Saada

Swiss 'tax spy' goes on trial in Germany

Berlin - Muslimchronicle

A Swiss man accused of spying on German officials who were hunting tax cheats goes on trial in Frankfurt on Wednesday, in a convoluted case that has strained ties between Bern and Berlin. Daniel M., 54, was arrested in Frankfurt in April on espionage charges after he compiled information on officials tasked by the German state of North Rhine-Westphalia withRead more

Liquidity of Saudi banks has improved, but economic slowdown raises NPL risk

Dubai - Muslimchronicle

The liquidity of Saudi Arabian banks has improved significantly since last year, but a slowdown in the Kingdom’s economy would likely cause a rise in non-performing loans, Fitch Ratings said. Most of the public-sector deposits that were drained from the banking system last year due to a weakness in oil prices have since returned and the government has already paidRead more

Irish 'bad bank' to repay state loan early

Ireland - Muslimchronicle

Ireland's "bad bank" set up to buy toxic mortgages from severely troubled lenders will soon pay off its final government loan, three years ahead of schedule, it said Friday. NAMA said in a statement on Friday that it was poised to repay its final 500-million-euro ($593-million) loan to Dublin. "This final transaction will complete the full redemption of the 30.2Read more

Catalonia crisis hits banking sector

Madrid - Muslimchronicle

Big banks threatened to abandon Catalonia over vows by regional leaders to break away from Spain after the national government rejected calls for mediation in the volatile standoff. With Catalan leaders warning they could proclaim independence in the tourist-friendly region as early as Monday, the economic stakes were rising in Spain’s worst political crisis in decades. Catalonia is the country’sRead more

Qatar sinks to 5-year low on banking sector uncertainty

Dubai - Muslimchronicle

Qatar’s stock index sank to a five-year low on Wednesday as foreign funds continued to sell ahead of third-quarter corporate earnings, while banks in Egypt were hit by news that the central bank would raise the required reserve ratio. The Qatari index lost 1.6 percent in thin trade, bringing its losses since four other Arab states broke off ties withRead more

Bahrain Bourse daily trading performance

Manama - Muslimchronicle

Bahrain All Share Index has closed at 1,278.07 points marking a decrease of 5.39 points below the previous closing . This decrease was due to the fall in the Commercial Banks Sector and Investment Sector. Bahrain lslamic Index has closed at 1,002.86 points marking a decrease of 14.53 points below the previous closing . Results indicated that 83 equity transactionsRead more

Europol warns banks ATM cyberattacks on the rise

The Hague - Muslimchronicle

Cyber criminals are increasingly accessing automated teller machines (ATMs) through the banks’ networks, with squads of money mules standing by ready to pick up the stolen cash, Europe’s policing agency warned Tuesday. “The malware being used has evolved significantly and the scope and scale of the attacks have grown proportionately,” said Steven Wilson, who head’s Europol’s EC3 cybercrime center. PreviouslyRead more

Saudi Housing Ministry aims to increase rate of property ownership, improve real estate sector

Riyadh - Muslimchronicle

The Ministry of Housing has launched programs and initiatives to achieve Vision 2030 and the National Transformation Program (NTP) 2020. The ministry’s directives aim to give citizens the opportunity to own properties, improve the performance of the real estate sector and increase its production, promote real estate offers, and increase productivity to provide real estate properties in good condition andRead more

Turkey’s enemy of interest rates targets banks to boost growth

Ankara - Muslimchronicle

Turkish President Tayyip Erdogan is encouraging businesses to borrow and spend to power the economic growth that has underpinned his long rule. But after years of expanding credit, some Turks are wary. Ankara hardware store owner Nurgul says she and her husband have never taken out a loan for their joint business and she is suspicious of banks. “I thinkRead more

Abu Dhabi-based banks secure AED7.6 billion of net income in Q2

Abu Dhabi - Musimchronicle

The net income of commercial and Islamic banks in the Emirate of Abu Dhabi amounted to AED7.6 billion during Q2 2017, with commercial banks' accounting for 83.1 percent of the net income of all banks operating in the Emirate. The remaining 16.9 percent is claimed by Islamic banks, according to the Statistics Centre- Abu Dhabi. The rise in total revenuesRead more