‘Islamic Finance’ In The United Arab Emirates (UAE)

News Snippets

DFSA Co-Hosts Seminar On Islamic Finance

Emirates Towers in Dubai at dawn

DUBAI,1st May, 2017 — The Dubai Financial Services Authority, DFSA, hosted a seminar on “Liquidity Generating Innovations in Islamic Finance” in conjunction with the Islamic Financial Services Board, IFSB, at Dubai International Financial Centre.

The seminar served as a platform to explore the use of existing Islamic capital market instruments such as Sukuk and securitisation, to manage liquidity risks at Islamic financial institutions, including Takaful operators. It brought together senior delegates and subject matter experts from across the banking, financial services, regulatory and legal industries.

Mr. Ian Johnston, Chief Executive of the DFSA, said, “Islamic institutions continue to be challenged by the shortage of liquidity management tools, with some relying primarily on cash and central bank placements. While exchanges and other advisers play a role in addressing some of the challenges in the UAE, and globally, we should focus on identifying opportunities in other asset classes.”

The seminar kicked off the meetings of the IFSB Working Groups, starting from today until 3rd May in the DIFC.

[Source: Emirates Government News Agency/WAM/Aamir -/- Media Relations]
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First Abu Dhabi Bank Launches New Brand


ABU DHABI, 1st May, 2017 — First Abu Dhabi Bank, the new entity created by the merger of National Bank of Abu Dhabi and First Gulf Bank, launched on Monday its new brand identity, including a new logo and slogan inspired by the deeply-rooted stature of Abu Dhabi and the traditions of the two organisations, and reflecting UAE’s ambitious vision for the future.

The new logo features FGB’s Awwal (First) brand mark, with the slogan Grow Stronger. The new bank adopted the acronym FAB.

Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of FAB, said that the launch of the brand “is an exciting milestone, as we establish a new identity which draws on past achievements, while symbolising our vision for the future”.

“FAB represents the genesis of a story, built upon our sturdy Abu Dhabi roots and is set to spark a movement dedicated to helping everyone we interact with, to grow stronger,” he said.

Abdulhamid Saeed, Group Chief Executive Officer of FAB, said that the new brand will “inspire and help our stakeholders across our global network to grow stronger and deliver top shareholder value, through personalised and market-leading financial solutions and technology that put our customers first.

“It will also serve as a strong platform for FAB to support the prosperity of the UAE and its global network, as well as our strategic aims to grow locally and internationally, and build on our position as a financial services leader,” he added in a statement on the new landmark development.

The bank will launch a dedicated website “in the near future” providing customers with expertise, tools, and tips, Saeed said.

According to FAB’s recent statements, its net profit rose to AED2.93 billion in Q1 2017 compared with AED 2.6bn a year earlier.

The new bank is still, however, listed on the ADX under the ticker symbol NBAD. The merger was effective as of the beginning of April 2017.

[Source: Emirates Government News Agency/WAM/Hatem /Majok -/- Media Relations]
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