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IFSB-FSI Organise Seminar On Liquidity Risk In Islamic And Conventional Banks In Qatar

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islamic-bank-qatarGlobal standard-setting bodies and the regulatory community in the past few years have increased their focus on strengthening the monitoring and supervision of the liquidity profile and risk management framework of financial institutions. While these changes reflect the regulatory response to lessons learnt during the global financial crisis, they also reflect the enhanced role of effective liquidity management in ensuring the safety and soundness of the financial systems. These changes will also impact the way banking institutions manage their liquidity as well as capital requirements in the future.

While the conventional financial sector is facing challenges at a broad level, the Islamic financial services industry (IFSI) has its own unique challenges. The tools for liquidity risk management presently available for use by institutions offering Islamic financial services (IIFS) remain rudimentary and markets are insufficiently liquid, leading to inefficiencies in normal times – due to low returns on available liquid assets – as well as the potential for systemic risks in times of crisis, owing to the relatively limited liquidity of the instruments involved. Adopting the new regulatory developments – such as Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) – for the IIFS is necessitated by the fact that Islamic finance is rapidly being mainstreamed in many jurisdictions and increasingly integrated into global financial markets.

This Seminar aims to discuss issues related to the management of liquidity risk in both conventional and Islamic banking institutions in the light of new global regulatory developments. It also seeks to update participants on the work and developments in the Basel Committee of Banking Supervision and the IFSB in relation to liquidity risk issues at the global level.

Originally published on www.cpifinancial.net

For First Sukuk Issue Next Week, Hong Kong Will Arrange RoadShows

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Sukuk-Hong-KongHong Kong’s government will hold investor meetings next week for its maiden Islamic bond issue, a spokeswoman for the Hong Kong Monetary Authority said on Thursday.

A meeting will be held in Hong Kong on Monday before one in Singapore on Tuesday, Kuala Lumpur on Wednesday and meetings in Dubai, Doha, Abu Dhabi and London on Thursday.

The AAA-rated government earlier mandated HSBC, Standard Chartered, CIMB Group Holdings and National Bank of Abu Dhabi to arrange the issue.

The sukuk ijara issue is expected to be listed on the Hong Kong, Malaysia and Dubai bourses, the spokeswoman told Reuters.

“The key issuance parameters will be announced later. Currently, we expect the sukuk will be denominated in U.S. dollars and will have a tenor of five years.”

Hong Kong joins London and Luxembourg in seeking to boost its Islamic finance credentials and attract more business from cash-rich investors in the Gulf and Southeast Asia.

Officials have previously said issuance size is expected to be about US$500 million to US$1 billion. That would be larger than the 200 million pounds ($332 million) raised by Britain in June in the first sovereign sukuk issue from a Western country, and the 200 million euros ($264 million) that Luxembourg plans to raise in its debut issue as early as next month.

Originally published on www.arabianbusiness.com/

Deloitte: Middle Eastern Banks Seize Opportunities For Global Expansion

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ISLAMIC-BANKING-DELOITTEDeloitte: Bank M&A transactions set to outpace GDP growth in emerging markets


World trade flows, increased gross domestic product (GDP), a growing middle class and new technologies will help banks based in emerging markets expand into developed markets in the coming year. According to Deloitte’s latest report “Banking across borders: International expansion opportunities for emerging markets-based banks”, these banks which have the experience of operating in volatile markets, combined with their knowledge of how to reach unbanked and under banked population, are better positioned to achieve a successful expansion to developed and other emerging markets.

“The banking systems in the Middle East and many emerging markets, which were less exposed to the complex and toxic products and therefore less impacted by the financial crisis of 2008, benefited from opportunities in their domestic markets and have grown their operations and expanded locally thus resulting in stronger balance sheets and larger capital base,” said Joe El Fadl, Partner and financial services industry leader at Deloitte Middle East.

“This relative domestic expansion and growing means allow these banks to invest in growth opportunities Moreover, many of the large banks are considering to leverage their strengths and relative efficiency in their operating model by looking to opportunities of expansion into new markets.”

 

The Deloitte report also outlines the steps that these banks will need to take in order to expand internationally. This includes factoring in readiness for expansion, lessons learned from expansion from previous decades and potential challenges such as language, culture, talent, regulation, and capital needed to extend their brands into new markets.

