BCG: UAE Financial Services Regulators Should Continue the Drive to Foster Financial Innovations Amid the Increased Adoption of Digital Banking Channels

Mobile banking usage has increased by over 65 percent in the UAE during the ongoing pandemic, says new BCG report Digital influence in banking was already well underway prior to the COVID-19 outbreak, and a new report by Boston Consulting Group (BCG) sheds light on how recent events have accelerated this further across the segment. The report, titled ‘The Regulator’s Dilemma: Financial Innovation Within a Regulatory Paradigm,’ details how tech giants’ success in raising standards concerning online experiences has driven increased consumer demands for digital banking services in the United Arab Emirates (UAE). As online services witness an uptake amongst … Continue reading BCG: UAE Financial Services Regulators Should Continue the Drive to Foster Financial Innovations Amid the Increased Adoption of Digital Banking Channels

ZoodMall Jordan Announces Strategic Partnership with HyperPay

MENA e-commerce set to rise to a USD 28.5 Billion market size by 2022 ZoodMall, the fastest growing B2C cross-border e-commerce marketplace app, operating in Central Asia and the Middle East, announced a new strategic partnership in Jordan with MENA region’s leading payment gateway, HyperPay, to offer customers a convenient and secure online payment experience at checkout when completing a purchase on the ZoodMall Application. Recent studies confirm that the e-commerce sector in the Middle East and North Africa region is on the verge of distinct levels of continuous growth during the coming period, coinciding with the increasing demand among … Continue reading ZoodMall Jordan Announces Strategic Partnership with HyperPay

SHUAA Capital records AED 267 million net profit for Q2 2020 and achieves higher profitability during the first half of 2020 compared with first half of 2019

SHUAA Capital psc (DFM: SHUAA), the leading asset management and investment banking platform in the region, announced today its financial results for the first six months of the year 2020 (H1-2020) realizing a net profit attributable to shareholders of AED 5 million and an EBITDA of AED 125 million. Excluding unrealized mark-to-market losses on portfolio investments, H1-2020 net profit came in at AED 164 million and EBITDA at AED 284 million. SHUAA’s first half financial results for 2020 affirmed the company’s ability to sustain its resilient revenue growth amidst severe global economic, financial and social impacts of the COVID-19 crisis … Continue reading SHUAA Capital records AED 267 million net profit for Q2 2020 and achieves higher profitability during the first half of 2020 compared with first half of 2019

Siraj Holding acquires Al Hilal Takaful PSC from Al Hilal Bank

Siraj Holding LLC, a private investment firm chaired by Mr. Ahmed Khalaf Al Otaiba, formally announces the acquisition of Al Hilal Takaful PSC from Al Hilal Bank, a wholly-owned subsidiary of Abu Dhabi Commercial Bank (ADCB). With this acquisition, Siraj Holding marks a new phase of operations for Al Hilal Takaful and establishing it as the premier provider of various Takaful solutions for individuals, employers, and government entities across the UAE. The acquisition is poised to strengthen the Shariah compliant Islamic insurance offerings with elevated services for clientele. The transaction was approved by the Shareholders, the Securities and Commodities Authority, … Continue reading Siraj Holding acquires Al Hilal Takaful PSC from Al Hilal Bank