Uzbek banks, too, will likely continue to be healthy over the outlook period, according to Moody’s, as continued strong borrowing demand boosts net interest income, and fee and commission income also remains solid. The rating agency forecasts system-wide return on average assets and return on average equity to remain around 1.5% and 15%, respectively.

The creation of favorable conditions for doing business in Uzbekistan and simplified licensing procedures have contributed to the growth of business activity. There  are 11.1 small business entities per thousand people in Uzbekistan. The index is remarkably higher than in many CIS countries.

In a relatively short period, small businesses and private enterprises have turned into a decisive force in addressing economic and social issues, development of industries and services, ensuring a prosperous life. The fact is proved by the figures: in 2015, the share of this sector in the gross domestic product increased by 31% to 56.5% against 2000, the share in the volume of industrial production – from 12.9% to 38.9%, in exports – from 10.2% to 26.9%, and in ensuring employment – from 49.7% to 77.9%. In 2000-2015, the number of small businesses has grown by nearly 2.2 times.

Further elimination of barriers and licensing procedures has been an important component in the work on the support of the ‘small economy’. The statistical authorities that have been gradually reducing reporting over the recent years have demonstrated a noticeable success in this context. To date, the number of statistical reports without prejudice to the completeness and quality of data has decreased by almost thrice against 2000.

The article Moody’s endorses Uzbek banks appeared first on Arabian Post.

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It is the largest collateralised Murabaha transaction closed by Emirates Islamic this year, and the first of its kind executed on the Nasdaq Dubai Murabaha Platform.

A joint initiative between Nasdaq Dubai and Emirates Islamic, Nasdaq Dubai’s Murabaha platform provides a unique solution for banks and other financial institutions, and their corporate and individual customers, to conduct Shari’a-compliant transactions in a streamlined, flexible and transparent manner. The efficiency with which Emirates Islamic’s deal with Natixis was concluded is anticipated to entice other financial institutions to further leverage the ground-breaking Nasdaq Dubai platform.

Hamed Ali, Chief Executive of Nasdaq Dubai, pointed out that the transaction underlines the growing appeal of the Nasdaq Dubai Murabaha Platform to international as well as regional participants. Since its launch in 2014, the platform has expanded significantly both in the value of certificates transferred and the number of participants, he said.

The Nasdaq Dubai Murabaha platform offers significant advantages over alternative Murabaha channels such as fixed price certificates with no spread. The platform can be used equally to help a company raise capital to expand, or an individual for personal finance.  The platform utilizes Shari’a-compliant Certificates that are held in Nasdaq Dubai’s Central Securities Depository (CSD). The Certificates represent an undivided ownership interest in a pool of Shari’a-compliant assets such as, but not limited to, Sukuk, Private Equity and Real-Estate

The article Emirates Islamic in $500m Murabaha deal on Nasdaq Dubai platform appeared first on Arabian Post.

|ARABIAN POST SPECIAL| The Ras Al Khaimah Offshore Centre was among the centres, along with London, Miami and Zurich, used by Mossack Fonseca, the little-known but powerful law firm based in Panama, that constitutes the core of the Panama Papers, which has rocked the world by revealing the offshore links some of the planet’s most prominent people used to hide wealth.

Mossack Fonseca has branches in London, Beijing, Miami, Zurich and more than 35 other places around the globe. The expose also brings out the role played by major banks, including HSBC and UBS, as big drivers behind the creation of hard-to-trace companies in the British Virgin Islands, Panama and other offshore havens.

Most of the services the offshore industry provides can be used for legal purpose and are by law-abiding customers. But the documents show that banks, law firms and other offshore players often fail to follow legal requirements to make sure clients are not involved in criminal enterprises, tax dodging or political corruption. The files show that these fixers and middlemen protect themselves and their clients by concealing suspect transactions. In some instances, they work to head off official investigations by backdating and destroying documents.

Panama papers is the largest cross-border media collaboration ever undertaken. Journalists working in more than 25 languages dug into the inner affairs of Mossack Fonseca and traced the secret dealings of the law firm’s customers around the world. The leaked records were reviewed by a team of more than 370 journalists from nearly 80 countries.

They shared information and hunted down leads generated by the leaked files using corporate filings, property records, financial disclosures, court documents and interviews with money laudering experts and law-enforcement officials.