According to the Deloitte report, over the last several decades, emerging markets-based banks have followed different paths in expanding their reach around the world. Many Banks have looked to the Middle East region as the next frontier, due to its proximity to the Asian markets, and its untapped potential, as foreign banks had minimal presence in the region at that time. In fact, the World Bank notes that acquisitions from emerging markets are on the rise, projecting the annual value of cross- border M&A transactions to double by 2025, outpacing the underlying GDP growth rates in emerging-market firms’ home countries.1

 

“Even though Emerging markets-based banks still have domestic expansion opportunities and growing market needs for innovative banking products and services, they are also looking for expansion beyond national borders as their customers expand into new markets and their citizens immigrate to new countries,” added El Fadl.

Today, emerging markets and developed markets each account for half of the world’s GDP.2 However, in the future, the report projects emerging markets to account for more of the global GDP with developed markets accounting for less. Additionally, according to the Fortune Global 500 list the number of North American and European financial services firms on their list has declined, while the number of those based in Asia, Central and Latin America has risen.3

According to Deloitte’s report “Banking across borders: International expansion opportunities for emerging markets-based banks”, the key steps emerging markets-based banks can take toward expansion into developed and developing markets, while assessing their readiness along the way, include:

Strategy: Understand what market segments to pursue. According to a recent study published by the World Economic Forum, three areas afford the greatest opportunities in emerging markets – consumer financial services, small and medium enterprises, and corporate.4

Execution: After defining a clear strategy for international expansion, emerging markets-based banks should focus on how they intend to implement their plans.

Infrastructure: Have adequate technology and business systems. In some emerging markets, infrastructure resources — ranging from reliable transportation to sources of electricity — are scarce or limited.

Talent: Human resources is one of the most critical resources that emerging markets-based banks will need when expanding: people who understand the culture, language, and business practices in emerging markets. A bank with a reputation for growth and the ability to offer international assignments is more likely to attract top talent within their domestic markets as well.

Regulation: Understand the nuances of local regulatory regime, develop relationships with local regulators, and have detailed knowledge of local regulations. Banks that expanded abroad three and four decades ago did not face the level of regulatory scrutiny that banks today face.

Originally published on www.zawya.com

Dubai Islamic Economy Development Centre Launches Global Islamic Economy Summit 2013 Report

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global-islamic-economy-summitDUBAI  The Dubai Islamic Economy Development Centre, DIEDC, in partnership with Thomson Reuters and the Dubai Chamber of Commerce and Industry, has launched a report outlining key findings from the Global Islamic Economy Summit, GIES, 2013.

The GIES 2013 Review details the discussions of 25 sessions held at the summit and outlines key recommendations across the six pillars identified by DIEDC to articulate Dubai?s vision of developing as the capital of Islamic economy. The pillars include Islamic finance, Halal food, Halal travel, Halal lifestyle, SME development and Islamic economy infrastructure.

Essa Kazim, Secretary-General of DIEDC, said, “GIES 2013 Review is a valuable repository of information on the effectiveness and efficiency of efforts by industry leaders to drive the global Islamic economy, and serves as a roadmap for its growth. We are proud to share with the world the milestones Dubai has achieved in positioning itself as the capital of the Islamic economy. We will continue to bridge ideas and aspirations to achieve better outcomes at the Islamic Economy Summit 2015.” A consensus highlighted in the review is that global growth of the Islamic economy must revolve around a more integrated interplay of three Cs: Common standards, Convergence, and Cross-border trade, or risk inefficiency and slower growth if the status quo of fragmented markets and disparate efforts persist.

It goes on to say that development of the Islamic economy has to yield to common standards and governance structures, notwithstanding cross-country differences. This is imperative for the Halal sector where the multiplicity of certification and accreditation standards is a handicap for market players, which are predominantly SMEs struggling to grow and reach new markets.

 For Islamic finance, common standards and contract templates for banking, capital market, Takaful, and asset management will facilitate higher levels of cross-border flows currently blocked by different Sharia interpretations and legal practices.

 The review reflects repeated calls for ‘passporting’ regimes to be implemented to break down barriers to cross-border flows, especially for funds and the coordination of Takaful operators. At the same time, convergence of the Islamic finance and Halal sectors is recognised as being long overdue, with the Islamic finance industry being asked to dedicate more resources to the financial requirements of SMEs in the Halal sectors. These SMEs, in turn, need to upgrade their business savvy to appeal better to potential investors and financiers. 

