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Tuesday 12 - 1 - 2016


Arabian Business

UAE-based banks are expected to see negative earnings growth this year, with another lacklustre performance predicted in 2017, according to a new report by Standard & Poor's. "Investors are comparing today's tougher conditions for banks in the United Arab Emirates to those during the global financial crisis starting in 2009. However, Standard & Poor's believes that this time is different," said Standard & Poor's credit analyst Timucin Engin. He forecast that the UAE is likely to see a gradual but longer deterioration in operating conditions for banks over the next several quarters or years.

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The National

The UAE Central Bank on Monday said it had revoked the licence of local money exchange firm Al Zarooni Exchange due to anti-money laundering compliance violations. The licence has been revoked with effect from January 10, and comes after a special examination of the firm, the Central Bank said in a statement. Al Zarooni was initially suspended on November 10 last year from conducting business in remittances, currency exchange and payment of wages, the statement added. The US Treasury said on November 12 it had imposed sanctions on the Altaf Khanani Money Laundering Organization and its Dubai-based supporter, the Al Zarooni Exchange, for laundering money for criminals and political extremists.

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CPI Financial

Emirates Islamic today announced the launch of a promotion that offers its customers free foreign currency fund transfers. In addition, for the first time in the UAE, customers will also get cashback on their foreign currency transfers. Customers will get up to AED200 cashback on their first foreign currency transfer of each month. The cashback amount is doubled for customers who avail personal finance through the bank. The promotion runs until 31st March 2016 and is open to all Emirates Islamic’s individual and business banking customers.

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Page last updated : 02/05/2016 10:08 PM