The firm is one of the world’s top creators of shell companies, corporate structures that can be used to hide ownership of assets. The law firm’s leaked internal files contain information on 214,000 offshore companies connected to people in 200 countries and territories.

The files list more than 15,600 paper companies that banks set up for clients who wanted to keep their finances under wraps, including hundreds created by international banking giants.

The leak exposes the offshore holdings of 12 current and former world leaders and reveals how associates of Russian President Vladimir Putin secretly shuffled as much as $2 billion through banks and shadow companies.

The files contain new details about major scandals ranging from England’s most infamous gold heist, an unfolding political money laundering affair in Brazil and bribery allegations convulsing FIFA, the body that rules international soccer.

They also provide details of the hidden financial dealings of 128 other politicians and public officials around the world and show how a global industry of law firms and big banks sells financial secrecy to fraudsters and drug traffickers as well as billionaires, celebrities and sports stars.

The data include emails, financial spreadsheets, passports and corporate records revealing the secret owners of bank accounts and companies in 21 offshore jurisdictions, from Nevada to Hong Kong to the British Virgin Islands.

The article RAK Offshore in Mossack Fonseca’s network appeared first on Arabian Post.

Barclays Plc still has “critical mass” to compete in the Middle East and will aim to help local companies raise capital even as it scales back lending, Chief Executive Officer Jes Staley said.

The U.K. lender has more than 200 employees in the United Arab Emirates after job cuts in the country this year and will continue to operate its corporate, investment banking and wealth management businesses in the region, Staley, 59, said in an interview in Dubai on Thursday. Barclays’s U.A.E. business is “very profitable,” Staley said, without elaborating on the profitability.

Staley is joining other banking chiefs in trying to prove that a global lender doesn’t need expansive operations in every country where it wants to earn fees. Barclays has exited seven countries in Asia as part of a restructuring, and Staley said the bank will use its presence in the U.A.E. to bring international investors and companies there and to nearby nations such as Qatar.

Barclays was cutting about 150 jobs in Dubai as the U.K. lender restructures its Middle East corporate banking business, a person with knowledge of the matter said in February, joining rival lenders HSBC Holdings Plc and Standard Chartered Plc in reducing headcount in the region.

Staley said the Middle East was the first region he’s visited outside of New York and London, even as the bank’s headcount in the U.A.E. makes up a tiny portion of its 129,400 total. Part of the firm’s efforts in the region will be helping companies find alternative sources of capital, as bank lending becomes more expensive, he said.

“Commerce around the world has to adjust to the new reality that bank balance sheets are very expensive to use these days,” Staley said. “Regulators around the world want the largest banks to reduce the use of their balance sheets for funding economic growth and instead focus on the capital markets to match the borrowers with the lenders of capital.”

Barclays’s position as an arranger of bond sales in the six-nation Gulf Cooperation Council has slipped. It was the 20th-ranked arranger of bonds and sukuk sales in the GCC last year, a table led by HSBC, down from 14th in 2014, according to data compiled by Bloomberg.

The British bank has been under investigation by the U.K. Serious Fraud Office since 2012 over its 7 billion-pound ($10 billion) fundraising from the QIA in 2008, which allowed the lender to escape a taxpayer bailout. The SFO is looking into 322 million pounds in advisory fees Barclays paid the QIA, and the bank agreed earlier this year to hand over internal documents to the SFO.

Barclays is reducing its stake in its Africa unit and plans to sell its retail banking business in Egypt. The sale of the Egyptian unit is in the “early stages” and “there is a lot of interest” in the business, Staley said.

Barclays’s plan to withdraw from markets like Brazil, Russia and the Philippines won’t hamper its plan to be a global investment bank, Staley said.

“You don’t need to have these local trading capabilities” in such countries, he said. “And we will prove that.”’-Bloomberg

The article Barclays says it still has Gulf critical mass appeared first on Arabian Post.

According to Bloomberg, contracts used to speculate on the kingdom’s exchange rate in the next 12 months have fallen to about the lowest since November. A $1 million wager on the contracts at their peak in January would have lost 68,900 riyals ($18,370), or about 1.8 percent, according to Bloomberg calculations.