Common standards and convergence will lead to greater cross-border links, while at the same time, trade barriers must be reduced through preferential trade agreements, especially to increase intra-OIC trade.

GIES 2013 Review has detailed key recommendations for each of the six pillars of the Islamic economy. While speaking in different terms, Islamic finance and the Halal sectors recognise that what the ?Halal? or ?Sharia-compliant? labels represent will require transformation; this includes the management of Awqaf (endowments). In the Halal sector, there is a clear shift towards ?Tayyab? (wholesome) that incorporates a concern for animal well-being, organic food, and end-to-end sustainable value chains. In Islamic finance, the focus is towards moving from ?form? to ?form and substance?, where Islamic banks, Takaful operators and fund managers are recognising the need to take back the ?ethical? label in order to gain a larger and mainstream market share.

The review also presents recommendations based on key insights from industry leaders for the fledgling sectors of Halal travel and lifestyle.

Islamic Banking: Growing Fast But Can It Be More Than A Niche Market?

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islamic bankingFor years, Islamic banks have been growing at a double digit pace. Ernst and Young (E&Y), in their latest World Islamic Banking Competitiveness report, shows the assets of Islamic banks grew at an average rate of 17% per year between 2008 and 2012.

This is two to three times faster than the rate at which conventional banks grew over the same period, due in part to the global financial crisis.

Islamic banks differ because they have to run their operations in a way that is consistent with the principles of Islamic law or sharia.

This prohibits banks from dealing with businesses that are considered sinful or haraam such as pork, alcohol and gambling. Admittedly, this is not much of a constraint.

However, usury or riba is also prohibited under sharia law so in principle banks cannot charge fees or interest for money lending.

Given this is how banks generally make their money, you may ask how Islamic banks prosper? The answer is they still make money by lending out their capital but do so in ways where interest and fees are not explicit.

For instance, Mudharabah is a profit sharing arrangement like a venture capital deal where the bank provides the finance and the borrower the labour and entrepreneurship.

If the business were to fail, the lender loses their money and the borrower the time and effort committed to the enterprise.

Similarly, Musharakah describes a joint venture between a bank and business where the profits are divided according to their relative capital inputs. In this way, bank returns are tied to company profits and the partnership ends when the loan is repaid.

This approach could be used to provide mortgage financing to buy a property. The property earns rent from the occupier which is paid to the buyer and the bank in relation to their share of the equity.

At the same time, the buyer agrees to buy the bank’s share in instalment payments, so over time their equity increases and the bank’s falls, until the mortgage principal is paid off.

Another way of profiting from providing credit is a simple form of sale and buy-back agreement known as Murubahah.

Here, the bank buys the house, car or other commodity and sells it to the buyer at a profit but allows them to pay in instalments.

In this case, the profit margin should be clear, agreed upfront and be reflect the bank’s costs in providing the service.

So why has Islamic banking grown so fast?

It is partly because economic growth has been strong in several emerging market countries with a large Muslim population.

E&Y identify 25 “rapid growth market” countries which they predict will account for half of global GDP by 2020. Of these, 10 have a high Muslim population.

Iran accounts for nearly half of the banking assets in Islamic banks worldwide. Three-quarters of the rest is in the QISMUT nations [Qatar, Indonesia, Saudi Arabia, Malaysia, UAE and Turkey] where growth has averaged 6.5% per year for the last five years.

The rapid expansion of Islamic banking has been mainly through Islamic windows in conventional banks rather than in pure Islamic banks.

This has allowed existing banks to easily enter the Islamic banking market and is likely to continue being a mechanism for growth for the foreseeable future.

Growth of 20% per year for the next five years?

There is certainly space for this estimate by E&Y. Even in countries where Islamic banking has a strong foothold, such as the Gulf states and in South East Asia, its share rarely accounts for more than one third of the market.

In Indonesia, the world’s most populous Muslim country, Islamic banking currently has less than 5% market share.

There are also huge untapped Muslim populations around the world including India, Pakistan and Bangladesh in South Asia; Egypt, Nigeria, Morocco and Nigeria in Africa; and a number of the former Soviet Republics.

It is also expected that growth will not just be limited to regions with a high Muslim population. Last month, the UK issued a £200 million sovereign sukuk or Islamic bond.

Although the amount is small, a fraction of the value issued by Malaysia each year, it was a clear signal of intent. It comes on the back of the Islamic Finance Task Force launched last year by the British government with the aim of making London a western hub for Islamic finance.

