Finance World

aafaq Islamic Finance, a leading provider of Islamic finance products and e-government services in the UAE, has announced that it has been assigned National Scale Ratings of ‘A-/A2’ “Short term/ Long term” (AED) Single A Minus/A Two) by the Islamic International Rating Agency (IIRA). The Agency noted that aafaq remains well-positioned within its niche and gave a ‘Stable’ outlook for the institution’s ratings.

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Al Ansari Exchange, the UAE-based company that provides worldwide remittance and foreign exchange services, has announced its recent move to exempt its Nepalese customers from being charged money transfer fees when using the Worldwide Cash Express’ money transfer service for a period of two weeks. The temporary exemption is expected to help Nepalese expats in the UAE to send more money without any charge to their families who have been affected by the devastating earthquake that hit Nepal earlier this week, resulting in thousands of deaths.

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aafaq Islamic Finance, a leading provider of Islamic finance products and e-government services in the UAE, has approved a cash dividend of 30% during its recent regular general assembly. The company, which achieved a strong financial performance in 2014, said the amount is still subject to the final approval of the Central Bank of the UAE.

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Head of Commodity Strategy at Saxo Bank Ole Sloth Hansen

The rally in crude oil and related products continues, and during the week it helped offset losses in industrial and precious metals, leaving the BBG Commodity Index flat on the week. 

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The Saudi Arabian General Investment Authority (SAGIA) has recently released a report showing that the Kingdom of Saudi Arabia’s (KSA) foreign investments have grown by five times over the last ten years, resulting in over SAR 1,050 billion worth of investments across various industry verticals in the country. The report has identified the energy sector as the one with the largest share of investments, with a total of SAR 296.35 billion (USD 79 billion) worth of projects for the private sector alone. SAGIA predicts that the backlog across all energy-related segments will continue to grow in line with the country's ongoing increase in energy consumption levels throughout the past years, on one hand, and the improved work environment and better investment incentives and benefits provided to foreign investors in the local market, on the other hand.

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