Banking in UAE News

UAE: Middle East banks perform better than global counterparts in profitability, efficiency

The global banking industry generated $1.15 trillion of profit in 2023 which is the largest, and nearly triple the next industry, which is energy

How UAE residents can use UPI to transfer money to India

In February 2024, during a visit from Indian Prime Minister Narendra Modi to UAE, an agreement was signed, NRIs to make UPI transactions

UAE: RAKBank makes first cross-border payment using mBridge

The trade, facilitated through CBUAE’s innovative mBridge platform, instantaneously transferred Digital Dirham against digital Chinese Yuan

UAE bank fined Dh5.8 million over anti-money laundering violations

The regulator said that sanctions were imposed after an examination found that the bank had deficiencies in its AML/CFT policies and procedures

UAE, GCC banks show strong appetite for expansion to Turkey, Egypt and India

Fitch cautioned that the increasing cost of acquiring banks in these countries could weigh on Gulf banks' acquisition plans

Salary delayed? Top UAE bank says issues related to payments ‘nearing resolution’

The lender said it 'immediately contacted the affected customers' as soon as it got to know about the disruption

Dubai: Will customers pay more after 20% new tax on foreign banks?

While finance houses could revise their fees to manage profit margins, the competitive nature of the banking sector might limit their ability

Jaywan in UAE: Soon, all debit cards to be issued with new payment solution

The cards are to be issued to residents who have bank accounts or to those who are banking with exchange houses

UAE banks' credit growth slightly slowing down in 2024

Global rating agency says high interest rates and reduced non-oil sector activity slowed credit growth in the last quarter of 2023

UAE: Top bank will not update customers’ details at branches from February 2024

Its branches will no longer accept requests to update mobile numbers, email IDs, mailing, address and identification documents of the customers