Challenges ahead

Many of the rapid growth market countries face ongoing economic and political instability. As the era of cheap money ends and the huge monetary stimuli from central banks is withdrawn, growth in these regions may slow down, especially in the banking sectors.

Islamic finance is also less profitable than conventional banking. The E&Y report finds that shareholder returns are 20% lower as a result of higher costs and operational inefficiencies.

Islamic banks tend to be much smaller than their conventional counterparts, making it hard to achieve economies of scale.

There is also far less standardisation in the products available because of different interpretations between banks and jurisdictions of what is acceptable under sharia law.

Islamic banking products are also more complex which adds to their cost.

The importance of face-to-face relationships means the branch network is important, but has resulted in an under-development of phone and internet banking.

And, Islamic banks are relatively poor at cross-selling with an average of 2.1 products per customer compared to 4.9 products per customer in conventional banks.

When regulators in Qatar acted to prevent banks from offering both Islamic and conventional banking products forcing a choice between the two, many decided to close their Islamic banking operations in the country.

Islamic banks have tremendous scope to keep growing within the niches, compatible with sharia law and in certain parts of the world. But, unless they face up to these challenges, they might struggle to take the conventional banks head on.

Originally published on www.bbc.com

Kenya Looks To Tap UAE Market

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Kenyan Consul General meets Expo Centre CEO

Explore ways to strenEXPO CENTER SHARJAgthen trade ties
Sharjah, 13th July 2014: Amid rising bilateral trade with the UAE, Kenya — the commercial powerhouse of East Africa – is trying to open up new channels of trade between the two countries.

In a recent meeting with Mr. Saif Mohammed Al Midfa, CEO, Expo Centre Sharjah, Mr. Kariuki Mugwe, Consul General of Kenya, discussed strengthening trade ties and explored opportunities of cooperation.

“Kenya is a strong trade partner of the UAE. Together we can assist the business communities from the both countries to take advantage of trade and investment opportunities,” said Mr. Midfa after the meeting.

Stronger trade ties will help the UAE and the regional business community to tap into Kenya which is seen as East Africa’s regional trade and finance hub. With bilateral trade between Kenya and the UAE reaching close to US$1 billion in 2012, there is enough potential to boost trade between the two sides.

 

Kenya has been a strategic partner of the UAE since long, prompting the country’s private sector to invest in Kenya’s aviation, mining, education, renewable energy, oil & gas and manufacturing sectors.

 

The Kenyan side also explored possibilities of taking part in some of the trade fairs organised by Expo Centre Sharjah, with special focus on shows like the Halal Middle East Exhibition and Congress.

 

“Kenyan distributors are active in the regional Halal market. The Kenyan Halal industry is looking at spreading its wings to source as well as market their own products. The UAE, which is aiming at becoming a major global Halal hub, offers high potential and the Halal Middle East will be an ideal platform for Kenyan businesses to explore the market over here,” added Mr. Midfa.

The 3rd OIC Halal Middle East Exhibition & Congress is scheduled to be held at Expo Centre Sharjah from December 8 to 10, 2014. For its previous edition in 2013, Halal Middle East saw an impressive rise in industry participation from across the globe on the back of the growing role of the UAE as a hub of Islamic economy.

“We also discussed possibilities of inviting trade delegations from Kenya to the shows at Expo Centre Sharjah. Since our shows cover a wide spectrum of industries and have impressive regional as well as global participation, it will be a great opportunity for Kenyan buyers to source their requirements as well as explore joint ventures and distribution channels,” added Mr. Midfa.

About Expo Centre Sharjah:
Expo Centre Sharjah (ECS), which was established nearly three-and-a-half decades ago as the first exhibition facility in the UAE, is the region’s leading trade exhibition venue and a geographic as well as financial landmark for the Emirate of Sharjah and the country. Over the years, apart from hosting and organizing some highly focused B2B and B2C shows, ECS has played a key role in prominently placing Sharjah as one of the top 10 business cities in the Gulf region and the UAE on the global exhibitions map. It offers 40,000 sq m of indoor and outdoor exhibition space with parking slots for 1,600 vehicles.

Originally published on www.zawya.com

Islamic Sukuk: Government Determined To Mobilize Between 180 and 300 MTD In 2014

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islamic-sukuk-tunisieTUNIS – The Tunisian government is studying the possibility to present cash collateral highways, for the issue of Islamic sukuk so as to mobilise funding from 180 to 300 MTD in 2014, according to Minister of Economy and Finance Hakim Ben Hammouda.

