ABA Corpororate Member Mishcon de Reya has published its 'Enforcement Watch' for January 2018, detailing several recent regulatory actions and notifications, and highlighting issues that are appearing on the horizon. It's essential reading for those working in financial services in the UK.
Eid el-Fitr is the Muslim holiday that marks the end of the month of Ramadan. The first day of the Eid (which means 'festival' in Arabic) was due to be either Sunday 25 June or Monday 26 (depending on the movement of the moon), and the ensuring holiday (when offices in Muslim countries are closed) lasts several days. The number of days differs from country to country.
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Gatehouse Bank has been providing Shari'ah-compliant property finance in London for ten years, and now the bank plans to expand into Shari'ah-compliant retail home financing. Charles Haresnape, the bank's CEO explains the bank's new strategy.
Nineteen GCC companies had market capitalisations of $10bn or more at the end of 2017, according to an end of year by SICO. At $81.6bn, SABIC was nearly twice as big as the second, Etisalat.
A new report by MEES, the authoritative oil-industry newsletter, summarises recent trends in global oil production. Saudi Arabia, OPEC's biggest producer, averaged 9.96 mn b/d in 2017. Iraq produced 4.43 mn b/d and Iran 3.79 mn b/d: Iraqi production was flat but Iran's was sharply up. Total OPEC produciton averaged 32.48 mn b/d. The US will soon hit a new production record.
A recent edition of The Banker magazine published a list of the biggest 100 Arab banks, ranked by Tier 1 capital. We reproduce the list and make some comments.