“We have argued that those positioning for a devaluation were going to be disappointed,” Bloomberg quoted Simon Williams, the London-based chief economist for central and eastern Europe, the Middle East and North Africa at HSBC Holdings, as saying. “The pegs have been in place for 30 years in times of high oil prices and low oil prices. I have no sense” that recent losses in crude are “going to change policy makers’ minds or force their hand,” he said.

According to Bloomberg, the percentage loss on the riyal forwards may actually be greater than 1.8 percent because derivatives trades tend to be leveraged, meaning that more is at stake than is actually wagered. Still, the cost of a bet on any devaluation is small relative to the windfall investors would stand to receive should it happen.

Twelve-month currency forward agreements have declined for other members of the Gulf Cooperation Council. Contracts for the United Arab Emirates’ dirham have dropped 65 percent since hitting a seven-year high in January, while those for the Omani rial have almost halved from a recent peak. Bahraini dinar and Qatari riyal forwards have also tumbled.

Saudi Arabia has dipped into its reserves and sold debt as oil revenue dropped. Foreign-currency holdings have tumbled every month but one since August 2014 to less than $600 billion in January, from about $737 billion.

The reserves of GCC members provide ample room to maintain pegged exchange rates for several years, even in an adverse scenario for oil prices, Moody’s Investors Service senior analyst Mathias Angonin said in Dubai last week. Changes to the current exchange-rate systems are unlikely because the costs associated with one-off devaluations would outweigh the benefits, he said.

The Federal Reserve has also relieved the pressure on Gulf currencies’ dollar pegs when it held off from raising interest rates this month and lowered forecasts for how much they’ll rise this year, citing the potential impact from weaker global growth and financial-market turmoil on the economy. That’s helped drive the dollar lower, buoying commodity prices.

The article Riyal peg speculators suffer heavy losses appeared first on Arabian Post.

Analysts note that a more flexible foreign exchange regime could allow the GCC to adjust to real shocks better, the gains in terms of room for conduct of independent monetary policy are curbed by existing institutional arrangements, underdeveloped instruments, as well as limited interest rate policy transmission mechanism.

For instance, the latest report by Bank of America-Merrill Lynch on the issue points out how devaluation gains appear overstated, given low exchange elasticity of external and fiscal accounts. According to the report, if reforms were to happen in the foreseeable future, out of the three pillars of the regional macro view (namely, fiscal, energy and exchange policy), the ones that are most likely to undergo reforms would be the first two .

The USD peg has served the GCC well for decades by providing a nominal anchor to the economy and expectations.  In this respect, the GCC pegs have permitted to the region to run broadly low inflation, to simplify trade and financial transactions, and to reduce uncertainty as to the domestic value of oil export receipts.

A devaluation would improve the fiscal and external accounts, but the impact is likely overstated given the need for a large exchange adjustment, the loss of a credible nominal anchor to the economy, the need to compensate public workers for higher cost of living and the existing high import needs for the economy.

A devaluation would need to be very large to make a dent to the twin deficits, according to the report. This provides a disincentive to conservative policy-makers as a rebound in oil prices instead makes the fiscal adjustment effortless.

While all GCC countries have expressed their commitment to the USD pegs, BoA-ML believes that  theability to defend the arrangements in a sustained oil price slump varies greatly. Within the GCC, Kuwait, Qatar and the UAE are still in a comfortable position given fiscal breakeven oil prices of US$50-65/bbl and fiscal buffers that can cover deficits.

The article Pegs are not going away anytime soon appeared first on Arabian Post.

|By Arabain Post Staff| Bank Sarasin-Alpen Middle East Limited, defending the region’s biggest financial mis-selling case has lost the first appeals against the record judgement of $70 million penalty awarded by the Court of the Dubai International Financial Centre (DIFC).

Bank Sarasin and its DIFC subsidiary Sarasin-Alpin had filed an appeal against the liability finding which led to record damages being awarded against them. The liability appeal was heard by the DIFC Court of Appeal in September 2015 with the judgement issued on 3 March 2016.

In November 2015 the DIFC Court determined that the two banks should pay the Al Khorafi family more than US $70 million to cover financial losses resulting from the sale of US $200 million structured investment products between late 2007 and early 2008. Bank J. Safra Sarasin immediately paid its share of the damages into court pending the hearing of its appeal against the award of damages.