 

The Minister underlined, Wednesday during a hearing session held by the Finance, planning and development commission within the National Constituent Assembly (NCA), the difficulties on the level of issuing sukuk because of the obligation to present cash collateral.

He specified during the hearing session devoted to the examination of the complementary finance law for 2014, that negotiation with the Islamic Development Bank reached an advanced stage.

Originally published on www.zawya.com

Oman Should Delve Deeper Into Taiwan’s Market: Official

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omanTaipei/Muscat: He is a one-man army but this has not stopped the only Omani official based in Taiwan from making impressive achievements in promoting the Sultanate among the 23 million strong population.

Since taking the helm as director of the Commercial Office of the Sultanate of Oman in Taiwan, Sulaiman Bin Sultan Al Mughairy, has not only focused on boosting trade ties between the two countries, but also put his heart and soul into promoting Oman’s tourism.

The office he is running has been awarded by the General Chamber of Commerce of the Republic of China as one of the best five foreign representative offices in Taiwan.

But this is not the only honour that he has brought to his country.

In 1991, when Oman’s commercial office in Taiwan, which is a branch of the Oman Chamber of Commerce and Industry (OCCI), was established, the volume of annual bilateral trade was less than $100 million but has now reached $4 billion.

“I came to Taiwan for the first time in 1995 and stayed here for seven months as a representative of the OCCI. Then I went to Oman and came back in 1996 and since then, I have stayed here,” says Al Mughairy, who is the founder of Majan College in Oman.

Speaking to the Times of Oman, the official said that the office has made every effort to reach out to a wide swath of people in Taiwan by distributing material, both in English and Mandarin Chinese.

The commercial office’s website, which is both in Chinese and English, has almost 42,000 visitors a year.  

Untapped potential
Al Mughairy believes that there is a huge potential for Oman to invest in the fast-developing East Asian country, which he now calls his ‘second home’.

“Taiwanese are very advanced in many areas. They are manufacturing around 300,000 items themselves, ranging from simple things to airplane parts,” he said.

Al Mughairy said that the main mission of his office is to promote Oman in Taiwan but he has not limited himself to this and has taken a step further by encouraging the Omani side to explore the Taiwanese market and participate in various exhibitions held in Taiwan.

However, he thinks there is a long way ahead and much more needs to be done.

“Unfortunately, Omani businessmen are nowadays more focused on the neighbouring countries’ markets and we do not see many Omanis venturing into Taiwan’s market while there are many opportunities for cooperation.”  

Eighty exhibitions are held in Taiwan every year in various fields and Omani companies can promote their products and services and establish partnerships by participating in these events, he said. “Omani businessmen should be encouraged more to utilise the untapped potential.”

According to Al Mughairy, Taiwan has invested in several areas in Oman but Omani companies are yet to take advantage of investment opportunities in Taiwan.

It is easier to transfer technology from Taiwan than from European countries, he noted, urging the Omani side to allocate more funds for this purpose.

“It can also hold exhibitions here in Taiwan,” he added.

He explained that the commercial office participates in different exhibits but sometimes budget issues prevent it from having a presence in such events.

SME sector
Al Mughairy says that Taiwan’s experience in the small and medium enterprises (SMEs) sector is ‘unique’ and Oman can benefit from it now that it is focusing on the development of these businesses.

“SMEs account for 70 to 80 per cent of the companies in Taiwan and the country’s regulations regarding these units are exemplary. The incubation centres here are excellent,” he added.

While welcoming the OCCI’s initiative to send SME delegations to Taiwan and other countries for the purpose of learning from the international experience, Al Mughairy hopes to see delegations with ‘more specific’ and ‘more focused’ missions in the future.

“I think the chamber should collaborate more closely with the SME department at the Ministry of Commerce and Industry in putting together such trade delegations by selecting young entrepreneurs from different regions of Oman.”

This would enable Omani start-ups to forge partnership with their counterparts in Taiwan and negotiate various issues, including the shipping price of their products, he noted.

‘Taiwan keen to invest in Oman’s petrochem sector’
“In this case, it will be easier for the coordinators such as our office here in Taiwan to organise more fruitful meetings.”

Taiwanese are also very keen to invest in the petrochemical and solar energy sectors in Oman, he added. “They are highly advanced in solar energy.”

Imports and exports
Commenting on the annual trade between the two countries, he said that oil and oil products account for a significant portion of Oman’s exports to Taiwan while machinery tops the list of Taiwan’s exports to the Sultanate.

According to the statistics provided by the Taiwanese authorities, the total value of Taiwan’s exports to Oman was $175 million in 2013 while its imports from Oman amounted to $3.5 billion during the same period.           

Additionally, Taiwan’s imports from Oman stood at 79 million by May 2014, while the value of Oman’s exports to the country was $1.2 billion during the same period.

Tourism
Al Mughairy’s office may be called the ‘commercial’ office, but it does not mean that his efforts are limited to strengthening business ties; he did not omit to pay heed to tourism, a major economic driver.

As part of its tourism promotion efforts, the commercial office has joined the Association of National Tourism Office Representatives (ANTOR) in Taiwan, which provides a forum for its members to meet and exchange ideas and to forge close relationships with all other sectors of the travel industry. Al Mughairy served as secretary general of the association from 2000 to 2010 and was elected to the same position for a two-year term in 2012.

According to the official, visa is issued on arrival for Taiwanese and the Sultanate is seeking the same treatment for Omani visitors. “Currently, the processing time for a visa application for Omanis is around two working days.”

Taiwan is a very beautiful country with friendly people but unfortunately, many Omanis do not know much about it and not many Omani tourists visit Taiwan, Al Mughairy lamented.

It has ‘fantastic’ infrastructure and its public transport system is very advanced, he said. “Halal food is also available here.”

Al Mughairy suggested that Oman’s Ministry of Tourism should participate in exhibitions in Taiwan and foster cooperation with the Taiwanese authorities as they are also keen to explore tourism opportunities in the Sultanate.

He says that apart from being an ideal holiday destination, Taiwan can be a good medical destination for Omani patients, given the fact that it has very modern facilities with professional staff.

Originally published on http://www.timesofoman.com

The Saudi Investment Bank, An Islamic Bank Q2 profits up 10 per cent at SAR 352.9 million

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saudi investment bankThe Saudi Investment Bank, An Islamic Bank reports quarterly profits up from SAR 320.4 million a year ago and up 4.56 per cent from SAR 337.5 million in Q1 2014.

H1 2014 profits were SAR 690.4 million, up 8.78 per cent. Earnings per share rose from SAR 1.06 to SAR 1.15. Total assets were up 32.11 per cent at SAR 88,063 million. earnings per share for the first six months of 2013 were recalculated to reflect the increase in the bank’s capital from 550 million shares to 600 million shares which was approved in the extraordinary general assembly meeting on 1 April 2014.

Loans and advances were up 35.51 per cent at SAR 54,766 million. Customer deposits rose 39.47 per cent to SAR 67,725 million.

The bank noted that the increase in operating income for the current period is due to the change in accounting treatment of the bank’s investment in one of its associates which resulted in non-recurring income recorded in gains on non-trading investments, net booked in Q1 2014.

Originally published on http://www.cpifinancial.net

BBK launches Ramadan Loans Festival at Manama City Centre branch

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BBK_Ramadan_cropBahrain-based BBK has announced that its City Centre Branch in Manama will be open during evening hours throughout the Holy Month of Ramadan. BBK has extended the branch hours in order to serve clients who wish to apply for personal loans, mortgage loans, car loans and credit cards.

The City Centre Branch will be open every evening during Ramadan for loan applications between 9:00PM and 11:00PM including weekends. A number of Ramadan special offers will be provided during the promotion period, namely, reduced rates, lower fees, fast approval of all personal loans, mortgage loans, car loans and credit card applications; in addition to one-day loan approval, as well as a grace period on payment of the first loan instalment for up to three months.

BBK is also offering instant cash prizes for the first 100 clients with approved loans,

Mohammed Malik, BBK’s GM Retail Banking, said, “At BBK we strive to provide our clients with banking services that suit their needs and their lifestyles. During the Holy Month of Ramadhan we understand that this is a time when our clients may prefer to use their evenings to run their personal errands, and so, we have decided to open our City Centre Branch in the evenings in order to provide greater convenience, with our Sales Team at the branch standing by to assist clients with their loan applications, we believe that this initiative will be well received by our clients.”

Originally published on http://www.cpifinancial.net