However, Bank Sarasin-Alpen (ME) Limited did not pay its share and sought a stay of the order to pay the damages which was denied on 18 January 2016.  Bank Sarasin-Alpen (ME) Limited was ordered to make a similar payment into Court by 1 February 2016 which it failed to do.

This latest development in a long-running legal battle between a wealthy Kuwaiti businessman and the notoriously secretive private investment banking has now come to an end with this appeal decision. It is a historic one for Dubai and the DIFC, where precedent has been created, as well as a case that sparked the interest of the global banking industry.

The claimant will still seek to enforce the next steps in securing the remaining sum from Bank Sarasin-Alpen Middle East Limited, through the DIFC Courts.

Commenting on the Court’s decision Mr Rafed Al Khorafi said, “Justice has been served in a systematic and procedural manner by the justices of the DIFC Courts. It has been a lengthy battle and I am glad to see that the case will serve as a precedent for all investors and banks to abide strictly by the code of the DFSA in all their future dealings. Dubai has always been a safe haven for investors and this case proves that.”

The article Alpen loses appeal; has to pay $35m fine appeared first on Arabian Post.

Citibank credit card customers were on Friday surprised to receive SMS messages about an alleged transaction purportedly for airline booking faked on India’s Indigo airline. The message about the transaction, amounting to a few thousand dirhams, offered customers the opportunity to convert the amount into an easy instalment plan of up to 48 months by visiting the official Citibank website https://online.citibank.ae.

One such message said: “Your transaction of AED 4452 at Indigogurgaon can now be converted to an Easy Installment Plan of up to 48 months by visiting https://online.citibank.ae. T&C apply”.

Indigogurgaon was probably faked for Interglobe, the agency handling Indigo’s online bookings, which also happens to be located in Gurgaon.

Customers who tried to call the Citibank call centre had a harrowing time, with the phone at the other end giving out a hanged or engaged tone, obviously as the call centre was swamped by distress calls.

Those who were able to get through got the recorded message that there was unusually heavy volume of calls at the moment and longer than normal delay may be expected in getting access to a Citibank customer service agent.  It further advised the callers to visit the Citibank UAE official site for help, but there were no announcement or advisories about the problem.

Those who succeeded to connect to the customer service agents were told not to worry about the message and that it will not get reflected in the accounts.

Another message from Citibank in the evening referred to an’erroneous’ SMS from Citibank offering to convert the Citi card transaction into Easy Installment Plan  and advised customers to ignore the message as it was sent due to a ‘technical  glitch’.

It is pointed out that if that was the case, it is all the more serious because the message referred to Indigogurgaon, which by all indications is a fake entity.

One of Citibank’s biggest hacking exposures happened in 2011, when personal information, including email ids and phone numbers of about 350,000 credit card holders in the US was breached, for which the bank had to pay penalties to the regional authorities.

The article Citibank says glitch fixed; no data breach appeared first on Arabian Post.

The case relates to one of the biggest financial mis-selling cases in the GCC region. The defendant bank apparently failed to deposit the fine in view of the appeal pending against the DIFC verdict.

In November 2015 the DIFC Court determined that the two banks should pay the Al Khorafi family more than $70 million to cover financial losses resulting from the sale of $200 million structured investment products between late 2007 and early 2008.

Bank J. Safra Sarasin immediately paid its share of the damages into court pending the hearing of its appeal against the award of damages. However, Bank Sarasin-Alpen (ME) Limited did not pay its share and sought a stay of the order to pay the damages which was denied on 18 January 2016.  Bank Sarasin-Alpen (ME) Limited was ordered to make a similar payment into Court by 1 February 2016 and has failed to do so.
This latest development in a long-running legal battle between a wealthy Kuwaiti businessman and the notoriously secretive private investment banking industry, in theory, exposes Bank Sarasin-Alpen (ME) Limited to the possibility of further proceedings and throws the appeal against damages, which is expected to be heard by the DIFC Court of Appeal in March 2016, in doubt.

The claimants said they will now seek to enforce the next step in securing the sum through the DIFC Court.
According to Hamdan Al Shamsi Lawyers & Legal Consultants, the firm acting for the Al Khorafi family, the case is being closely observed by the international banking world as setting a precedent within a region where Middle Eastern investors meet Western financial institutions responsible for managing their investments into overseas markets.

This is not the first time questions have been raised about the powers of financial regulators and the
governance of investment banks internationally. In April 2015, the DFSA ordered a record fine of US $8.4 million against Deutsche Bank’s Dubai branch (DBDIFC) for inadequate controls over money laundering, the scale of the penalty reflecting “serious contraventions . . . including misleading the DFSA” following an investigation that was protracted by DBDIFC’s failure to cooperate with the regulatory body, a release by the lawyer firm said.

The article Sarasin DIFC unit defaults major payment appeared first on Arabian Post.

CARE, which operates a multi-specialty chain of 16 hospitals across nine cities, plans to expand in “underpenetrated” regions of India, as well as enter other markets where Abraaj operates, the Dubai firm said in a statement.

Abraaj tied up with India’s Aditya Birla Group in October to invest jointly in building and operating new solar power plants in the country.

CARE hospitals serve 9 cities across 7 states of India. The regional leader in tertiary care in South/Central India and among the top 4 pan-Indian hospital chains delivers comprehensive care in more than 30 specialties in tertiary care settings.

Founded in 1997 by Dr B Soma Raju and a team of India’s leading cardiologists, the CARE Hospitals’ founders developed Asia’s first indigenous coronary stent — the ‘Kalam-Raju stent,’ named after Dr APJ Abdul Kalam, former President of India, and Dr B Soma Raju, Chairman and Managing Director, CARE Hospitals Group.

The article Abraaj buys Indian hospital chain appeared first on Arabian Post.

“The UAE insurance industry is going through some serious challenges. New regulations for the insurance sector were introduced in January 2015 by the UAE Insurance Authority, which may lead to short-term challenges for the industry as insurers adjust and adapt to the new regulations. While the new reforms may initially cause a shake-up, they are essential for the long-term benefit and development of the industry,” said Sanjay Jain, MENA Insurance Advisory Leader, EY.

The new regulations will include the implementation of proper reserving, actuarial certifications, introduction of better governance and controls and re-alignment of investment portfolio. Saudi Arabia recently implemented similar reforms such as the introduction of new guidelines around reserving and actuarial-led pricing, which initially resulted in less than ideal financial results and a strong reaction from the market. However, the Saudi market has grown significantly in the current financial year and is now expected to surpass the UAE in the near future to become the largest insurance market in the GCC.

According to an EY survey of the UAE insurance market risk management,  a considerable amount of work remains to be done; 40% of the responding insurance companies in the UAE stated they do not have a dedicated risk management department. The survey gauged the maturity of ERM practices in the KSA and the UAE insurance markets, identifying risk management challenges that insurance companies face and take a view on the evolving risk governance practices.

“While the global insurance sector is facing disruptive changes in the form of digital; aggregators; driverless cars; robotics, etc., MENA insurers are facing increased challenges due to oil price volatility. The situation in the UAE is further compounded by the changing regulatory regime which will put additional pressure on insurers, particularly on the marginal players. However, these changes will be an opportunity for those insurers who have the vision, ability and financial resources to take advantage of potential market consolidation. The degree and extent of enforcement of the new regulations by the UAE Insurance Authority will play a key role in the impact on insurers and long term development of the UAE insurance industry,” concludes Sanjay.

The article Oil crash hits UAE insurance industry appeared first on Arabian Post.

India’s rupee fell the most since November on speculation demand for riskier assets will be hurt as tensions in the Middle East intensify and poor Chinese economic data adds to concern over global growth.

Emerging-market stocks and currencies dropped Monday as manufacturing in China weakened for a fifth straight month, the longest such streak since 2009. Saudi Arabia cut ties with Iran and expelled the Islamic Republic’s diplomats, a day after its embassy in Tehran was attacked to protest the Saudis’ execution of a prominent Shiite cleric. Indian stocks and bonds also retreated.

The rupee depreciated 0.5 percent to 66.47 a dollar as of 11:29 a.m. in Mumbai, poised for its biggest decline since Nov. 9, according to prices from local banks compiled by Bloomberg. The yield on Indian sovereign bonds due May 2025 rose one basis point to 7.74 percent, prices from the central bank’s trading system show. The S&P BSE Sensex index of shares slumped 1.5 percent.

The rupee weakened 4.7 percent in 2015 in its fifth straight annual decline, the longest stretch since 2001.-Bloomberg

The article Indian rupee falls the most in 2 months appeared first on Arabian Post.